Our European commercial real estate deals summary for 14 May covers a broad selection of new deals covering hotels, mixed-use, offices and industrial units.
€100m Venice hotel investment
Location and details: ECE, along with Soravia and Denkmalneu, two experienced real estate developers as joint venture partners, have acquired the Bonvecchiati building on Calle Goldoni, San Marco. It consists of Hotel Palace Bonvecchiati and Residenzia Bonvecchiati, plus retail space.
Sector: Hotels and Resorts
Buyer: ECE European Lodging Recovery Fund
Sellers: Owning families
Price: €100 million
Dr. Volker Kraft, Managing Partner of ECE Real Estate Partners, says, “To have acquired a starter property in such a unique location for our first hotel fund underlines our determination to use all the resources available in the ECE Group to achieve the successes to date for our investors in the ECE shopping center funds are now also to be repeated in the lodging sector. We see very good opportunities for this in the hotel segment right now. “
Mixed-use Dutch asset sells for €11.3m
Location and details: Ketelweg 20-24, a circa 10,200 sqm, mixed-used industrial and office asset in Papendrecht, the Netherlands.
Buyer: Sagax Nederland
Price: €11.3 million
Christiaan Ilias, Senior Asset Manager at M7 Netherlands, says, “The asset management strategy we implemented at Ketelweg 20-24 has enhanced the value of this investment. By having a local team on the ground, with a strong relationship with the occupier, we were able to renew the lease. Despite the backdrop of the pandemic we have realised an attractive return for the Fund’s investors with the sale of the asset.”
Germany office sold for €18m
Location and details: Office complex at Bayreuther Straße 111 and Rettistraße 56, in Ansback, Bavaria, with a plot size of 29,650 sqm and a total lettable space of around 12,600 sqm and 200 parking spaces.Sector: Office
Seller: DEMIRE, Deutsche Mittelstand Real Estate AG
Price: Around €18 million
Ingo Hartlief, CEO of DEMIRE, explains: “Through our active asset management and the successful repositioning of the office complex in Ansbach, we were able to achieve a reduction in risk as well as an increase in value of around EUR 5 million. With the new tenant structure with two long-term anchor tenants from the public sector, we successfully conclude our REALize-Potential approach in Ansbach through the sale.”
UK logistics facility acquired for £141 million
Location and details: W. P. Carey Inc., a leading net lease REIT, has acquired of an approximately 1.1 million-square-foot (100,000-square-meter) Class-A logistics facility in Solihull for $195 million (£141 million), including transaction fees. Located in Solihull, U.K., the facility is leased for a term of 30 years to Jaguar Land Rover. It has a BREEAM “Very Good” environmental rating.
Buyer: WP Carey
Price: £141 million
Karolis Adlis, Senior Vice President, Investments, W. P. Carey said: “Driven by the rapid growth in e-commerce and fulfilment needs, demand for U.K. logistics assets continues to exceed supply. As such, we are thrilled to announce our acquisition of this bespoke, Class-A facility built to high environmental and operational standards on an attractive basis. The facility is located in the center of the U.K.’s transport network with 80% of the U.K. population reachable within a four-hour drive.”