Cerberus acquires two german real estate portfolios

By IVCPOST Staff Reporter

Jul 22, 2013 05:30 AM EDT

Cerberus Capital Management, L.P. acquired two portfolios of German real estate properties. A business unit of Cerberus announced that it secured an agreement with Wells Fargo a portfolio of nine shopping locations. Affiliates of Cerberus also said that they have entered into another definitive agreement to acquire ten German retail properties collectively known as the Monsoon portfolio.

The portfolio of nine shopping properties includes a total floor space of around 92,000 square meters across Germany. The private deal allowed Wells Fargo to eliminate the non-performing loans linked with these properties from its financial statements. BBL Bernsau Brockdorff & Partners performed as the insolvency administrator throughout the deal. The ten retail properties in the Monsoon portfolio have an aggregate floor space of 263,677 square meters. Cerberus affiliates effectively procured the Monsoon portfolio on an all-cash basis.

"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 Senior Managing Director, Lee Millstein, explained.

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