CR, Hatfield Philips and Summit Group to sell German property portfolio
European financial advisory firm CR Investment Management (CR) announced the launch of a process for the sale of of the DT 12 Portfolio consisting of 12 inner city properties in Germany on behalf of Summit Group in cooperation with Hatfield Philips International.
The properties are among others located in Düsseldorf, Mannheim and Potsdam offer the potential for conversion and development.
The properties are currently leased to Deutsche Telekom AG (GMG) for an annual rent of approximately €15.5 million.
Blair Lewis, Chief Executive Officer of Hatfield Philips, stated, “This is a value-add portfolio that is anchored by a very strong tenant in Deutsche Telekom AG. What makes this collection of assets even more interesting is the significant embedded asset management opportunities.”
The aggregate of the portfolio spans approximately 150,000 sqm., with 9 of the properties larger than 10,000 sqm. Potential buyers are asked to submit indicative bids by the 22nd October 2014 with the aim to complete transactions by the end of the year.