Ærium, the European real estate fund manager, has sold a portfolio of eight German retail warehouses to German fund manager GLL Real Estate Partners.
Ærium will continue to manage the portfolio, which has a leasable area of over 114,000 m² and land plots totaling 365,000 m² on behalf of the buyer. The majority of the assets are located in East Germany with one asset situated in West Germany. They were all built in the 1990s. Prior to the sale, Ærium’s intensive leasing activity secured over €48.5 mln of new rental income. It concluded all new long lease contracts and amendments to existing leases, which resulted in increasing the weighted average lease length from under seven years, in October 2012, to 12.5 years at the time of sale.
Ærium also undertook a proactive asset management program that included an exhaustive refurbishment plan to extend the lease term with the portfolio’s anchor tenant, a major German food retailer. Steven Broch, Fund Manager Germany, Ærium, said: “The sale of this portfolio is the culmination of an intense period of asset management activity to maximize the latent value of this collection of retail warehouses. In less than two years, our specialist team has achieved a higher return than forecast by identifying opportunities to re-gear leases and drive cost efficiencies. It is a textbook value-add deal which we will continue to pursue in Germany”.
Steven Broch acted for Ærium and Stephan Wollersheim acted for GLL Real Estate Partners -
Ærium will continue to manage the portfolio, which has a leasable area of over 114,000 m² and land plots totaling 365,000 m² on behalf of the buyer. The majority of the assets are located in East Germany with one asset situated in West Germany. They were all built in the 1990s. Prior to the sale, Ærium’s intensive leasing activity secured over €48.5 mln of new rental income. It concluded all new long lease contracts and amendments to existing leases, which resulted in increasing the weighted average lease length from under seven years, in October 2012, to 12.5 years at the time of sale.
Ærium also undertook a proactive asset management program that included an exhaustive refurbishment plan to extend the lease term with the portfolio’s anchor tenant, a major German food retailer. Steven Broch, Fund Manager Germany, Ærium, said: “The sale of this portfolio is the culmination of an intense period of asset management activity to maximize the latent value of this collection of retail warehouses. In less than two years, our specialist team has achieved a higher return than forecast by identifying opportunities to re-gear leases and drive cost efficiencies. It is a textbook value-add deal which we will continue to pursue in Germany”.
Steven Broch acted for Ærium and Stephan Wollersheim acted for GLL Real Estate Partners -
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