Savills Fund Management, the German subsidiary of Savills Investment Management, has sold a 17-asset office portfolio in Germany for €630 mln.
The buyer is Wealth Management Capital Holding, which won the structured bidding process. The Munich-based investment manager administers real estate assets of around €9.2 bn.
Savills Fund Management said that its strategy of bundling real estate assets into smaller portfolios focusing on usage categories was evidently 'satisfying the demands of investors'.
The portfolio comprises a total of 256,000 m2 of rentable space and comprises office properties situated in Germany's metropolitan areas.
The assets are 90% let on average with an unexpired lease term of around five years.
The properties come from three open-ended real estate funds in liquidation: ten from the SEB ImmoInvest portfolio, six from the SEB ImmoPortfolio Target Return Fund, and one from the SEB Global Property Fund. Cordea Savills acquired Frankfurt-based SEB Asset Management, now Savills Fund Management, in May 2015 and rebranded the combined group as Savills Investment Management.
The seller was advised by DLA Piper and BNP Paribas Real Estate.
