JER Partners has bought three commercial properties in the north of Germany from a leading German mortgage bank. The €18.5 million acquisition was made in a joint venture with International Property Asset Management GmbH ("IPAM"), the German-based asset management company, as the basis for developing a German commercial property portfolio.
The transaction comprises an industrial/business park of over 14,700 m² in Braunschweig, a 4,700 m² mixed use building in Dresden and a 3,400 m² office building in Leipzig. The strategy of the joint venture is to acquire predominantly office and light industrial income-producing properties. IPAM will provide access to a transaction pipeline and support JER with on the ground asset management services.
Malcolm Le May, President, JER Europe commented: "We believe that our experience of investing in Germany led by Angus Dodd combined with IPAM's knowledge of the country's commercial real estate market has created a powerful partnership. In addition, the country's improved economic stability has developed a positive climate for value creation. We look forward to building on this opportunity."
Wilf Dawkins, one of IPAM's founding partners, commented: "We are delighted that we can use our market expertise and asset management capabilities to work alongside JER to develop this proposition. We believe we are entering the market at a good time in the cycle."