FRANCE
Blackstone has bought a French logistics portfolio from PATRIZIA for €260 million in an off-market transaction.
PATRIZIA AG, the global partner for
The logistics portfolio, which comprises just over 362,721 square meters in 10 properties, was assembled off-market as part of a strategy to aggregate high-quality units along the highly prized logistics corridor. The logistics portfolio is 100% leased to tenants. These include Kuehne and Nagel, Geodis, Rhenus, Honeywell and also Amazon. Blackstone has engaged PATRIZIA to continue to manage the logistics portfolio on its behalf.
Paul Hampton, Head of International Funds at PATRIZIA, says of the logistics portfolio, “Credit must go to our transaction and local asset management teams for their hard work in assembling and stabilising this portfolio over the past three years and then securing the Fund’s exit. To be retained to work with Blackstone on the management plans going forward is clearly especially pleasing.”
In addition to the logistics portfolio, PATRIZIA has also recently acquired two logistics warehouses on behalf of TEP VII, the successor to TEP VI. They are on the border between Amiens and Poulainville, totalling 77,865 sqm. This brings PATRIZIA’s AUM in France to €1.34 billion.
TEP VI, the sixth fund in PATRIZIA’s TransEuropean series, is a diversified, leveraged pan-European investment programme. It has a focus on office, retail, residential and also industrial properties in large metropolitan areas of core Western Europe (including the UK). The strategy, launched in 2016, is to assemble a cash-flow generative portfolio that can be aggressively ‘managed
Five offices purchased off-market for €63m
GERMANY
Five offices in leading German cities have been bought for around €63 million by Tristan Capital Partners opportunity fund EPISO 5.
The portfolio of 35,750 sqm of office space has been acquired from Hamburg-based Union Investment and also its local operating partner Silverton Asset Solutions.
Located in established office sub-markets of prime German cities, the portfolio comprises 35,750 sqm of office space.
The portfolio was acquired in an off-market deal together with Silverton Asset Solutions who will act as operating partner.
The buildings are located in Munich (two), Frankfurt, Dusseldorf as well as Hildesheim. Together the Munich and Frankfurt assets account for the bulk – 80% – of total rental income. All five of the assets have flexible floor plans and also a diversified tenant mix.
Constantin Plenge, Executive Director at Tristan Capital Partners, says, “This transaction represents a rare opportunity to get exposure to office properties in strong office sub-markets at an attractive net entry price. We see good opportunities to boost the occupancy levels of these buildings given the supply constraints in the markets where they are located.”
Alexander Zahrt, Director of Transactions at Silverton Asset Solutions, says, “We are very pleased to have assisted Tristan in this transaction, which highlights our continued success in finding off-market opportunities. Furthermore, we are very confident that we can add value to the properties due to our strong local teams in Munich, Frankfurt and Essen.”
This is Tristan’s third transaction with Union Investment in the past 12 months.
Tristan and Silverton were advised by Clifford, Savills and also Arcadis.
Source: https://www.tristancap.com/sites/default/files/Project%20Elephant%20FINAL.pdf
€100m plot redevelopment plan
At the same time, The EPISO 5 value add/opportunistic Fund advised by pan-European real estate investment manager, Tristan Capital Partners, and also CMF Capital, have acquired a plot for redevelopment in Berlin’s popular Neukoelln district for around €15 million.
The site was purchased from the Eversfrank Group, a family-owned commercial printing company. It will be redeveloped to create around 30,000 square metres of office and also commercial space. The estimated total investment is about €100 million.
The 12,000 square metre plot is in Ballinstrasse. The new development, “Ink”, or “Inspire Neukoelln”, will be designed to meet the requirements of
Constantin Plenge, Executive Director at Tristan Capital Partners, says, “Tristan has been reducing its holdings in Berlin as investor appetite for stabilised assets has been insatiable. Our focus has primarily switched to well-located assets in the more supply-constrained markets but we’ve continued to evaluate idiosyncratic opportunities in Berlin and the chance to secure a site in this location, where we can control the development risk, was compelling.”
Tristan and CMF were advised by Luther Rechtsanwaltsgesellschaft,
Five Holiday Inns acquired in France
FRANCE
EXTENDAM and Solanet Gestion Hôtelière, have acquired a portfolio of five Holiday Inn hotels.
The five hotels under the Holiday Inn and Holiday Inn Express brands are in Lille, Amiens, Toulon and also Clermont-Ferrand. All but one of these hotels, with 442 rooms in total, were the subject of a wall and fund acquisition. The Holiday Inn Express Toulon Sainte-Musse was a transaction focused on the business of the establishment. It was brokered by Christie & Co,
Two Holiday Inn hotels in Toulon
The hotel is located in the historic
The 81-room, 2,434-meter Holiday Inn Express Toulon Sainte-Musse is close to many offices, a hospital and also a clinic.
Holiday Inn Clermont-Ferrand
Located in the city center, the 94-room Holiday Inn Clermont-Ferrand is near the Pierre de Coubertin swimming pool. It welcomes 360,000 users each year. A major library of Clermont-Ferrand is due to open in 2022.
Holiday Inn Lille West Englos
The four-star Holiday Inn Lille Ouest
Holiday Inn Express Amiens
The Holiday Inn Express Amiens is centrally located and also very close to Amiens train station. The three-star hotel, will benefit from the massive renovation project of the Gare-la-Vallée district to be completed in 2020. The 1,791 square meter establishment offers 66 rooms as well as 80 square meters of meeting rooms.
Jean-Marc Palhon, President of EXTENDAM, says, “A strategic and complementary combination, Solanet Gestion Hôtelière is a partner that we have known for a long time and with whom we had the pleasure of carrying out a first transaction in Paris in 2018. We are delighted to once again invest in its assets with great potential in dynamic and dynamic cities such as these.”
Timothée Hainguerlot, says, “Solanet Gestion Hôtelière is a family-owned company that has been helping investors in the hotel industry for thirty years in France and abroad. Our positioning is both very close and very complementary to that of EXTENDAM. That’s why we like to work with this renowned actor of the biggest hotel families in Europe.”
36,000sqm logistics center deal
POLAND
Constructed in 2019, the property is fully leased to quality commercial
Other tenants of the property include Intelligent Logistic Solutions and also Panasystem PL–a company specializing in the automotive sector, and Inter Cars–the largest distributor of spare parts for passenger cars, delivery vans and trucks in Central and Eastern Europe.
The location of the warehouse in the eastern part of Łódź offers access to urban infrastructure, the A1 motorway, as well as the junction connecting the A1 and A2 routes.
Excellent location
Przemysław Iznerowicz, Managing Director at Hines Polska, says, “Excellent location with access to public transport and top-class warehouse space–these are, undoubtedly, the key assets of the project, which we have just purchased on behalf of Hines Global. I am confident that the building meets the expectations of all tenants–those focused on providing deliveries within Łódź, as well as regional or national distributors. We are constantly looking for new investment opportunities and in the near future we intend to intensify our activities on the Polish market.”
The purchase of the warehouse was financed by ING Bank Śląski. During the transaction Hines Polska was advised by the law firm Dentons, the tax adviser Crido and the technical adviser DIL Polska Baumanagement Sp.
Hines Global Income Trust is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States as well as internationally.
Madrid logistics park
Hines has also acquired a 17,474-square-meter urban logistics park in Villaverde, Madrid, on behalf of the Hines Pan-European Core Fund (HECF). It is the fund’s first urban logistics deal in Spain.
The park is fully let on a 10-year mandatory period to a third-party logistics operator, Ontime. It is composed of an existing asset which will serve as Ontime’s new Spanish headquarters as well as a cross-docking warehouse with 40 loading docks which is currently under development.
Located in Villaverde, one of the 21 districts located within the city of Madrid, the asset benefits from strong access to the Madrid ring-road (M45) and also the A4 and A42 highways.
As of Q2 2019 the properties in the HECF portfolio were 97.1% leased with an aggregate value in excess of €1.3 billion. The portfolio of the fund is currently composed of 21 assets invested in 15 city markets across eight different European countries. The fund has achieved an average return of 8.7% net levered IRR per annum over the past five years.
Source: https://www.hines.com/news/hines-global-income-trust-acquires-second-logistics-facility-in-poland
Alpha Centauri offices bought
THE NETHERLANDS
Quadoro Investment GmbH has acquired the office building Alpha Centauri in the Dutch city of Diemen for the
The U-shaped building, erected in 2003 and modernised in 2018, is located on a 5,000 square meter site. The property has a rental area of more than 10,000 square meters, spread over nine storeys and two lower levels. In addition, there are 200 underground parking spaces.
The property is centrally located in Diemen, about 10 km southeast of Amsterdam‘s city centre.
Sustainable Real Estate AG, the fund‘s sustainability consultant, carried out the location analysis that Amsterdam‘s metropolitan region scores well above average and thus meets the fund‘s sustainability criteria.
Michael Denk, Managing Director of Quadoro Investment, says, “By purchasing this building, we strive to continue the above average performance of the QSREE. The BVI return for the past financial year was an impressive 9.7%. In July 2019 we were able to pay out a special distribution of EUR 47.80 per share. The final distribution for the current financial year is expected in December 2019.”
