Transactions - MAY 20, 2014

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Kildare buys Mars portfolio for €1b

by Andrea Waitrovich

Deutsche Bank has sold the remains of its Mars Fixed I Loan portfolio of distressed German assets for €1 billion ($1.37 billion) to Kildare Partners.

The package includes 26 German office buildings and the Le Méridien hotels in Munich and Frankfurt, and includes both the financing and the real estate. This is the first major acquisition of distressed property by Kildare, which was set up by Ellis Short, former Asia head of Lone Star Funds.

The Mars portfolio is originally from the collections of the German Bank-Fund Real Estate Invest, which consisted of 60 assets. The portfolio was acquired in 2007 by Amsterdam-listed Eurocastle Investment, a vehicle externally managed by U.S. private equity firm Fortress Investment Group, for €2.1 billion ($2.9 billion). It was acq

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