Patrizia AG has sold two office properties in Berlin to Real IS AG on behalf of TransEuropean VI LP fund. Following these disposals, just under 30% of the TEP VI portfolio has now been realised, taking the Fund’s combined realised IRR to 48% per annum and delivering an equity multiple of 3.4x to date. The purchase price was not disclosed.
The latest TEP VI disposals comprise an 8,600m² property on Warschauer Strabe, in Friedrichshain, and an 9,500m² asset on Chausseestrabe, the northern extension of the well-known prime office and retail address, Friedrichstrabe. Following the completion of active asset management plans, including the full refurbishment, the extension of the Friedrichshain property and highly successful lettings campaigns, the offices are now the German headquarters of Nike and Swedish bank, Klarna respectively.
Paul Hampton, Patrizia’s Head of International Fund Management and Director of the TransEuropean series, commented: “We are very pleased with the progress we have achieved so far with both the TEP VI disposals programme and the speed with which we’ve been able to deploy proceeds for its follow on fund, TEP VII. The vertically integrated and highly collaborative platform we have at Patrizia provides us with a real advantage, enabling us to highly effectively source, assemble and asset manage value accretive portfolios. Most of our acquisitions for TEP VI were conducted off-market and, as evidenced by our progress with TEP VII, we continue to identify and secure significant value add opportunities, even in the most competitive European marketplaces.”