Under an asset management contract, Bilfinger Real Estate has successfully completed the disposal of a Germany-wide commercial real estate portfolio, known in the market as the Pegasus portfolio, for the Royal Bank of Scotland (RBS). The last of the 28 office and retail properties with around 433,000m² of rental space changed hands on 29 February.
Bilfinger Real Estate has been responsible for owner representation, repositioning, rentals and sale of the 28 office and retail properties since 2010. Over this period, Bilfinger Real Estate, together with RBS and other service providers, has managed the renting out of 226,000m² of floor space in the portfolio as well as investments in rental space expansion and cap-ex measures totaling €66m.
The biggest sales deals for the portfolio included the package sale of the DIE WELLE, an office, retail and hotel complex in Frankfurt am Main and the new Kranzler Eck in Berlin, the sale of the Opernpalais in Frankfurt am Main and the Herold Center in Hamburg (all in 2012) as well as the Elsenheimerstraße 7–13 in Munich (2013) and the Bülow Tower in Stuttgart (2014).
Ola Bernow, head of real estate Germany at the Royal Bank of Scotland: "With the excellent advice and support provided by Bilfinger Real Estate's asset management team as well as our internal investment and restructuring team, which was headed jointly by Marcus Pollmann and myself until 2015, we successfully stabilised the real estate portfolio, ensured an optimal position in the market, and sold it in a favourable investment environment."
Ralf Klann, managing director at Bilfinger Real Estate and head of asset management Germany: “For the stabilization and value enhancement of the portfolio, we pursued a comprehensive strategy and focused on four core objectives: the right positioning for the properties on the market, increasing and securing rental income over the long term, reduction of ongoing property operating costs and the optimization of the service structure as well as the successful disposition. We would like to thank the Royal Bank of Scotland for their confidence and all of the service providers and market partners for the excellent cooperation.”
