US investor Lone Star has reached an agreement to buy a portfolio of 1,300 real estate assets from Deutsche Post World Net in a cash transaction worth EUR 1bn. Most of the assets are in Germany. Deutsche Post World Net said it was divesting the real estate assets as part of its 'Roadmap to Value' capital markets program presented in November. The German group had already disposed of EUR 350mln of real estate since the introduction of the programme.
US investor Lone Star has reached an agreement to buy a portfolio of 1,300 real estate assets from Deutsche Post World Net in a cash transaction worth EUR 1bn. Most of the assets are in Germany. Deutsche Post World Net said it was divesting the real estate assets as part of its 'Roadmap to Value' capital markets program presented in November. The German group had already disposed of EUR 350mln of real estate since the introduction of the programme.
Under the terms of Tuesday's agreement with Lone Star, the transfer of the real estate assets will take effect on 1 July this year. 'Deutsche Post World Net will lease back the major part of the properties under an innovative lease agreement giving the Group immediate relief from excess space and flexibility going forward. The transaction will not lead to any changes for customers or employees,' Deutsche Post said.
Since 1995, Lone Star have organised private equity funds totalling more than $13.3bn, which it invests in a range of debt instruments, real estate and non-performing loans.
