GI Partners, a leading private equity firm focused on investments in real estate platforms and asset-intensive businesses in Western Europe and North America, is pleased to announce that its Elystan investment platform has acquired a 21,000-m² office building from a joint venture between a Stiller Immobilien, Frankfurt, and Drees & Sommer, Stuttgart ('F10').
Located at Feringa Str. 10-12, Munich Unterföhring, F10 is one of the largest and most modern multi-tenanted office buildings in the North West submarket of Munich. The building was completed in 2004 and is currently 50% occupied.
Elystan was founded in January 2010 by GI Partners together with Keith Fischer, a German real estate market veteran with over 20 years of investment experience. The firm seeks to acquire high quality commercial real estate in Munich where value can be created through proactive asset management including asset repositioning, lease-up or the injection of additional funds for capital expenditures.
Keith Fischer, Managing Director of Elystan, said: "Munich is one of Germany's most economically potent cities with attractive real estate market fundamentals. We believe that F10 is amongst the best buildings in its submarket and should benefit as the Munich office leasing market recovers further. Furthermore, we have already seen strong leasing momentum for this asset since completion of the acquisition."
Daniel Schuldig, Head of GI Partners' German office and who is responsible for the Elystan relationship added: "With this transaction Elystan further solidifies itself as a serious participant in the Munich real estate market. GI Partners plans to deploy significantly more capital through the Elystan platform to build a portfolio of at least 300 million in value over the next few years."
The transaction was funded by capital from GI Partners Fund III L.P. and was supported by debt financing provided by HSH Nordbank.
Source: Citigate Dewe Rogerson