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Jun 2019
Sole Financial Adviser
€ 129 million
Sale of German DIY portfolio to REDOS acting on behalf of Union Investment

Brack Capital Properties

Sole Financial Adviser

Kempen acted as Sole Financial Adviser in the sale of a €141 million German retail portfolio for Brack Capital Properties

Transaction highlights

  • Brack Capital Properties (BCP), a subsidiary of ADLER Real Estate (ADLER), sold 29% of their total retail portfolio with a book value of €141.1 million to REDOS acting on behalf of Union Investment Institutional Property
  • Kempen guided the sale process of a sizable portfolio existing of 11 DIY assets located throughout Germany in challenging market conditions
  • This disposal follows the successful sale of 3 retail assets (GAV of €180.6 million) in Q1 2019 resulting in 67% of BCP’s total retail portfolio currently being sold
  • The remaining assets will be sold opportunistically in 2019 / 2020
  • The disposal of the retail portfolio is in line with ADLER's strategy to remain a pure play German residential real estate company
  • Kempen acted as Sole Financial Advisor on the sale

Company description

  • BCP owns and develops residential and commercial properties in Germany since 2004
  • Prior to this transaction, BCP had a €1.8 billion portfolio consisting of 65% multifamily homes, 20% residential development, and 24% retail parks
  • ADLER acquired a 70% stake in BCP in April 2018 through a public offer, in which Kempen acted as adviser to ADLER

Kempen Real Estate credentials

  • Kempen has advised on Real Estate transactions in 11 different countries in Europe since 2017
  • Kempen advised on more than €125 billion of real estate transactions across Europe

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