Catalyst Capital has acquired a portfolio of 30 retail properties in Germany with 70% leverage on behalf of one its funds.
Catalyst Capital has acquired a portfolio of 30 retail properties in Germany with 70% leverage on behalf of one its funds.
The 125,000 m2 portfolio was acquired for EUR 150 mln for Catalyst European Property Fund (CEPF). German financier pbb Deutsche Pfandbriefbank acted as main lender and lead arranger for an EUR 85 mln facility, with Austrian bank BAWAG providing an additional EUR 21.5 mln in stretched-senior debt.
The portfolio comprises retail warehouses, supermarkets, discount outlets, plus individual DIY and hypermarkets located in Bavaria, Baden-Württemberg and North Rhine-Westphalia. The main tenants include German retail chains Edeka, REWE, Real, OBI and Hornbach.
The vendors were not named.
Steven Jedlicki, director at Catalyst Capital in Frankfurt, said: 'A sound balance of long-term and medium-term leases, strong anchor tenants, plus the potential for optimising individual locations, are cornerstones of our strategy.'
Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank, said retail properties in good locations continue to exhibit a strong potential. pbb Deutsche Pfandbriefbank has now provided four lending facilities to Catalyst Capital.
Catalyst Capital was advised by Jones Lang LaSalle and REAG. James Andrew International, London, and Kintyre Investments, Frankfurt, acted as intermediary advisors. Eversheds, in London and Munich, and Frankfurt-based FPS Fritze Wicke Seelig acted as legal advisors to Catalyst Capital.
The vendors were advised by Clifford Chance.
