Barings Real Estate Advisers has purchased a portfolio of five mixed-use buildings in Germany on behalf of an international investor from a fund run by pan-European real estate investor Kildare Partners for more than €100 mln.
The so-called Kettcar Portfolio comprises five mixed-use office and retail buildings, three of which are in Düsseldorf and one each in Hanover and Munich.
Constructed between 1984 and 2002, the properties provide a total lettable area of around 78,000 m2, including 63,000 m2 of office space and around 5,800 m2 of retail accommodation. The remainder is residential, café/restaurant and service space. Overall, the portfolio is currently 91% let.
'The assets in the 'Kettcar' portfolio are core-plus. Our objective is to apply active and innovative asset management in order to exploit the hidden potential for increased value. This includes both optimising the letting situation and managing works to modernise the buildings and benefit from the associated cost reduction,' said Sascha Becker, head of Barings Real Estate Advisers' Frankfurt office.
'We are delighted to have received the asset management instruction from this client, with whom we are already collaborating on other properties. This acquisition demonstrates that, in addition to its own investment management activities, Barings is continuing to engage successfully in transaction and asset management activities for other parties,' said Christoph Wittkop, head of Germany at Barings Real Estate Advisers.
Kildare Partners was advised on the sale by Curzon Advisers GmbH, which manages its property portfolio in Germany and Sweden.
FPS Rechtsanwälte und Notare, Frankfurt, provided legal advice on the acquisition and the financing. Lawyers Ashurst acted for the vendor.
