JLL has been instructed with the sale of 127 properties in the Treveria Silo E Portfolio. The decision to market the Portfolio was driven by the recommendation of loan servicer Hatfield Philips International (“HPI”), who is acting as special servicer to the mortgage creditors.
The Portfolio, named Project Sunrise, will be marketed in its entirety and mainly consists of city centre retail assets in 1A and 1B locations spread throughout Germany. Amongst others, the Portfolio includes the Gloria Galerie on Kurfürstendamm in Berlin, shopping centers in Wilhelmshaven and Solingen, as well as department stores in Brühl, Euskirchen and Koblenz.
Since the insolvency proceedings were initiated at the beginning of 2013, the properties have been handled by the insolvency administrator Ottmar Hermann, Frankfurt, two Dutch insolvency administrators and HPI. In recent months, the asset manager Corpus Sireo, in cooperation with Acrest Property Group and IC Immobilien Gruppe, has stabilised the assets in preparation for sale.
JLL will start marketing the Portfolio at the beginning of September.
Peter Birchinger, JLL Head of Portfolio Investment Germany, stated. “Due to the excellent market conditions and the highly attractive nature of the portfolio, we expect high demand from both national and international investors.”
Blair Lewis, Chief Executive Officer of Hatfield Philips, added, “After careful consideration, we firmly believe now is the appropriate time to market the portfolio given its intrinsic value and attractive lease profile. This, combined with the strength of the market, should result in significant investor interest. We look forward to the sales process and maximising proceeds to noteholders.”