Valad Acquires Stake in ECREL
Valad Property Group has acquired a 49 percent stake in European Commercial Real Estate Ltd (ECREL), along with two places on ECREL’s board.
ECREL had hired Valad in April 2010 for a five-year investment management mandate. Valad has responsibility for investment management services for ECREL’s commercial real estate portfolio, which comprises 48 properties in Germany, the Netherlands and the Nordic region.
“Valad took on the investment management of ECREL with a clear mandate from both the investors and the senior lender to tidy up the portfolio accounts, reporting, tenant management and build sustainable value in the portfolio,” says Marty McCarthy, CEO for Valad Europe.
In addition, Valad has negotiated a new financing package for ECREL, securing a €200 million refinancing with Lloyds Banking Group.