Messe München GmbH
EXPO REAL
Messe München
Germany is gearing up for the biggest portfolio sale of the year, as BNP Paribas Real Estate puts life insurance portfolio manager Viridium Gruppe’s €2bn Milennium portfolio on the market.
The mixed-use portfolio is believed to comprise around 50 properties across 350,000 sqm, according to those who track the market. The rental income is expected to be in the region of €75m per year, someone familiar with the deal told REFIRE.
‘It’s so huge and exciting that lots of investors are looking; there’s at least €20bn of capital chasing this portfolio,’ one German real estate expert, who asked not to be identified, told REFIRE. ‘The portfolio comprises offices, retail and resi stock, mainly in core locations in Germany’s Big 7 and will appeal to institutional investors, banks and Asian investors with JV partners.’
Viridium Gruppe concluded its acquisition of a majority stake (89%) in Generali Leben in April and, with it, its real estate assets, including this portfolio, a spokesman for Viridium told REFIRE. He declined to comment on the sale.
One analyst, who also spoke to us on condition of anonymity, described the portfolio as ‘very prominent’: ‘Everybody who has the operational capacity will look at it because the quality is above average. I expect it to be under exclusivity before EXPO REAL.’
BNP Paribas could not be reached for comment. (ssk)
