Valad, the European multi-let real estate investment manager, has acquired 49% of the equity in European Commercial Real Estate Limited ('ECREL') with two places on the Board alongside the original investors, who hold 51% of the equity.
Furthermore, Valad has completed the 200-million refinancing of ECREL, having negotiated a new financing package with Lloyds Banking Group.
In April 2010, Valad secured a five-year investment management mandate of ECREL, to provide investment management services for the mixed commercial portfolio, currently comprising 48 properties spread across the Nordics, Germany, and the Netherlands.
Marty McCarthy, Chief Executive Officer for Valad Europe, said: "Valad took on the investment management of ECREL with a clear mandate from both the investors and the senior lender to tidy up the portfolio accounts, reporting, tenant management and build sustainable value in the portfolio.
"Successfully acquiring a substantial amount of the equity and refinancing the portfolio are important components of this, combined with the local asset management initiatives of re-gearing leases and letting of vacant space, which is testament to our local teams and the intelligence and skills they provide on the ground."
Valad has five offices in Germany, six offices in the Nordics and one in the Netherlands, with experienced local real estate teams managing the tenant relationships and providing intensive asset management services, supported by its team of debt and equity specialists, based out of it European headquarters in London.
Source: Tavistock Communications