Hannoversche Volksbank Completes Sale Leaseback of 42 Branches in Hanover

IXIS AEW Web Site - November 30, 2006

Curzon / IXIS AEW Europe has completed its tenth acquisition on behalf of the European Property Investors LP (“EPI”), acquiring a forty-two asset portfolio located in and around the city of Hanover, in central northern Germany.

The vendor is the Hannoversche Volksbank eG (HanVB), part of the Volksbanken Group. HanVB, in turn, leased back approximately 85% of the space for a term of over 10 years. The portfolio was acquired at a net yield of approximately 7%.

According to Rob Reiskin, Managing Director and Head of Investments at EPI in London, “the combination of credit strength (The Volksbank group including HanVB has an A+ rating from S&P) and duration of income and make this portfolio particularly interesting. Sphere: Related Content