Elystan Capital Advisers has announced the acquisition of a 6,000-m² office building in Munich. The building, which is 78% occupied and located in the submarket of Riem, was acquired from a private individual. Financial details of the transaction have not been disclosed.
Elystan Capital Advisers focuses on the acquisition and management of real estate and mortgage loan assets. The firm's strategy is to build a real estate portfolio where value can be unlocked through restructuring and active asset management. Elystan Capital Advisers was founded in January 2010 by the trans-Atlantic private equity house GI Partners and the three Managing Partners of Elystan Capital Advisers, Keith Fischer, Dr. Robert Grassinger and Ulrich Kastner.
Keith Fischer stressed: "This acquisition demonstrates that our work as a partner of banks and their borrowers is valued. Our approach enables us to resolve difficult situations where the alternative outcome would be insolvency or foreclosure."
Mark Tagliaferri, Managing Director of GI Partners, added: "Elystan is focused on building a portfolio of selected office assets, where it can add value through active management. We are confident that the team's approach will lead to more transactions of this type in future."
Source: Citigate Dewe Rogerson