McCafferty Asset Management, which manages Euros 1.95bn of European property assets on behalf of private and institutional investors, has won a major new contract to take over the management of two properties in Germany with a combined value of Euros 50m.
Located in up-and-coming areas of Berlin, the larger of the two properties, in Victoria Center and valued at Euros 30m, has a lettable area of 14,000 sqm; the anchor tenant is Kaufland. The second property, in Hermann Quartier and valued at Euros 20m, has a lettable area of 8,500 sqm; anchor tenants are Kaisers Tengelmann, Kik and Netto.
McCafferty’s German office has been retained principally to stablilise rental income, reduce vacancies and improve non-recoverable expenses.
Commenting on the instruction, Charles Whittle, founder and CEO of McCafferty Asset Management, said: “The deal has come to us from one of our major UK clients so it says a lot about the strength of the relationship that they have chosen McCafferty to look after some of their assets in Germany. It clearly demonstrates the confidence they have in our management capabilities to create additional value on these two properties.”
Posted: 16th of June 2017