Sellar makes first foray into continental market

Irvine Sellar has made his first foray into the continental European property market. Sellar’s property company, which is behind the development of the 1,000 ft Shard of Glass at London Bridge, SE1, has set aside more than €250m (£169m) to spend on the continent this year. Sellar started his move into Europe with the acquisition of a 28,800m2 German portfolio from Swedish company NCC Property Development for €51.5m (£34.9m) on behalf of a Jersey-based charitable trust. He is also in advanced negotiations to buy two portfolios worth €220m (£149m). John Davies, Sellar Property Group investment director, said: “It’s getting increasingly difficult to buy property in the UK that shows much value and there’s a better chance of getting better returns on similar-quality kit on the continent. “We have been looking at Europe for the best part of 15 months, refining our search and focusing our attention on the larger economies in Europe.” The largest building from the NCC portfolio, which generates €4.06m pa, is a 12,800m2 hotel and office complex next to the A52 Autobahn in Düsseldorf. It has a 190-room Mercure hotel and 5,600m2 of offices, mainly let to US computer giant Novell and German engineering company Bilfinger Berger. Atisreal advised Sellar.