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.