Catalyst Capital's latest real estate fund has acquired 19 properties out of administration in the UK for almost £55 mln (€79 mln).
Catalyst Capital's latest real estate fund has acquired 19 properties out of administration in the UK for almost £55 mln (€79 mln).
Catalyst European Property Fund II (CEPF II) purchased the Regatta portfolio from KPMG, acting as administrator to De Stefano Property Group.
The properties, which are predominantly retail, are located in the southeast of England in locations such as London, Trowbridge, Windsor, Reading and Bromley. Key assets include Brooks Shopping Centre in Winchester and the Market Place development site in Henley.
GVA acted for Catalyst and CBRE advised the vendor.
Catalyst Capital partner Guy Wilson said: 'We are excited about the asset management initiatives and opportunities in this portfolio, in particular, progressing the retail development scheme at Henley and regenerating the Brooks centre in Winchester.'
Catalyst, a European real estate asset and investment manager, announced the first close of CEPF II, a €1.25 bn real estate fund, in June, having raised equity commitments of €150 mln from global institutional investors.
Almost half of the initial commitments have already been deployed in three separate transactions in the UK and Europe. In addition to the Regatta portfolio, CEPF II has purchased another UK portfolio of 18 properties at a net initial yield of 10%.
CEPF II will invest in the office and retail sectors and, geographically, in the countries in Europe where Catalyst has an established presence: the UK, France, Belgium, Germany and Poland, where Catalyst believes there is the potential to source attractive value-creation opportunities and capitalise on the market dislocation between prime and secondary assets. It will target a diversified portfolio of income-producing assets and development and refurbishment opportunities.
See also, INTERVIEW: Catalyst to fully invest new €1.2 bn fund ‘within next 2 years’