Henley360, a commercial property fund managed by private equity firm Henley, has sold its largest mainland Europe asset, a 380,000 sq. ft (35,300 m2) industrial site in Essen, north-west Germany.
Financial details were not disclosed.
The multi-let site was acquired in 2015 by Henley360, which also owns light-industrial and office assets in Oberhausen, Rotterdam and Utrecht. The property comprises two institutional-grade office investments and one mixed residential and office block.
“This sale demonstrates the ongoing success of our asset management, through turning around underperforming assets – reducing vacancy levels, increasing rents and driving net operating income – before pursuing an exit strategy.”
said Ian Rickwood, CEO of Henley Investments.
“Northern Europe remains a highly attractive market, and whilst we have taken advantage of market appetite for high-quality, institutional-standard assets, we will continue to target acquisition opportunities to build on our strong track record in this space and provide superior returns for our investors.”
added Kevin Oppenheim, Managing Director of Henley360.
“The site was initially acquired for the asset management opportunities it offered. Since its acquisition, the site has been effectively managed to reposition it as a well-performing multi-let office complex within this major economic centre. Henley has demonstrated its ability to buy well, add value, and complete the cycle with an outstanding exit.”
Morrison Foerster advised Henley360 on the transaction.
14th September 2018 | Article by Isobel Lee | Property EU
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