HSH N Real Estate - January 31, 2006
The Free and Hanseatic City of Hamburg has sold a portfolio of office and commercial space comprising 39 properties to Captiva Capital Partners II S.C.A. real estate fund. The real estate sold forms part of a portfolio comprising a total of approx. 180 properties. The transaction volume amounts to €815.5 million. This sale, which was transacted in the form of an asset deal on behalf of the public sector, thus ranks among the largest transactions of this kind ever to be carried out in Germany.
The consulting syndicate consisting of Ernst & Young Real Estate GmbH, HSH N Real Estate AG and Sal. Oppenheim jr. & Cie. KGaA was responsible for all aspects of preparing and carrying out the selling process. The legal consulting and contractual arrangements were performed by law firm Freshfields Bruckhaus Deringer, which has a particular focus on providing advice on large-scale real estate portfolio transactions. Over the coming months, FHH will put another package of properties up for sale with the support of the consulting syndicate.
The 39 properties were purchased by Captiva Capital Partners II S.C.A. real estate fund, which is managed by IXIS Capital Partners Limited. IXIS forms part of Caisse Nationale des Caisses d'Epargne, which is France's third-largest network of banks. The Captiva real estate fund was involved in several large-scale real estate transactions in the past, such as logistics real estate of KarstadtQuelle AG, France Telecom real estate and office properties owned by Barmer Ersatzkasse.
The deal with the purchaser will be closed subject to the consent of the Senate and Parliament of FHH. On the part of FHH, the process will be handled by Hamburger Gesellschaft for Vermogens- und Beteiligungs-verwaltung mbH (HGV), a subsidiary of FHH.
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