JLL is to market 127 German retail properties held by the Treveria Silo E portfolio on behalf of Hatfield Philips International, which is acting as special servicer to the mortgage creditors.
JLL is to market 127 German retail properties held by the Treveria Silo E portfolio on behalf of Hatfield Philips International, which is acting as special servicer to the mortgage creditors.
The package, named Project Sunrise, will be marketed in its entirety and consists mainly of city centre retail assets in prime and secondary locations throughout Germany.
Major assets include the Gloria Galerie on Kurfürstendamm in Berlin, shopping centres in Wilhelmshaven and Solingen, as well as department stores in Brühl, Euskirchen and Koblenz.
Since the insolvency proceedings were initiated at the beginning of 2013, the properties have been handled by insolvency administrator Ottmar Hermann, two Dutch insolvency administrators and HPI. In recent months, asset manager Corpus Sireo, in cooperation with Acrest Property Group and IC Immobilien Gruppe, has stabilised the assets in preparation for sale.
JLL will start marketing the portfolio at the beginning of September.
'After careful consideration, we firmly believe now is the appropriate time to market the portfolio given its intrinsic value and attractive lease profile,' said Blair Lewis, CEO of Hatfield Philips.
Peter Birchinger, JLL's head of portfolio investment for Germany, said: 'Due to the excellent market conditions and the highly attractive nature of the portfolio, we expect high demand from both national and international investors.'
