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Distressed investor Cerberus buys two German retail property portfolios

22 Jul 2013

Distressed private equity investor Cerberus Capital Management has acquired two portfolios of German real estate properties, comprising a portfolio of nine shopping centres from Wells Fargo and ten retail properties out of administration.

The private sale of the first portfolio, following a competitive process, enabled Wells Fargo to remove the non-performing loans associated with these properties from its balance sheet, it said. The ten retail properties in the second portfolio were acquired on an all-cash basis through a multi-level tendering procedure.

Lee Millstein, senior managing director at Cerberus, said, “The acquisition of these portfolios further enhances Cerberus’s footprint in the German real estate market. These mutually beneficial transactions enabled the sellers to obtain fair value, while providing us with the opportunity to inject fresh capital and spearhead the turnaround of the properties.

“Supported by ACREST’s extensive expertise and track record of success in the asset management space in Germany, we look forward to further developing and fully leasing these properties in order to drive additional value for all stakeholders.”

Cerberus has been an active investor in Germany since 2002. In 2012, the firm acquired the 300,000 square metre Rebound portfolio of 47 retail and mixed-use properties from FMS Wertmanagement. Earlier that year, it also acquired the distressed assets of Speymill Deutsche Immobilien Company. In 2011, Cerberus acquired a portfolio of Metro Cash & Carry wholesale-retail properties located in urban centres throughout Germany, and in Germany’s largest IPO of 2011, Cerberus and a co-investor listed Berlin-based GSW Immobilien on the Frankfurt Stock Exchange following the restructuring of the company.

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