Catalyst Capital has sold two assets and bought another in Germany.
The investment manager said that it has completed three deals, buying the WEZ (Westfalen Einkaufszentrum) retail park in Dortmund for €26.1m.
The firm has also sold its E96 retail park in Bielefeld and City Gate office asset near Frankfurt.
The 20,150sqm WEZ asset was bought for Catalyst’s European Property Fund II (CEPF II) from Luximmo. Tenants include Aldi, Deichmann and Takko.
The Bielefeld property was sold out of Catalyst’s European Property Fund I to a public service pension scheme managed by Savills Investment Management.
The 10,090 sqm park was refurbished by Catalyst last year and is now fully let and anchored by Media Markt and EDEKA. Annual rental income is €1.5m, with a weighted average 11 years of unexpired lease term.
In Neu-Isenburg, Catalyst has sold the prime office building, City Gate, at Carl-Ulrich-Strasse 4 to a pension fund, managed by Warburg-HIH Invest Real Estate. The property was acquired by Catalyst in partnership with an overseas investor in 2013.
The 10,500sqm building is multi-let, with De’Longhi its largest tenant. Other tenants Postbank, Fortinet, Unicredit-Leasing.
Kean Hird, a partner of Catalyst, said: “The sales in Bielefeld and Neu-Isenburg came after we carried out extensive value-adding initiatives, transforming these properties into stabilised, income-producing assets suitable for institutional investors”.