CR Investment sells Sunrise retail portfolio to Swiss investors

UK property company Sunrise Properties, owned and controlled by London and Berlin-based investor and asset manager CR Investment Management, has sold the bulk of the “Project Sunrise” German retail portfolio to a group of private Swiss investors, consisting of about 100 properties.

The prominent portfolio, then made up of 127 German retail assets, was bought by CR in 2014 for more than €350m when it was known as the Treveria Silo E Portfolio. The loan tranche securitizing the retail portfolio held by the insolvent Treveria, known as the Orange Loan, came up for grabs when then servicer Hatfield Philips turned down a request by Treveria for a second 12-month extension on the loan after LTV and occupancy targets to secure the extension failed to be met.

The Sunrise portfolio was comprised of mainly commercial real-estate assets across prime locations in Germany including the Gloria Galerie retail complex in the heart of Berlin, two shopping centres in Wilhelmshaven and Solingen and department stores in Brühl, Euskirchen and Koblenz.

Since buying the portfolio, CR has sold off the Gloria Galerie, the troubled and vacant Clemens Galerien in Solingen (to Frankfurt-based developer ICG Real Estate Consulting, along with Swiss investors Real Estate Portfolio Consulting AG and HFS Helvetic Financial Services), and most recently, the 28,000 sqm Nordseepassage in Wilhelmshaven (sold to Gateway Real Estate).