Savills Investment Management has sold 14 office assets located in four European countries in recent weeks for a total of €579 mln.
Six separate divestment transactions were carried out by Savills IM's German-based subsidiary, Savills Fund Management (formerly SEB Asset Management).
All but one of the assets belonged to SEB ImmoInvest, and one was held by SEB Global Property Fund. Seven of the assets are located in the Netherlands, four are in Paris, two in Germany and one in Vienna. Both SEB funds are in liquidation following the global financial crisis that hit a large part of the German open-ended real estate fund industry.
CBRE and BNP Paribas Real Estate supported Savills FM in the transactions.
'With the sale of these 14 assets in four countries we successfully managed to considerably reduce the broadly diversified property portfolio. The fund management continues to work on the sale of further assets,' said Carolina von Groddeck, managing director of Savills FM.
Seven of the assets are situated in the Randstad conurbation in the Netherlands. The assets formed a homogenous, 60,000 m2 portfolio and were sold after a structured bidding process to London-based asset manager Signal Capital Partners for €136 mln. Savills FM said that the portfolio consisted of 'architecturally striking, well-leased office properties with strong tenant loyalty and stable yields'.
Paris
In March, Savills FM sold four office buildings in Paris in two separate transactions to Deka Immobilien and JP Morgan Asset Management France for a total of €387 mln. The portfolio comprised four properties at three locations with a total lettable area of 57,000 m2. The aggregate leasing rate is 87%.
Savills FM sold an office property in the German city of Unterschleißheim to a private investor, while a Munich-based project developer acquired a 4,700 m2 office building, dating from the 1950s, near the Zeil shopping street in Frankfurt. Savills FM said it was able to sell the property for twice its current market value due to its prominent location.
The office building in Vienna with retail floors on the ground floor was built in 1989 and extensively renovated from 2006 to 2009. With a leasing rate of over 90%, the asset was sold to an Austrian fund for 'well above' its market value of €38 mln, Savills FM said.
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Real Estate Private Equity UBS Asset Management - Atrium, 7th Floor, 5 Broadgate, London, EC2M 2QS, United Kingdom | 08:00 - 11:00
For the first time, PropertyEU has organised a private equity real estate event examining the European market.
Hear from Ric Lewis, Chief Executive and Chairman of Tristan Capital Partners, as he delivers a TED-style talk followed by an interview on the realities of investing in 2017.
Joining him are Thomas Wels, Head of Real Estate and Private Markets at UBS Asset Management, plus two prominent investor-consultants: Paul Richards, Head of European Real Estate at Mercer and Paul Jayasingha of Willis Towers Watson.
Highlights include:
- What the top private real estate firms are doing
- Which strategies investors/limited partners are keen on
- How the competitive landscape is shaping up
- Who are the emerging managers to watch?
- Insights into the fund management industry
Attendance is free but places are strictly limited. Please register early to book your place.
Nordics Investment Briefing
The Lansdowne Club, 9 Fitzmaurice Place, London, W1J 5JD, United Kingdom | 08:00 - 10:30
Sweden, Norway, Finland and Denmark have attracted record levels of investment in the last few years. Will international investors' interest continue and grow in the next twelve months? With political risk a big factor in the UK and continental Europe this year, will the Nordics continue to benefit from their safe haven status? Is competition becoming too intense? Where are the best opportunities? Will Sweden continue to lead the way, and is there a problem with lack of supply? Will Denmark benefit from its Nordic status and proximity to mainland Europe? Will Finland continue to detach itself from its neighbour, Russia, and look West? Will real estate replace oil as the boom sector in Norway? Urbanisation is a key trend in the Nordics: is residential the sector that offers the most opportunities? What are the prospects for retail, from shopping centres to high street shops to inner city convenience stores? Will logistics be as successful as they are in the UK and Germany? In a dynamic economy, how well is the office sector likely to perform? What about student housing, healthcare and other alternative sectors?
Come to this time-efficient briefing, hear the opinion and forecasts of market expert, and ask your own questions
Attendance is free but places are strictly limited. Please register early to book your place.
