Property deal roundup: Invesco, Corpus Sireo, Fairvesta, SEB, BLME, Eurohypo

Related images

  • Property deal roundup: Invesco, Corpus Sireo, Fairvesta, SEB, BLME, Eurohypo

GLOBAL - Invesco Real Estate has sold the Alma Office Building in Warsaw's Mokotów district to Polish private equity company Rotaria.

The fully leased office property has 6,000 square meters (64,583 sq ft) of lettable area and is located at 13 Marynarska Street, opposite Galeria Mokotów, in Warsaw.

Tomas Picha, head of transactions for CEE at Invesco Real Estate, said: "The sale of the Alma Office Building was part of our long-term strategy set in 2009, and, since its purchase in 2002, we have managed to keep the property 100% leased."

Meanwhile, Corpus Sireo has sold three office and retail buildings in Munich with more than 23,000 square meters of renting area to Jargonnant Partners.

The deal, worth €36m, will see Jargonnant Partners acquiring properties at Elsenheimerstrasse 41-43, Charles-de-Gaulle-Strasse 2/3 and Nymphenburger Strasse 92.

In other news, Fairvesta enterprise group has acquired a commercial real estate portfolio in Germany.

The portfolio includes 90,700 square meters of rental space and consists of five commercial and office properties in Munich, three properties in Berlin, three office buildings in Dreieich near Frankfurt, two properties in Göttingen and one each in Stuttgart, Dortmund and Hechingen.

Fairvesta, which has acquired the portfolio for a total of €50.6m, said the price was significantly below market value.

According to Fairvesta, the vacancy rate "caused by bad asset management by the previous owner" is at 18.7%.

Still in Continental Europe, SEB Asset Management has acquired a fully let office property in Warsaw from Investec GLL Global Special Opportunities Real Estate Fund for €38m.

The deal comprises an 11-storey office building with total rental space of 13,270 square meters and 185 parking spaces.

Moving to the UK, Bank of London and The Middle East (BLME) has purchased the freehold of a 40,000 square foot light industrial unit, Interserve House Christchurch in Bournemouth.

BLME acquired the £2.4m (€2.7m) building through its Light Industrial Building Fund (LIBF), which specialises in the light industrial and warehouse sector.

The transaction represents the fund's first acquisition and will see COBA Asset Management manage the asset on behalf of BLME.

On the debt side, Europe's commercial real estate lender Eurohypo has provided an £86.7m loan to Max Property Group for its acquisition of St Katherine Docks in London.

The five-year financing facility was structured to support the purchase of the estate while also allowing surplus monies to be employed for capital expenditure.

St Katherine Docks is situated on the Thames immediately adjacent to Tower Bridge and the Tower of London and comprises 500,000 square feet of accommodation within several office buildings, together with additional retail and leisure uses.

Finally, BlackRock also announced its European High Yield Real Estate Debt Group, acting on behalf of Carbon IV, has acquired a €15m B note from Morgan Stanley.

The note represents subordinate debt financing for a joint venture between Beacon Capital Partners and Northwood Investors to refinance the existing debt on the La Défense Plaza office building in Paris.

The total financing package was €210m and has a term of five years.
 
La Défense Plaza is a 14-storey office building with a rentable area of 31,160 square meters located in La Défense, Paris.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2572

    Asset class: High Yield Bonds.
    Asset region: Global Developed Markets.
    Size: $200m.
    Closing date: 2019-11-27.

  • QN-2573

    Asset class: Real Estate.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-06.

Begin Your Search Now