Catalyst Capital, a European investment and asset management company, has acquired an attractive portfolio comprising 30 retail properties in Germany, with an aggregate floor space of approximately 125,000 m².
Valued at more than 150 million, the transaction consists of a combination of share and asset deals. The main lender and Lead Arranger is pbb Deutsche Pfandbriefbank AG, providing 85 million in financing. The Austrian Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (BAWAG P.S.K.) provided an additional 21.5 million in stretched-senior debt.
"We structured the transaction in good cooperation with the seller", said Steven Jedlicki, Director at Catalyst Capital in Frankfurt, adding: "A sound balance of long-term and medium-term leases , strong anchor tenants, plus the potential for optimising individual locations, are cornerstones of our strategy."
The acquired portfolio primarily comprises retail warehouses , supermarkets, discount outlets, plus individual DIY and Hypermarkets mostly in very good locations, and predominantly located in Bavaria, Baden-Württemberg and North Rhine-Westphalia. Main tenants include German retail chains Edeka, REWE, Real, OBI and Hornbach.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, commented: "pbb Deutsche Pfandbriefbank and BAWAG P.S.K. were pleased about the opportunity to finance an attractive portfolio comprising properties in strong economic regions. Retail properties in good locations continue to have strong potential. This transaction is now the fourth financing pbb Deutsche Pfandbriefbank has provided to Catalyst Capital, and thus, is testament to a successful cooperation."
Catalyst Capital was advised by Jones Lang LaSalle and REAG. James Andrew International, London, and Kintyre Investments, Frankfurt, acted as intermediary advisors. Eversheds, in London and Munich, and Frankfurt based FPS Fritze Wicke Seelig acted as legal advisors to Catalyst Capital. The sellers were advised by Clifford Chance.
Source: Catalyst Capital