Peakside Real Estate Fund I is acquiring the German headquarters of international chemical group Solvay in a sale-and-leaseback transaction. The investment volume for the 23,700 m[sup]2[/sup] complex in Hanover was not disclosed.
Peakside Real Estate Fund I is acquiring the German headquarters of international chemical group Solvay in a sale-and-leaseback transaction. The investment volume for the 23,700 m2 complex in Hanover was not disclosed.
Solvay has taken a new 15-year lease on the building it has occupied since 1951. The property is located on Hans-Böckler-Allee 20 in the Hanover Bult district.
Boris Schran, founding partner of Peakside, commented: 'This sale-and-leaseback transaction underlines our commitment to both the Hanover and wider German property markets, which we believe continue to offer attractive investment opportunities. This is a well maintained, high quality and well located asset. In particular, we were attracted by the strong covenant of Solvay and the long lease term, providing surety of income and a stable medium to long term investment.'
The transaction was brokered by Jones Lang LaSalle Hanover in cooperation with Henschel Immobilien.
A specialist European real estate private equity firm, Peakside is owned by its employees and was established following a spin out of the European Real Estate Principal Investments (EMEA REPI) division of Bank of America Merrill Lynch (BofAML) in September 2010. At end-2011, Peakside managed 34 investments across seven different European countries, totalling over EUR 1.5 bn in gross asset value.
Peakside added EUR 600 mln assets under management in April this year when it acquired Allied Irish Banks' Polish real estate fund platform.
Read more about Peakside's acquisition of the Polish platform in the May edition of PropertyEU Magazine. Click on the link below to order your copy now
