FINANCE: Valad Europe has been appointed asset manager on the six-strong €325m German Bridge Portfolio.
The appointment has been made by Hatfield Philips, the special servicer to the securitised loan, Windermere X, backing the properties.
Valad Europe plans to “implement a focused strategy to maximise sustainable value in the portfolio and dispose of assets at the optimum time.”
It said this would include detailed asset-by-asset business plans aimed at protecting and increasing rental income, reducing running costs and implementing asset management initiatives.
The Bridge Portfolio comprises six office assets including the 500,000 sq ft Alt Moabit 91 office in Berlin; the 500,000 sq ft Galluspark office in Frankfurt; the 450,000 sq ft Alfred-Herrenhausen-Allee 1 office in Eschbom; the 350,000 sq ft Abraham-Lincoln-Park 1 office in Wiesbaden; the 200,000 sq ft Am Unisys-Park 1 office in Sulzbach; and the 140,000 sq ft Kaiserswerther Str. 117 – 119 office in Düsseldorf.
Valad Europe’s head of Germany, Andreas Hardt, said: “We have been appointed with a clear remit to increase the weighted average lease term, reposition existing tenants and introduce new tenants, as well as maximise value through the disposal of either individual or portfolios of assets.”
Christian Bearman, chief operating officer of Valad Europe, added: “Our appointment on the Bridge Portfolio is a further endorsement of Valad Europe’s track record in managing complex workouts for banks, noteholders and receivers across Europe.
“Over recent years we have been appointed on over €1.5bn of bank workout and CMBS mandates with highlights including two German retail CMBS mandates, the Landmark and Dutch Offices I & II portfolios in the Netherlands, the Gemini CMBS mandate in the UK, the Kefren Properties portfolio in Sweden and the ECREL portfolio across Germany, the Netherlands and the Nordics.”
bridget.oconnell@estatesgazette.com
