Frankfurt, 11 December 2019
Quilvest Capital Partners (formerly known as Quilvest Private Equity) has teamed up with Kintyre, the Frankfurt-based investor and real estate manager, to acquire the ‘Seemaxx’ urban precinct in Radolfzell, Bade-Württemberg, in Germany, close to the borders with Austria and Switzerland.
Located in central Radolfzell, overlooking the Bodensee (Lake Constance), the investment was purchased from H Sat, the Swiss family office. The property totals 35,000 sqm of commercial space, including the Seemaxx factory outlet centre, logistics and warehousing units, and the Kesselhaus office building.
The transaction involved the acquisition of Hesta Beteiligungs-GmbH (owner of the property and of its operations), with formal completion due before year-end. Quilvest and Kintyre were advised by the law firm Hogan Lovells, the seller assigned JLL with the sale and Heussen as legal advisor in this transaction.
Patrick Laroche, CIO for Europe and Asia (real estate) at Quilvest Capital Partners, said: “We view this property as very attractive, since it offers a mix of day-one, diversified sources of cash-flows, combined with various areas of improvement, notably for the Seemaxx factory outlet centre, located within an affluent catchment area. Thus, it suits well the value-add approach we seek to replicate across several sectors in European markets.”
Adam Pearce, Managing Partner of Kintyre, said: “As an investment product, Kintyre has a very positive view on well located, urban, mixed-use real estate. This transaction ticks many boxes for us and provides access to a stable but value accretive income stream.”