Investors - DECEMBER 10, 2014

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European firms form €300m German property JV

by Andrea Waitrovich

Kauri CAB Management GmbH and Apeiron Capital have formed a joint venture with a leading global sovereign wealth fund to invest €300 million ($372.1 million) in portfolios and individual property assets across Germany.

With starting equity capital of €100 million ($124.05 million) in the new joint venture, the intention of the partnership is to acquire portfolios and individual property assets across Germany, initially targeting a portfolio size of €300 million (including debt).

Its first acquisition is a portfolio of 1,675 residential units and 105 commercial units within 61 residential buildings known as the Zeus Portfolio, which will be acquired for €130 million ($161.26 million). Located in Berlin and Magdeburg, Germany, the buildings have in aggregate approximately 1.29 million square feet of leasable space. The seller of the Zeus Portfolio is Erlangen, Germany–based ZBI Zentral Boden Immobilien AG.

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