Pre sales asset management and sale of grocery/DIY anchored asset

PEP Torgau

Germany

Confidential

LOCATION
Torgau, Germany

PRICE
Confidential

YIELD
Confidential

VENDOR
DC Cheyne Deutsche Fond XI S.C.S., managed by OEH Advisory Fonds

BUYER
Novapierre Allemagne 2 Fund, managed by PAREF Gestion

JLL’S ROLE
Pre sale asset management. Sale advice on behalf of OEH Advisory Fonds (Origami)

Background:

JLL’s services as an asset manager were used prior to the sale to help manage, restructure and modernise the centre in order to maximise pricing and liquidity.

Strategy:

JLL was able to capitalise on strong investor demand for grocery anchored retail (Kaufland), additionally the centre is anchored with DIY (Obi). By asset managing the asset prior to sale the centre showed good fundamentals with almost no vacancy and a WALT of over 10 years.

Result:

The sale was concluded successfully during the first COVID19 wave. JLL managed to attract sufficient investor interest and commitment to sign this deal during severe restrictions during the first lockdown, in spite the fact that many investors remained cautious and inactive at this time.