Valad Europe appointed on EUR56m Mansford and Edeka retail CMBS mandates in Germany
Valad Europe has been appointed by SFM Europe to asset manage the Mansford portfolio of 22 retail properties located in and around Berlin and the Edeka portfolio of six retail properties located in the Düsseldorf area.
The properties are predominantly let to subsidiaries of the supermarket operator Edeka.
Valad Europe will implement a focussed strategy to build sustainable value in the portfolios and sell assets at the optimum time. This will include detailed asset-by-asset business plans aimed at protecting and increasing rental income, reducing running costs and repositioning the 28 assets in order to build sustainable value.
Andreas Hardt, Valad Europe’s head of Germany, says: "With a weighted average lease length across the two portfolios of seven years, we have been appointed with a clear remit to reduce running costs, extend current leases and reposition the assets where possible.”
Marty McCarthy, chief executive officer of Valad Europe, says: “Our appointment on the Mansford and Edeka retail portfolios is a further endorsement of Valad Europe’s track record in managing complex workouts for banks, noteholders and receivers across Europe. Over the last two years we have been appointed on over €1 billion of bank work out business with highlights including our appointment on the Landmark and Dutch Offices I & II portfolios in the Netherlands, the Gemini CMBS mandate in the UK, the Kefren Properties portfolio in Sweden and the ECREL portfolio across Germany, the Netherlands and the Nordics.”
With a team of 37 in Germany, operating out of offices in Berlin, Düsseldorf, Frankfurt, Hamburg and Munich, Valad Europe manages approximately EUR600m of assets and 720 tenants, occupying approximately 1.3 million sq m of space in Germany.