Curzon Global Partners /AEW Europe has announced that EPI Orange Holdings S.à r.l. and two further investment companies of European Property Investors LP ("EPI") sold The Gemini Portfolio. The transaction was advised by Curzon/AEW Europe.
The Gemini Portfolio consists of 51 quality assets in prime city center and out-of-town locations throughout Germany totalling over 400,000 m². The main tenants are Sinnleffers (42%) and Praktiker (55%). The remaining 3% is let to Droguerie Müller.
Ric Lewis, Chief Executive of Curzon, commented, "Germany is the world's third-largest economy and has the European Union's largest population. Large-scale retail property continues to be a strong investment focus for international capital." Lewis continued, "We've been heavily invested in Germany and we remain committed to investing in that country. This transaction was our return to market weighting for the EPI Fund and our European portfolio in general."
According to Rui Tereso,Managing Director and Head of Portfolio and Asset Management at Curzon, "the prominent locations and long-term lease structures make this an extremely attractive portfolio in the current marketplace. We are very pleased with the results of this transaction and think our clients will be pleased as well."
Source: Curzon Global