Property Week - July 8, 2008
Lone Star has raised more than €700m (£556m) of bank finance for its €1bn (£795m) purchase of a Deutsche Post property portfolio in Germany.
Lone Star sealed the financing for the sale & leaseback with banks Eurohypo, Natixis, DekaBank and Societe Generale, yesterday. It provided the remaining €300m (£238m) itself.
The fundraising comes after the global private equity investor and fund manager agreed a deal to buy the 1,267 strong portfolio in April in the biggest commercial property deal seen in Germany this year. The deal was struck on behalf of its Lone Star Real Estate Fund.
The portfolio is split 70% mixed-use properties and 30% logistics properties and development sites. The mixed-use properties typically comprise ground floor retail with offices and residential space on top and are 16,000 sq ft in size on average.
The portfolio is spread across Germany with many of the properties in small town centres although some are in the suburbs of major cities such as Munich and Hamburg. The unexpired lease lengths in the portfolio vary from two to ten years.
Knight Frank advised Lone Star and Morgan Stanley advised Deutsche Post.
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