ITALY

Curzon Capital Partners IV, a real estate fund advised by pan-European investment manager Tristan Capital Partners, has sold a fully-let office in Rome.

The fully-let office at Via Simone Martini in the capital has been bought by the French institutional investor Corum AM.

The transaction of the fully-let office marks the fund’s second sale
The fully-let Rom office

Curzon Capital Partners IV says it is possible to make similar deals during the COVID-19 crisis.

The transaction of the fully-let office marks the fund’s second sale from a portfolio acquired from Axa in Q4 2016, and follows the disposal of an office facility in Brescia, Italy in Q1 2018.

Yassine Berkane, Director at Tristan Capital Partners, says, “Since the asset was first acquired we have helped to significantly grow its commercial performance.

“The facility is now fully let to Colt Technologies, a multinational telecoms company, and performing very well.

“While the impact of the COVID-19 pandemic has created an extremely challenging and uncertain environment, we think it’s positive that we are still finding partners who are ready to engage in deals like this.”

Curzon Capital Partners IV was advised in the fully-let office deal by GOP, Pirola Pennuto Zei & Associates, REAAS and Real Consultant.

 Source: https://www.tristancap.com/news-and-media/press-releases/tristan-fund-sells-rome-asset-corum-am

First Dutch logistics deal for Verdion

NETHERLANDS

Logistics investor and developer Verdion has acquired its first asset in the Netherlands in a €17 million off-market deal.

The deal is part of a €300 million investment programme focussed on last mile opportunities in Northern Europe.

The company has acquired a 24,000 square meter warehouse in Roosendaal on the Dutch-Belgian border.

Located in an established logistics area between Rotterdam and Antwerp the building includes 18,000 square meters let to specialist logistics company Imperial Group.

It includes further space for occupation and an adjacent land plot with permission for a further 10,000 square meters of new build warehouse space.

First investment in the Czech Republic

UPS' national HQ and logistics hub in Prague, Czech Republic
The UPS HQ in Prague

The deal follows Verdion’s first investment in the Czech Republic, with the completion of a €17 million forward funding of a major project for UPS in Prague, consolidating three of the company’s fulfilment centres to create a 13,600 square meter national HQ and logistics hub on land adjacent to the City Airport.

Other acquisitions include a 21,000 square meter property in Gallin, east of Hamburg, with 10,500 square meters let to DB Schenker on a five-year lease with the remainder let to the same business, short-term. The property has capacity for a further 10,500 square meters of additional logistics space, which is under offer to a major grocery-related group with a planned construction programme aimed at a 2021 handover.

Also in Germany, Verdion has acquired a 10,000 square meter logistics building the Lower Rhine region town of Nettetal. Under a three-year sale and leaseback deal with French logistics firm Egetra, the property is ideally situated for last mile logistics occupiers with potential for an additional 6,000 square meters of new development.

Simon Walter, Director of Asset Management at Verdion, says, “Alongside our built to suit and logistics park activity, last mile logistics is an important investment focus for Verdion.  Online retail has never been more important, and this trend is set to continue for the long term.

“These investments, around €70 million in total so far, demonstrate our commitment to this market sector. We are particularly pleased to complete our first deal in the Netherlands: a key target alongside Germany and the Nordics. We will be deploying further capital in the coming months – investing where we can best leverage our development expertise and focus on technical innovation.”

Source: http://www.verdion.com/verdion-acquires-first-netherlands-asset-with-e17m-last-mile-logistics-deal/

Multi-let office sold in Berlin

GERMANY

PATRIZIA AG, the global partner for pan-European real estate investment, has completed the sale of a multi-let office building in Berlin to LaSalle Investment Management.

Completed in 2004, Goethe 85 has 8,600 square meters of space across seven floors. It is fully let to 11 tenants across a range of sectors including insurance, research, legal and media.

The Goethe 85 offices in Charlottenburg, Berlin
Goethe 85 in Berlin

Goethe 85 is located in Charlottenburg, one of the most prestigious residential areas of Berlin, and in close vicinity to the Kurfürstendamm shopping area.

LaSalle Investment Management was advised by Clifford Chance.

Philipp Stoecker, real estate specialist at Clifford Chance, says, “This excellent acquisition by our client LaSalle once again demonstrates both the quality of the German real estate market and the growing interest of French investors. We are proud to have been instructed by LaSalle for this acquisition, building on the particular strength of our global service to leading international real estate investors. The target has been well chosen, as few other cities in Germany have a similar development potential of prosperity such as Berlin.”

The Clifford Chance team advising LaSalle on the transaction comprised partner Fabian Böhm, counsel Philipp Stoecker, associate Tatjana Bougargour and transaction lawyer Elmostafa Habib (all Real Estate, Frankfurt).

Matthias Eder, Director Fund Management Office at PATRIZIA, says, “We are pleased to have completed this transaction and leveraged the positive momentum in the Berlin office market to crystallise positive returns for our client following the conclusion of our business plan for this asset. Our asset management, fund management and transaction teams were able to once again deliver outstanding performance and value for our institutional clients.”

PATRIZIA was advised by Cushman & Wakefield, Berlin, and K+L Gates, Berlin.

Source: https://www.patrizia.ag/en/detail/press-releases/patrizia-sells-8600-sqm-office-building-in-berlin/ and https://www.cliffordchance.com/news/news/2020/05/clifford-chance-advises-lasalle-on-acquisition-of-berlin-premium.html

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