31 August 2017, London / Luxembourg – Sistema Capital Partners, acting for a Sistema-led club of investors, has sold two portfolios of prime high street properties in mid-sized German cities for a total of €267 million to a German institutional investor.
SCP started assembling the first of the two portfolios in the final quarter of 2015. The 27 properties in the combined portfolios are on the main shopping streets of cities such as Hamburg, Bergedorf, Bremerhaven and comprise a total of 117,700 sq.m. of lettable space. Tenants include high street brands such as H&M, Saturn, Esprit and Peek & Cloppenburg.
Marjorie Brabet-Friel, SCP’s Chief Executive Officer, said: “SCP has crystallised excellent opportunistic returns for our investors in just 18 months by assembling a portfolio in an asset class traditionally ignored by institutions because it is a difficult sector in which to deploy capital on a large scale. Sistema intends to reinvest the sale proceeds in a new German retail real estate investment strategy that SCP will unveil in the coming months.”
SCP was established by Russia’s listed diversified holding company Sistema PJSFC in 2015 to invest Sistema’s own capital alongside other like-minded institutional and high net-worth investors from around the world.
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Sistema Capital Partners is a dedicated private equity real estate platform owned by the Sistema Group, the largest publicly traded diversified holding company in Russia and the CIS with around $19 billion in total assets under management. For more information on Sistema Capital Partners, please see www.sistemacapitalpartners.com.