JER Partners has set up a joint venture with Germany's International Property Asset Management (IPAM) to purchase three commercial properties in the north of Germany from a mortgage bank for EUR 18.5 mln. The transaction represents the first step for US-headquartered JER Partners towards the development of a commercial property portfolio in the country.
JER Partners has set up a joint venture with Germany's International Property Asset Management (IPAM) to purchase three commercial properties in the north of Germany from a mortgage bank for EUR 18.5 mln. The transaction represents the first step for US-headquartered JER Partners towards the development of a commercial property portfolio in the country.
The acquisition comprises an industrial business park of over 14,700 m2 in Braunschweig, a 4,700 m2 mixed-use building in Dresden and a 3,400 m2 office building in Leipzig. The strategy of the joint venture is to acquire predominantly office and light industrial income-producing properties, JER said in a press release. IPAM will provide access to a transaction pipeline and support JER with asset management services.
