Aerium invests fresh €203m, refinances with Deutsche AM

The Luxembourg-based investment manager Aerium has invested a further €203m in two deals in Germany and the UK, for its pan-European fund portfolio. It also cleaned up its holdings by making a number of disposals.

Firstly, it bought a core retail portfolio in southern Germany and a value-add office building in Berlin for €110m. The 37,613sqm retail portfolio of four shopping centres is 98% let, while the value-add Berlin office asset is 62% let.

Aerium also paid €93m for a 9,174 sqm core office asset in London’s City district. The asset, sold by ARES Management and PMB Holdings, is fully let.

On the sales side, Aerium said it also sold 10 retail assets across Europe and an office asset in Germany for €93m. The disposals include two retail assets let to supermarket chain Carrefour in Slovakia for €15m and three assets – an office, a shopping centre and a logistics building – in Switzerland worth €45m.

In a parallel move, Aerium said it had also completed a Stg £57m refinancing of its London Mayfair portfolio with Deutsche Asset Management on behalf of its senior debt funds. The prime properties, one on Savile Row and two on Grosvenor Street, included 43,400 square feet of Grade A office space and 7,800 sq. ft of retail.

Commenting, Aerium director Robert Carr said, “Aerium’s ability to partner with Deutsche Asset Management is testament to the quality of our Mayfair assets and our ability to convert a value-add portfolio into one of core quality. This refinancing further supports Aerium’s value-add strategy and highlights its expertise in converting vacant buildings into core office properties in prime locations throughout Europe.”