European real estate investment and asset management firm Catalyst Capital has acquired a portfolio of properties in Germany for around €200 mln, in a deal financed with a €120 mln loan from pbb Deutsche Pfandbriefbank.
Catalyst’s new European real estate fund, Catalyst European Property Fund II (CEPF II), has purchased the Project 10 portfolio of 10 properties from German firm Triuva and a large German public sector pension scheme.
The properties, which total 93,000 m2, are predominantly offices, with some retail and residential space, in German cities and towns, such as Munich, Frankfurt, Düsseldorf, Stuttgart and Dortmund. Tenants include BMW, Bosch, Continentale, Görtz and Goldbeck.
Kean Hird, a partner of Catalyst Capital, said: 'We are pleased to have secured this high-quality portfolio of 10 properties for our new European fund. We continue to seek similar office and retail assets in Germany, where we can further apply the asset management skills of our German team to add value.'
Catalyst announced in June the first close of CEPF II, a real estate fund targeting €1.25 bn of investments. Catalyst has already acquired around €650 mln of real estate across Europe for CEPF II. Among the transactions are the Regatta and Eva portfolios, which total 34 properties, in the UK and three high-quality office buildings in established business districts of Paris.
CEPF II invests in the office and retail sectors and, geographically, in the countries in Europe where Catalyst has an established presence, which are the UK, France, Belgium, Germany and Poland. It is targeting a diversified portfolio of income-producing assets and development and refurbishment opportunities.
JLL, Drees & Sommer and Clifford Chance Düsseldorf advised the sellers. FPS, Crowe Horwath Frankfurt, PESCHLA+ROCHMES and K+S Haustechnik were engaged for the buyer.
