Reit Asset Management Munich has sold a mixed portfolio of 67 properties to Australian investor Multiplex European Property Fund for about EUR 355 mln. The properties are predominantly located in medium-sized town in western Germany. The company still holds property assets valued at some EUR 900 mln and it plans to grow this to EUR 1 bn before the end of the year.
Reit Asset Management Munich has sold a mixed portfolio of 67 properties to Australian investor Multiplex European Property Fund for about EUR 355 mln. The properties are predominantly located in medium-sized town in western Germany. The company still holds property assets valued at some EUR 900 mln and it plans to grow this to EUR 1 bn before the end of the year.
The transaction represents Mutiplex's entrance into the German property market. 'As Germany is a significant international property market with positive indicators for future growth, we believe there will be strong investor demand for the fund,' said Multiplex Capital managing director Ian O'Toole last month.
Multiplex Capital, the fund management arm of developer Multiplex Group, has said its first European property fund will have initial assets valued at $595 million.
