American hedge fund Strategic Value Partners has purchased a German mixed-use portfolio for about EUR 210 mln. The Capri assets comprise eight properties spread across Berlin, Hamburg, Essen and Lubbenau providing a total space of 235,000 m[sup]2[/sup]. Approximately 48% of the properties are residential units, 34% consists of commercial business space and 15% of retail.
American hedge fund Strategic Value Partners has purchased a German mixed-use portfolio for about EUR 210 mln. The Capri assets comprise eight properties spread across Berlin, Hamburg, Essen and Lubbenau providing a total space of 235,000 m2. Approximately 48% of the properties are residential units, 34% consists of commercial business space and 15% of retail.
With 10% of the residential property vacant due to refurbishment, the total income will be about EUR 17.5 mln per annum, the US-based investment manager said in a press release.
The assets include five mixed-use properties located in Berlin, Hamburg and Essen, generating a net rental income of EUR 11.51 mln per annum with a total lettable area of 134,000 m2; a residential estate of 1,089 apartments in Berlin; retail and office space in the centre of Berlin and a 25,000 m2 store of the home-improvement retailer DIY in Lubbenau, northern Germany, generating about EUR 1.8 mln in net rental revenues per annum.
The Strategic Value Partners Group is a globally-orientated investment manager headquartered in Greenwich, Connecticut, USA. The group, with offices in Tokyo, London and Frankfurt, manages fund investments of about $4 bn.
