Eurocastle, a listed investment firm controlled by New York private equity group Fortress Investment, has announced the sale of the €114 mln Wave portfolio of German offices.
Eurocastle, a listed investment firm controlled by New York private equity group Fortress Investment, has announced the sale of the €114 mln Wave portfolio of German offices.
The name of the buyer was not disclosed.
The sale is part of the company's stategy to divest its legacy real estate assets in Germany to focus on Italy. The transaction is expected to generate €30 mln of net proceeds before taxes in the range of €6 mln to €8 mln.
The portfolio consists of 44 office buildings with a net lettable area of 109,000 m2 spread across 41 cities and towns throughout Germany. The package is 74% occupied and has a weighted averate lease term of five years.
The transaction, which is subject to customary closing conditions, is expected to close before end-September 2015.
