CR Investment Management (CR), the pan-European financial advisory firm focused on the real estate, shipping and infrastructure sectors, has sold three properties in the portfolio backing the Sunrise II/Treveria II loan.
The properties, all retail assets, are located across Germany in Duderstadt, Kempten and Ranstadt. The Duderstadt property comprises of four freehold retail units with an occupancy rate of 95%.
The Kempten property is a department store with four storeys and a basement with a 100% occupancy rate. The Ranstadt building, currently a local supermarket, is designed as a mixed-use property suitable for redevelopment.
CR was appointed as asset manager for Treveria D Silo in February 2013. At the time, the portfolio consisted of 48 retail assets, including department stores, shopping centres, car dealerships and food discounters, across 250,000 sqm and 43 German cities. The portfolio today consists of 43 properties with a market value of approximately €150m.
Similar to the Treveria C-Silo, for which CR was awarded the asset management mandate in early 2010, and which was originally financed by loans of €550m, the Treveria D-Silo was originally financed by loans from Citigroup and Deutsche Bank.
The loans were subsequently securitised in both the C and D silos, and in the case of the D-Silo, the loans sit within the EMC 6 and DECO 2006 E4X securitisations. In both the Treveria C- and D-Silos, Situs Asset Management acts in the role of special servicer.
Alex Lackner of CR Investment Management commented: “We are delighted to have sold three further properties from the Treveria portfolio.
“We are currently in negotiations with a broad range of both local and institutional investors for a further 22 properties from the portfolio, which are in the due diligence process and we are very optimistic that there will be further progress in Q3 and Q4. CR has extensive experience in the asset type, quality and sector and we continue to apply that expertise to maximising value in the work-out through to eventual sale of the remaining properties in the portfolio.”