Fordgate's acquisition of a EUR 2.2bn portfolio of European offices from German private bank Bankhaus Wölbern is structured as a CMBS deal and is backed by Morgan Stanley and Credit Suisse. The deal comprises offices in Germany, the Netherlands (72 properties), Switzerland and Belgium, which have been brought together in a single tradable portfolio under the codenames Vermeer and Rembrandt. Fordgate is the real estate investment arm of the Israeli Gertner family.
Fordgate's acquisition of a EUR 2.2bn portfolio of European offices from German private bank Bankhaus Wölbern is structured as a CMBS deal and is backed by Morgan Stanley and Credit Suisse. The deal comprises offices in Germany, the Netherlands (72 properties), Switzerland and Belgium, which have been brought together in a single tradable portfolio under the codenames Vermeer and Rembrandt. Fordgate is the real estate investment arm of the Israeli Gertner family.
As reported earlier, Fordgate paid an estimated EUR1.2 bn for the Dutch offices included in the portfolio, making it the biggest office deal in Dutch history. The price tag surpasses the EUR 1 bn paid by Dutch funds Breevast and American International Group (AIG) for the MPC office portfolio in the Netherlands last December.
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. The company specialises in the acquisition of non-performing real estate assets in a bid to boost returns by restructuring the rental stream, management and financing.