Arminius Buys €1 Billion in Property from Eurocastle
Arminius Funds Management, on behalf of two investment vehicles, has acquired the controlling majority stake in special purpose vehicles holding 28 German properties from Eurocastle Investment Ltd, which is an investment vehicle managed by an affiliate of US-based Fortress Investment Group. The properties have a market value of €1 billion, and Arminius, as existing junior lenders, acquired the assets as part of a loan restructuring.
“What we are doing is committing a substantial amount of capital to stabilise the portfolio in the form of capital expenditures as well as tenant incentives to maintain tenants and also to decrease the slight vacancy that exists,” says Peter Jun, managing partner with Arminius. He notes the portfolio has a vacancy rate of 17 perce