Savills Fund Management (FM), a subsidiary of Savills Investment Management, has sold 14 office assets across Europe for a total of €579 million to a string of different buyers.
The London-based real estate fund manager has sold seven assets in the Netherlands, four in Paris, two in Germany as well as one in Vienna.
The Dutch assets are office buildings, comprising lettable floor space of 600,000 square feet let to seven separate companies. The assets are located in the Randstad, an area in the west of the Netherlands consisting of Greater Amsterdam and Rotterdam, and were sold to Signal Capital Partners for €136 million.
The four Paris-based office buildings, which are in three different locations, were sold to two separate parties, Deka Immobilien and JP Morgan Asset Management, for a combined price of €387 million. In total, the properties provide 570,000 square feet of lettable space and are 87 percent let currently.
In Germany, two assets in Frankfurt were sold. One asset, located in Unterschleissheim was sold to a private purchaser. The second asset in Stiftstrasse was bought by an undisclosed Munich-based project developer. The latter, an office building with around 47,000 square feet of space, was sold for double its current market value.
Finally, the Vienna asset, which is 90 percent let, was sold to an unnamed open-ended Austrian real estate fund for a figure understood to be significantly above its 2009 sale price of €38 million.
All 14 assets were sold from Savills FM’s open-ended real estate. Thirteen properties were sold via the SEB ImmoInvest, an investment vehicle inherited when Savills acquired SEB Asset Management in 2015 while once Dutch asset was sold via SEB Global Property Fund, another vehicle inherited in the takeover. The liquidation of SEB’s German open-ended funds was a stipulation Savills was required to continue when it purchased the business in a €21.5 million deal. Carolina von Groddeck, managing director Savills FM, said: “With the sale of these 14 assets in four countries we successfully managed to considerably reduce the broadly diversified property portfolio. The fund management continues to work on the sale of further assets.”
CBRE and BNP acted on behalf of Savills Fund Management.