The “Thor portfolio” of real estate fund Orion Capital Managers is changing ownership. Heuking Kühn Lüer Wojtek, advised GxP German Properties AG on the acquisition of the Thor portfolio. The transaction has a volume of EUR 72 million. The seller is a subsidiary of Orion European Real Estate Fund IV, C.V., sponsored by Orion Capital Managers.
The Thor portfolio comprises commercial properties at eight German sites with a leasable area of about 65,100 square meters. The largest portion of the portfolio is in the Frankfurt/Rhine-Main metropolitan region with some 40,300 square meters. The other holdings are in Düsseldorf, Stuttgart, Mannheim, and Hanover. The property has a value of EUR 89 million. The acquisition is performed as a share deal, in which the shares of the Luxemburg-based owner companies were acquired.
The transaction is financed from equity raised as part of the most recent capital increase and from borrowed funds in cooperation with HSH Nordbank AG.
Dr. Robert Güther previously advised GxP, which recently successfully completed a cash capital increase of EUR 27 million, on other real estate acquisitions. GxP intends to build a real estate portfolio of EUR 750 million by 2018. The investment focus includes commercial real estate in the “Core +”/”Value add” segments in metropolitan regions and selected medium-sized German cities.
Heuking Kühn Lüer Wojtek has advised GxP with Robert Güther (Lead, Real Estate), Michael Alberts, Mathis Dick, LL.M. (Real Estate), Michael Sörgel, Dr. Patrick Müller (M&A), Michael Neises, Tobias Riemenschneider (Finance) and Wolfram Sandner (Public Construction).
Involved fees earner: Robert Güther – Heuking Kühn Lüer Wojtek; Michael Alberts – Heuking Kühn Lüer Wojtek; Mathis Dick – Heuking Kühn Lüer Wojtek; Wolfram Sandner – Heuking Kühn Lüer Wojtek; Michael Sörgel – Heuking Kühn Lüer Wojtek; Patrick Müller – Heuking Kühn Lüer Wojtek; Michael Neises – Heuking Kühn Lüer Wojtek; Tobias Riemenschneider – Heuking Kühn Lüer Wojtek;
Law Firms: Heuking Kühn Lüer Wojtek;
Clients: GxP German Properties AG;