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Mar 2019
Sole Financial Adviser
€ 175 million
Sale of German retail portfolio to a real estate private equity firm

Brack Capital Properties

Sole Financial Adviser

Kempen acted as Sole Financial Adviser in the sale of a €175 million German retail portfolio for Brack Capital Properties

Transaction highlights

  • Brack Capital Properties (BCP), a subsidiary of ADLER Real Estate (ADLER), sold c.37% of their total retail portfolio for a total of €175.4 million to a London-based real estate private equity firm
  • The GRI from these three assets is c.€10.5 million, representing a gross yield of 6.0%
  • The portfolio is being sold in a share deal reflecting a c.7.6% premium to the book equity value. Deferred tax liabilities have not been deducted from the purchase price
  • BCP will retain a minority stake of 10.1% as part of the share deal
  • Kempen acted as Sole Financial Adviser on the sale

Company description

  • BCP owns and develops residential and commercial properties in Germany since 2004
  • Prior to this transaction, BCP had a €1.82 billion portfolio (book value) consisting 65% of multifamily homes, 20% of residential development, and 24% of retail parks
  • ADLER acquired a 70% stake in BCP in April 2018 through a public offer, in which Kempen acted as adviser to ADLER
  • The disposal of these three retail assets is in line with ADLER’s strategy to remain a pure play German residential real estate company

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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