Catalyst Capital, the European real estate investment and asset
management firm, has acquired a portfolio of properties in Germany for around
€200 million.
Catalyst’s new European real estate fund,
Catalyst European Property Fund II (CEPF II), has purchased the portfolio of 10
properties from TRIUVA and a large German public sector pension scheme.
The properties, which total 93,000 sq m, are
predominantly offices, with some retail and residential space, in Germany’s
largest and most attractive cities and towns, such as Munich, Frankfurt, Düsseldorf, Stuttgart and Dortmund. The tenants
are of high quality and include BMW, Bosch, Continentale, Görtz and Goldbeck.
Kean Hird, a partner of Catalyst Capital,
said: “We are pleased to have secured this high-quality portfolio of 10 properties
for our new European fund. The properties provide strong, long-term income, are
in good locations – five are in the top seven German cities and the other five
are in attractive cities and towns - and give us an opportunity for value
enhancement through asset management initiatives.
“We continue to seek similar office and
retail assets in Germany, where we can further apply the asset management
skills of our German team to add value”.
Catalyst announced in June the first close of CEPF II, a real estate
fund targeting €1.25 billion of investments. Catalyst has already acquired
around €650 million of real estate across Europe for CEPF II. Among the
transactions are the Regatta and Eva portfolios, which total 34 properties, in
the UK and three high-quality office buildings in established business
districts of Paris.
CEPF II invests in the office and retail sectors and, geographically,
in the countries in Europe where Catalyst has an established presence, which
are the UK, France, Belgium, Germany and Poland, where Catalyst believes there
is the potential to source attractive value-creation opportunities and
capitalise on the market dislocation between prime and secondary assets. It is targeting
a diversified portfolio of income-producing assets and development and
refurbishment opportunities.