Tuesday, 10 March 2015
#MIPIM: Rowan announces expansion in Germany
Rowan, the London-based property company, is at MIPIM this year to launch a major acquisition strategy aimed at growing its portfolio of assets in the German market.
The firm, which has built its reputation on the foundations of astute acquisition and active management of complex investments which offer income and opportunity, is gearing up to capitalize on the upswing in the investment cycle to acquire new larger scale stock, having taken advantage of an improved market to sell a number of properties in the German and UK regions.
In Germany, Rowan’s focus will be on larger retail centers which are town dominant. The short term target is to create a portfolio, sized in excess of priced around €300 mln-€500 mln. Longer term this will be re-capitalized to a REIT or by institutional sale.
Rowan already has a long standing heritage in Germany, and will be expanding its existing network of managing agents and associates, with a permanent on-the-ground team.
Rowan’s CEO, Nick Jacobs, said: “We are aiming to expand our activity in Germany focusing on retail property, and specifically food anchored retail parks. We believe that there is good value in this sector and that there is increasing volume of sales as lenders look to have debt repaid.
“We will buy on and off-market, and will also look at restructuring existing equity positions, which we can approach from either an equity or debt position.”
“Over a number of years MIPIM has consistently proved a fertile ground for identifying and developing new business opportunities, and I expect this year to be no different.”
Source: FTI Consulting