Private equity firm Carlyle has bought a portfolio of 109 residential and 13 commercial buildings in Germany from subsidiaries of German brewer Radeberger groups. The purchase price was not disclosed.
Private equity firm Carlyle has bought a portfolio of 109 residential and 13 commercial buildings in Germany from subsidiaries of German brewer Radeberger groups. The purchase price was not disclosed.
The residential properties comprise a total space of 40,000 m2, while the commercial buildings, mainly office, retail and storage space with some apartments, cover 50,000 m2. Carlyle bought the properties for its EUR 760 mln Carlyle Europe Real Estate Partners II fund, the second such fund to focus on European property. The purchased properties are reportedly situated in inner-city locations in major German cities such as Frankfurt, Hamburg, Karlsruhe and Mainz as well as in cities in southern and northwest Germany.
Wulf Meinel, managing director of Carlyle Group, commented: 'Carlyle's plan for the portfolio is to improve the buildings' potential through refurbishment and reduction of management costs. The residential assets will be renovated where necessary and the commercial properties will benefit from active asset management, with a focus on reducing vacancy after repositioning.'
The transaction process was led by Ellwanger & Geiger. The Carlyle Group's legal adviser was Clifford Chance and acquisition finance was provided by HVB.
