Sale of logistics portfolio in Germany, France and Poland
Award:
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Investment Deal of the Year, CEE
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Name of deal:
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Sale of logistics portfolio in Germany, France and Poland
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Value of the transaction (in EUR):
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472,000,000
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Yield:
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7.1%
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Seller, plus brief information about the company:
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Tristan Capital Partners (EPISO/CCP III)
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Consultancy which advised Seller:
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WND
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Purchaser, plus brief information about the company:
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Segro (SELP)
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Consultancy which advised Purchaser:
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JLL
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Financing institution:
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WND
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Why this deal should be considered for the award:
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The Tristan Capital Partners managed Funds (EPISO and CCP III)have sold together 25 modern logistics buildings with a total of 666,000 m2 of lettable space, a building under construction plus 49 hectares of development land in Germany to SELP, a joint venture managed by U.K. listed company SEGRO Plc. The purchase price of the completed assets and land is €463 million (£386 million), reflecting a net initial yield on the standing investments of 7.1 per cent and an equivalent yield of 7.0 per cent. The portfolio currently generates €31.6 million (£26.3 million) of contracted annualised net rental income. 80 per cent of the properties in the portfolio by area have been constructed within the last five years, the weighted average lease length (to earlier of break or expiry) is just over six years and the portfolio vacancy rate is 4 per cent.
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