Strategic Value Partners has bought the Capri portfolio in Germany for a reported €210m (£139m)
The US hedge fund has bought eight properties in Berlin, Hamburg, Essen and Lubbenau totalling 2,5m sq ft (235,000 sq m). Around half of the portfolio is residential while the rest comprises commercial space including an office building in Berlin and a 269,106 sq ft (25,000 sq m) DIY store in Lubbenau. The annual income from the portofolio is around €17.5m (£11.6m).
Strategic Value Partners is headquarted in Connecticut USA and has regional offices in London, Tokyo and Frankfurt. It manages fund investments of round $4.3bn (£2.1bn) globally.
Roy Frydling, head of Savills’ Germany, which acted as joint adviser to the vendor with Ernst & Young, said: ‘There was significant interest from a number of international parties, as with a secure income stream the properties will provide significant potential for yield compression in the German economy recovery.’