Affiliates of U.S.-based private investment firm
One affiliate is slated to buy a portfolio of nine shopping centers known as the Phoenix portfolio from Wells Fargo, and other affiliates are planning to buy a portfolio of 10 retail properties known as the Monsoon portfolio out of administration.
According to Cerberus and ACREST Property Group, a German company engaged for asset management and property development of the portfolios, the Phoenix portfolio includes a total of 92,000 square meters with properties located across Germany.
“The private sale, following a competitive process, enabled Wells Fargo to remove the nonperforming loans associated with these properties from its balance sheet,” the companies said in a press release, noting that the insolvency administrator was BBL Bernsau Brockdorff & Partners.
The Monsoon portfolio properties were purchased on an all-cash basis through a multi-level tendering procedure led by Dutch insolvency administrator Barend de Roy van Zuidewijn of the law firm AKD. These properties include a total of 263,677 square meters of space.
Purchase prices associated with the transactions were not disclosed.
Cerberus has been an active investor in Germany since 2002.
