Numbers
The Wave portfolio consists of 44 office buildings throughout Germany,with a net lettable area of 109,000 sqm spread across 41 cities and towns. The portfolio is 74% occupied and has a weighted average lease term of five years.
Euronext Amsterdam-listed Eurocastle Investment Ltd continues to sell off its legacy real estate holdings in Germany as it re-aligns its strategy to focus on Italy. Just this week it announced the sale of its Wave portfolio of German offices to an unnamed buyer for €114m, with the transaction expected to generated €30m of net proceeds before taxes of about €6m to €8m. Eurocastle is controlled by US private equity investor Fortress.
The Wave portfolio consists of 44 office buildings throughout Germany,with a net lettable area of 109,000 sqm spread across 41 cities and towns. The portfolio is 74% occupied and has a weighted average lease term of five years.
In February this year, Eurocastle sold three of its five retail portfolios - Superstella, Tannenberg and Turret - for a gross sales price of €286 million to the Augsburg-based Patrizia Immobilien AG. The sale was thought to have generated around €24.4 million of net proceeds for Eurocastle.
The portfolios were comprised of 107 retail properties (supermarkets, discounters and specialist centres – “Fachmarktzentren”) totalling about 229,000 sqm located throughout Germany, with a vacancy rate thought to be 25%. The deal was part-financed by a €150.3m loan from Berlin Hyp over a seven-year term.
