Frankfurt-listed Colonia Real Estate has sold its 4.8% stake in the joint venture with Oaktree Capital Management (OCM) for strategic reasons. The buyer is OCM German Real Estate Holding by way of a share buyback. The purchasing price comes to about EUR 4.5 mln.
Frankfurt-listed Colonia Real Estate has sold its 4.8% stake in the joint venture with Oaktree Capital Management (OCM) for strategic reasons. The buyer is OCM German Real Estate Holding by way of a share buyback. The purchasing price comes to about EUR 4.5 mln.
The joint venture was established at the end of 2006 to own the Herkules portfolio of 49 office and commercial real estate properties with 520,000 m2 of space. At the end of 2007, the Homer portfolio, consisting of 12 office properties, was added - extending the rental space to 790,000 m2. The Colonia stake was held by CRE German Office, a subsidiary of Colonia Real Estate.
Stephan Rind, CEO of Colonia Real Estate on the sale: 'The sale of our 4.8% stake was driven by strategic reasons, clearly showing the focus Colonia has on our two core business areas - investments in residential properties and services for third parties. After Oaktree terminated the asset management mandate in the middle of 2008, there was no reason for us to maintain the stake on a longer-term basis.'
