Captiva Capital Partners III, a real estate private equity fund advised and managed by Captiva Capital Management has acquired an additional shopping centre in Germany from Metro AG. Captiva Capital Management is an independent real estate investor focusing on the European real estate markets.
Captiva Capital Partners III ELP („Captiva”) – the real estate private equity fund advised and managed by Captiva Capital Management – has acquired an additional shopping centre in Germany from Metro AG.
The centre acquired, the Halle Center in Peißen, is fully let with a rental area of approx. 60,000m². It is anchored by a Real hypermarket and offers a range of over 50 stores such as Aldi, Media Markt, Tchibo and Adler Modemarkt.
Stephan Fritsch, Managing Director at Captiva said: “We think that there is real value to be found in Germany’s secondary retail real estate markets. In today’s low growth and low interest rate environment this acquisition perfectly fits our defensive high yield investment strategy.”
The transaction completed on 30 September has been the eighth retail real estate transaction in Germany for Captiva since March 2010.
The recent acquisition of the Halle Center is part of a sale & leaseback transaction dating back to March 2010 when Captiva acquired two shopping centres from Metro AG: Förde Park in Flensburg and Saarbasar in Saarbrücken. As part of the transaction, Captiva had entered into option agreements with Metro AG to acquire three additional centres with a total rental space of 140,000 sqm over the next three years. Following the acquisition of a shopping centre in Neu-Brandenburg and now the Halle Center, Captiva intends to exercise its third call option by November 30 and expects to announce more German retail acquisitions prior to the year end. “Our team is extremely well positioned to capitalize on the opportunity that German retail real estate presents for our client base” added Fritsch.
About Captiva Capital Management:
Captiva Capital Management is an independent real estate investor focusing on the European real estate markets delivering absolute, risk-adjusted investment performance. Captiva’s business model follows the needs of its institutional investor base providing the best of both worlds: benchmark institutional quality infrastructure, reporting and risk management, combined with the entrepreneurial approach of an established boutique team – crucial characteristics in what are currently volatile European real estate markets. To date, Captiva has invested EUR 1.3 billion of equity capital in the real estate sector on behalf of its institutional clients, either directly or through specialized investment platforms. Those investments include over 1,500 properties across Europe worth more than EUR 8 billion. Captiva invests its capital through closed-end funds and investments vehic! les that it manages on behalf of its clients. In this way Captiva pursues project developments, single asset deals, portfolio transactions and real estate venture capital transactions, where it grows or acquires specialized investment platforms.