Berlin-based investor Kauri CAB Management has joined forces with Northern European property group Apeiron Capital and an undisclosed sovereign wealth fund to launch a new €300 mln joint venture partnership.
Berlin-based investor Kauri CAB Management has joined forces with Northern European property group Apeiron Capital and an undisclosed sovereign wealth fund to launch a new €300 mln joint venture partnership.
With starting equity capital of €100 mln, the JV plans to acquire portfolios and individual property assets across Germany, initially targeting a portfolio size of €300 mln (including debt).
The partnership has already carried out its first purchase with the acquisition of the Zeus portfolio of 1,675 residential and 105 commercial units within 61 residential buildings in Germany for €130 mln. Located in Berlin and Magdeburg, the buildings have in aggregate 120,000 m2 of lettable space. The seller is ZBI Zentral Boden Immobilien.
The units, mostly of the ‘Altbau’ or period style, are located in the popular districts of Berlin (70% of the portfolio) including the City Center, Reinickendorf, Tempelhof, Steglitz and Lichtenberg as well as in Magdeburg (30% of the portfolio).
This acquisition builds on Kauri CAB’s experience in the German residential space and follows its sale of 25 buildings in Berlin announced in July in partnership with Pramerica Real Estate Investors. Apeiron is a privately held principal investment and asset management firm dedicated to real estate opportunities in the UK, Germany and the Nordic region.
KCM and the JV were advised by Berlin based Strategis, Beiten Burkhardt and CT Commerzial Trust Group. Unicredit bank provided senior financing to the acquisition.
