Apleona GVA wraps up asset management contract for XXL portfolio – EuropaProperty

As part of its asset management contract for an institutional investor, Apleona GVA has successfully closed the sale of a portfolio of 22 office properties in northern Germany, also known on the market as the XXL portfolio. The deals for the sale of the last three properties were struck on 30 November: The Double-X building (rental area of 17,000 sqm) sold to a listed German company, the neighbouring Künstlerhaus went to a local group of investors and The Victoria Office (rental area of almost 20,000 sqm) sold into two collective investment vehicles of the La Française Group, Paris. All three properties are closely grouped in southern office district of Hamburg. Acting as the representative for the owner, Apleona GVA arranged the sales and negotiated the purchase contracts with a total value of more than €120 million.

The current sales bring the asset management and letting contract that began in 2007 to a successful conclusion.

Apleona GVA has signed leases for more than 360,000 sqm since 2007, including the rentals of 17,000 sqm of office space to Siemens at the Berliner Tor Center, 6,200 sqm of office space to Vodafone in the VTG Center and 13,100 sqm of office space to TUI Cruises and Hapag Lloyd Cruises in the Double-X building.

The biggest sales deals include the Berliner Tor Center to Zurich Gruppe Deutschland (2015), the VTG Center to Cordea Savills (2015) and the Deichtor Center (2011).

“We are very happy with success in disposal of such large portfolio in Germany. The last three transactions confirmed Morgan Stanley’s trust during ten-year contract of asset management and strengthened Apleona GVA’s position in the German real estate market,” commented Bartłomiej Krzyżak, Associate Director, Apleona GVA Poland. “The successful sale of the whole portfolio was enabled by Apleona GVA’s network of good relationships with both local and international fund managers and groups of investors. I am convinced that the trust obtained thanks to this project will translate into increased focus on Poland and first acquisitions in Polish commercial real estate market in near future.”