Fordgate, the real estate investment arm of the Gertner family, has bought a major portfolio of Dutch offices from German private bank and closed-end fund initiation business Bankhaus Woelbern. The estimated price tag of EUR 1.2 bn for the portfolio consisting of 72 properties surpasses the EUR 1 bn paid in the MPC office deal in the Netherlands last December. But it is below the EUR 1.4 bn paid by Dutch property group Breevast for the Vendex retail portfolio in 2005.
Fordgate, the real estate investment arm of the Gertner family, has bought a major portfolio of Dutch offices from German private bank and closed-end fund initiation business Bankhaus Woelbern. The estimated price tag of EUR 1.2 bn for the portfolio consisting of 72 properties surpasses the EUR 1 bn paid in the MPC office deal in the Netherlands last December. But it is below the EUR 1.4 bn paid by Dutch property group Breevast for the Vendex retail portfolio in 2005.
The UK-based brothers, Moises and Meni Gertner, own Fordgate, which has real estate assets in the UK, US, Israel, Austria, Switzerland and the Czech Republic. It is understood that other bidders for the Woelbern portfolio included Kenmore and Rreef, but they were not prepared to pay EUR 1.2 bn. Credit Suisse provided debt for Fordgate's transaction.
