Partners Group and Peakside Capital Advisors have joined forces to buy a majority stake in a portfolio of 30 European office and logistics properties for €550m.
The companies said the 27 office and three logistics assets – which form part of the so-called Omega-Portfolio – were acquired from Imfarr Beteiligungs and SN Beteiligungen Holding.
The assets are mostly located in Germany, with the remaining assets based in greater Paris and Amsterdam.
Partners Group and Peakside intend to work on a range of value creation opportunities, including repositioning several properties, to optimise the portfolio’s value.
Lars Kreutzmann, co-head private real estate Europe, Partners Group, said: “This acquisition significantly expands our real estate portfolio in Germany and underlines the importance of the German market for us on a relative value basis.
“The portfolio benefits from attractive prime and secondary office locations and is a great fit with our value creation strategy, whereby we focus on properties that can benefit from repositioning with sufficient time and capital. We plan to undertake a multi-year value creation program to maximise value for our clients.”
Mike Bryant, co-head private real estate, partners group, said: “This portfolio was originally part of a larger real estate portfolio that was brought to market close to a year ago.
“Following that sales process, which we followed closely, we were given the opportunity, through our network, to acquire the assets that best align with our relative value strategy. This targeted sourcing makes this acquisition a great fit for our Real Estate Opportunities strategy.”
Boris Schran, founding partner of Peakside Capital Advisors, said: “We have been interested in the Omega-Portfolio from the beginning. The transaction structure allowed us to secure the majority of the portfolio at our originally offered pricing.
“We see considerable upside potential for the assets. In particular, our joint venture plans the reduction of existing vacancies as well as repositioning of individual assets. The first measures are to be implemented shortly.”
