Catalyst Capital is pleased to announce the expansion of its Frankfurt office and a new purchase in Germany for its European fund following several months of a progressive campaign to expand its German assets under management.
Last year, a new country head was appointed, Steven Jedlicki, who now leads the office in Frankfurt. Steven is a well-known figure in the Frankfurt business community having begun his career in a family property brokerage and development business, then joining Wetherall Green & Smith as an asset manager, before becoming a partner in Germany’s leading sports marketing & events agency. Steven comments, “I’ve now come back to my roots in the real estate investment management world”.
Then, in March this year, Catalyst made its first new purchase in Germany in years, buying the Weisseritz Center in Frietal near Dresden on behalf of its European fund, Catalyst European Property Fund I. With an initial net yield of more than 10% on a €25m purchase, 97% occupancy and a Kaufland anchor, the centre appears to be a stable investment. However, as stated by Catalyst partner Kean Hird, “The current income is fine, but the real interest for a group such as ours is to improve the centre by its enlargement in response to growing local demand.” Discussions with the local authorities are proceeding before any formal application is submitted.
Then, in April, Catalyst added another new team member in Frankfurt, Matthias Meuser. Matthias will primarily manage and supervise the renovation programmes currently underway at existing Catalyst assets in Hamburg, Berlin and Chemnitz before setting to work with the Weisseritz Centre. Matthias had been with the Frankfurt office of King Sturge before joining Catalyst.
Concurrently, the London office of Catalyst Capital organised the €108.9m purchase by CEPF I in September 2010 for the Stratford Centre, a shopping and office complex of 425,000 sf, in London and the €21.4m purchase of a 62,250 sf pair of office buildings on New Bridge St. London in November 2010.