(To read more on the industrial market, click here.)
STUTTGART-A joint venture of locally headquartered International Property Asset Management and US-based JER Partners have acquired two small office buildings and an industrial buildings in Northern Germany. The goal of the new partnership is to develop a significant portfolio of income-producing commercial properties in Germany.
Their first acquisition consists of a 158,230-sf industrial/business park in Braunschweig, a 50,590-sf mixed-use building in Dresden and a 36,600-sf office building in Leipzig. Acquired from a mortgage bank, the total cost of the properties was $24.3 million.
The new JV plans to acquire predominantly office and light industrial properties. As agreed, IPAM will provide access to a transaction pipeline and support JER with on the ground asset management services.
"The country's improved economic stability has developed a positive climate for value creation," says Malcom Le May, president of London-based JER Europe. Adds Wilf Dawkins, one of IPAM's founding partners, "We believe we are entering the market at a good time in the cycle."
Active in Europe since 1995, JER Partners is the private equity investment arm of JE Robert Cos., a real estate investment management company. In Germany, JER has made several investments, including a number of residential portfolios and a retail portfolio.
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