Catalyst European Property Fund (CEPF) acquires 30 German retail properties + Financing provided by pbb Deutsche Pfandbriefbank and BAWAG P.S.K.
Frankfurt, 30 November 2012 Catalyst Capital, a European investment and asset management company, has acquired an attractive portfolio comprising 30 retail properties in Germany, with an aggregate floor space of approximately 125,000 square metres. Valued at more than € 150 million, the transaction consists of a combination of share and asset deals. The main lender and Lead Arranger is pbb Deutsche Pfandbriefbank AG, providing € 85 million in financing. The Austrian Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (BAWAG P.S.K.) provided an additional € 21.5 million in stretched-senior debt.
"We structured the transaction in good cooperation with the seller", said Steven Jedlicki, Director at Catalyst Capital in Frankfurt, adding: "A sound balance of long-term and medium-term leases , strong anchor tenants, plus the potential for optimising individual locations, are cornerstones of our strategy." The acquired portfolio primarily comprises retail warehouses , supermarkets, discount outlets, plus individual DIY and Hypermarkets – mostly in very good locations, and predominantly located in Bavaria, Baden-Württemberg and North Rhine-Westphalia. Main tenants include German retail chains Edeka, REWE, Real, OBI and Hornbach.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, commented: "pbb Deutsche Pfandbriefbank and BAWAG P.S.K. were pleased about the opportunity to finance an attractive portfolio comprising properties in strong economic regions. Retail properties in good locations continue to have strong potential. This transaction is now the fourth financing pbb Deutsche Pfandbriefbank has provided to Catalyst Capital, and thus, is testament to a successful cooperation."
Catalyst Capital was advised by Jones Lang LaSalle and REAG. James Andrew International, London, and Kintyre Investments, Frankfurt, acted as intermediary advisors. Eversheds, in London and Munich, and Frankfurt based FPS Fritze Wicke Seelig acted as legal advisors to Catalyst Capital. The sellers were advised by Clifford Chance.
Headquartered in London with offices in Frankfurt, Warsaw and Paris, Catalyst Capital is a European investment and asset management company. Established in 1996, Catalyst Capital structures, purchases, develops and manages a significant portfolio of retail, office and industrial real estate in Europe. The Company strives to sustainably position its portfolio for the future, through active asset management and in close cooperation with tenants and local partners.
Since its inception, Catalyst Capital has invested more than € 4.5 billion in real estate assets, including more than € 1.1 billion in 35 shopping centres. More information is available at www.catalystcapital.com.
pbb Deutsche Pfandbriefbank is a leading European specialist bank for real estate finance and public investment finance. The main funding instrument is the German Pfandbrief, of which the Bank is one of the largest issuers in the market. pbb Deutsche Pfandbriefbank is active in markets in Germany and other European countries. www.pfandbriefbank.com.