Blackbird Real Estate GmbH brokers an 80.000 sqm businesspark portfolio in Wolfsburg to Summit Germany Ltd. by means of a share deal!
After payment as per agreement on Friday, June 30 2017, an investment vehicle advised by Summit Germany Ltd. has completed the acquisition of an 80.000 sqm portfolio of office, logistics and light industrial assets in Wolfsburg - home of Volkswagen AG, who stands for a large part of the rental income. The portfolio covers 5 cluster locations south and west of the city center and based on the individual asset prices of approx. € 101 mn, the portfolio has a GIY of 7,76%. The assets, initially developed by a local real estate developer to a high standard, with a multinational blue-chip tenant base, are being jointly sold by SPVs controlled by Dazzle Capital Holdings Ltd, who refinanced the portfolio by means of a bonded loan only three years ago - organized by Blackbird Real Estate GmbH.
Dazzle Capital Holdings Ltd, and Blackbird work together for more than five years now and this transaction is another highlight of this longstanding cooperation.
Hock Chan, CEO of Dazzle Capital Holdings Ltd. said “The successful divestment of this high quality, almost fully let portfolio to an international investors reflects not only the quality of the underlying assets but also the success of our asset management strategy. The portfolio is well-positioned to give the new owners continued upside and this transaction allows us to focus on our core business, while recycling the released capital into new opportunities.”
Tobias Schultheiß FRICS SIOR, Managing Partner Blackbird Real Estate GmbH added: "We are honored to be part of this large transaction and look forward to doing more business with Dazzle Capital Holdings Ltd.! This is not only our biggest transaction since formation of the company in 2011 but also perfectly proofs our claim: "Transforming your strategy into results!"