Partners Group, the global private markets investment manager, has, on behalf of its clients, acquired a majority equity stake in a portfolio of 30 commercial properties in Germany, France and the Netherlands. The properties are part of a portfolio previously owned by Imfarr Beteiligungs GmbH and SN Beteiligungen Holding AG, and were acquired for a total transaction value of over EUR 550 million. The acquisition is a joint venture with Peakside Capital Advisors AG (“Peakside”).
The portfolio consists of 27 office and three logistics properties and is mostly located in Germany, with the remaining assets based in greater Paris and Amsterdam. The German portfolio includes buildings in Munich, Hamburg, and Stuttgart, as well as the greater Düsseldorf and Frankfurt regions, and comprises a well-diversified tenant base. Following the acquisition, Partners Group and Peakside will work on a range of value creation opportunities, including repositioning several properties, to optimize the portfolio’s value.
Lars Kreutzmann, Co-Head Private Real Estate Europe, Partners Group, states: “This acquisition significantly expands our real estate portfolio in Germany and underlines the importance of the German market for us on a relative value basis. The portfolio benefits from attractive prime and secondary office locations and is a great fit with our value creation strategy, whereby we focus on properties that can benefit from repositioning with sufficient time and capital. We plan to undertake a multi-year value creation program to maximize value for our clients.”
Mike Bryant, Co-Head Private Real Estate, Partners Group, adds: “This portfolio was originally part of a larger real estate portfolio that was brought to market close to a year ago. Following that sales process, which we followed closely, we were given the opportunity, through our network, to acquire the assets that best align with our relative value strategy. This targeted sourcing makes this acquisition a great fit for our Real Estate Opportunities strategy.”
In December 2019, Partners Group also agreed on behalf of its clients the sale of the “City Campus” office complex, situated on Saatwinkler Damm in the Charlottenburg district of Berlin, for a transaction value of around EUR 200 million. The property, which was repositioned during Partners Group’s holding period, includes 55,640 sqm of rental area and 479 parking spaces across six buildings. It was almost fully let to a mix of blue-chip tenants at the time of the sale.