Reuters: Bankruptcy News: Cerberus closes German property deal

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Cerberus closes German property deal May 16th 2012, 16:01 FRANKFURT, April 10 | Wed May 16, 2012 12:01pm EDT FRANKFURT, April 10 (Reuters) - Private equity investor Cerberus has agreed to acquire roughly 22,000 German flats from insolvent Speymill Deutsche Immobilien (SDIC). Cerberus will take over 985 million euros ($1.25 billion) in debt and inject an undisclosed sum of fresh capital, the administrator and the private equity investor said in a joint statement on Wednesday. International investors, including private equity, are flocking to the German property market, attracted by a steady rise in values in the last couple of years, which contrasts with the boom-and-bust of Spanish and Irish real estate markets. Private equity also has a track record of investing in German real estate. Goldman Sachs, Cerberus and Goldman-advised Whitehall Funds held 40 percent of GSW Immobilien until they started reducing their stake last year. The assets consist of the remaining three portfolios of SDIC with properties throughout Germany after Benson Elliot said in March it had bought a first portfolio with 3,000 flats. The value of SDIC's property assets was 1.4 billion euros at the end of June 2010, according to the latest published annual report of the group. SDIC, incorporated in the Isle of Man, will be wound down , p robably by the end of the year, o nce all its assets, which also include property management company GOAL in Berlin, have been divested. Link this Share this Digg this Email Reprints

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