Schroder Property announces €34 million Berlin office purchase from Patron Capital and Suprema GmbH
Schroder Property Investment Management is today announcing the completion of a further acquisition in Germany on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation. Immobilien Europa Direkt has acquired the 16,000 sqm Mollstrasse 1 freehold office property in BerlinMitte, from Patron Capital, the pan European institutional investor focused on property backed investments, and its joint venture partner Suprema GmbH. The building is close to Alexanderplatz and located opposite the private members club, Soho House Berlin.
The 10-storey property, which occupies a prominent corner location, has been extensively refurbished and is let to a major tenant on a 5 year lease. Located in central Berlin, the property has excellent public transport connections and appeals to a wide range of potential occupiers in an area predominated by offices, hotels and retail units. The property has been acquired off an attractive capital value of €2,200/sqm and will generate a net initial yield of 6.6%.
Tony Smedley, Head of Continental European Investment at Schroder Property, commented:
“We are delighted to announce this purchase in Berlin which adds further critical mass and diversification to the German portfolio of Immobilien Europa Direkt. This is an important continuation of our Pan European acquisition strategy and the property will generate an income return which is accretive to fund performance.”
Christoph Ignaczak, Investment Director of Patron Capital, said:
“Since taking ownership of the vacant Mollstrasse 1 office building in 2011, working with Suprema, we have completely transformed the property; this extensive refurbishment has led to it being fully occupied by a major tenant. Suprema is a long standing existing partner of Patron and represents an excellent example of how we work with partners.”
Immobilien Europa Direkt, an open ended Euro denominated fund, was launched by Zurich Investment Foundation and has been designed specifically for Swiss pension schemes. Its investment strategy is focused on providing investors with a diversified portfolio of commercial real estate in the main western European markets.
The agent for the transaction was Angermann AG.
Photography of Berlin, Mollstrasse is available.
For further information, please contact:
Estelle Bibby, Senior PR Manager, Schroders
Tel: +44 (0)20 7658 3431 / estelle.bibby@Schroders.com
Emma Kane / Henry Columbine / Charlotte Palmer, Redleaf Polhill (PR for Patron Capital)
Tel: +44 (0)20 7382 4720 / firstname.lastname@example.org
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Schroders has managed property funds since 1971 and currently has £11.6 billion (€14.5 /US$19.9) of gross property assets under management as at 30 June 2014.
Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction. For further information about Schroders’ property business visit www.schroderproperty.com
Schroders is a global asset management company with £271.5 billion (€339.0 billion/US$461.1 billion) under management as at 30 June 2014. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
Further information about Schroders can be found at www.schroders.com.
About Patron Capital Partners
Patron represents approximately Euro 2.5 billion of capital across several funds (including its most recent Fund IV) and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses.
Since it was established in 1999, Patron has invested in over 100 transactions across 61 investments involving approximately 40 million square feet (about 3,716,121 sq m) in 13 countries, with many of these investments realised. Patron’s existing German investments include the pan-European Generator Hostels platform with two hostels in Berlin and one in Hamburg, and multiple office and retail properties throughout Germany.
Investors represent a variety of prominent universities, major institutions, private foundations, and high net worth individuals located throughout North America, Europe, Asia and the Middle East. The main investment adviser to the Funds is Patron Capital Advisers LLP, which is based in London, and Patron has other offices in Barcelona, Milan, Luxembourg and Dreieich (Germany); the group is comprised of 70 people, including a 33-person investment team and eight senior advisers/direct partners.
Further information about Patron Capital is available at www.patroncapital.com
Issued by Schroder Property Investment Management Limited which is authorised and regulated by the Financial Conduct Authority.
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