Kintyre Investments GmbH the Frankfurt based real estate investor and asset manager finished 2013 on a strong note, securing asset management mandates for properties totalling in excess of EUR 120m, during December 2013. The mandates were secured following the acquisition of two shopping centres in West Germany, and the successful debt restructure of two adjoining prime retail assets on Hannover’s main high street. Following the new mandates Kintyre total assets under management totalled ca.EUR 400m across 57 assets in Germany.
The two separate shopping centre acquisitions involved the purchase of the 18,000 sqm Stadt Galerie Witten, and the 24,000 sqm Walle Center in Bremen, the assets were purchased for EUR 43.0m and EUR 29.5m respectively. Kintyre acted as adviser to funds managed by Tristan Capital Partners, and co-invested in both transactions as minority investor, and is now retained as asset manager
The debt restructuring of the prime retail asset on Hannover’s Georgstrasse was undertaken with debt finance from BayernLB , which provided senior finance, with the existing UK Investor, Tonstate Group , supporting the restructure with additional capital. The new financing package was arranged by BayernLB London Branch and replaced debt facilities provided by Bank of Scotland. The debt restructure secured the long term future of the asset, of which Kintyre are retained to manage.
Kintyre Statement: Adam Pearce- Managing Director: “We are pleased to have completed the acquisition of both the Walle Center and Witten Stadt Galerie, however the reality is the work really only starts now as we move forward with the execution of the business plan for both assets. On the Hannover refinance, we are very pleased for our client that we have been able to successfully complete this restructure, and thus provide longer term financial stability going forward.t. In 2014 we will be continuing to search for investment opportunities in shopping centres and other retail assets within the German market”.
BayernLB Statement: Mark Greenland – Director, Real Estate Finance London: “We are very pleased to have completed the re-financing of this excellent asset. We are appreciative of the input and asset management capabilities of Kintyre as we worked to provide a financial solution for our mutual client Tonstate Group. During 2014 we will continue to arrange senior debt to assist international investors acquiring or refinancing German property.