The "Thor portfolio" of real estate fund Orion Capital Managers is changing ownership. A team led by Dr. Robert Güther, Salaried Partner at the Berlin office of the law firm of Heuking Kühn Lüer Wojtek, advised GxP German Properties AG on the acquisition of the Thor portfolio. The transaction has a volume of EUR 72 million. The seller is a subsidiary of Orion European Real Estate Fund IV, C.V., sponsored by Orion Capital Managers.
The Thor portfolio comprises commercial properties at eight German sites with a leasable area of about 65,100 square meters. The largest portion of the portfolio is in the Frankfurt/Rhine-Main metropolitan region with some 40,300 square meters. The other holdings are in Düsseldorf, Stuttgart, Mannheim, and Hanover. The property has a value of EUR 89 million. The acquisition is performed as a share deal, in which the shares of the Luxemburg-based owner companies were acquired.
The transaction is financed from equity raised as part of the most recent capital increase and from borrowed funds in cooperation with HSH Nordbank AG.
Dr. Robert Güther previously advised GxP, which recently successfully completed a cash capital increase of EUR 27 million, on other real estate acquisitions. GxP intends to build a real estate portfolio of EUR 750 million by 2018. The investment focus includes commercial real estate in the "Core +"/"Value add" segments in metropolitan regions and selected medium-sized German cities.
Counsel to GxP:
Heuking Kühn Lüer Wojtek
Dr. Robert Güther (Lead, Real Estate), Berlin
Dr. Michael Alberts, Mathis Dick, LL.M. (Real Estate), both Düsseldorf
Dr. Michael Sörgel, LL.M., Dr. Patrick Müller, LL.M. (Corporate), both Düsseldorf
Michael Neises, Tobias Riemenschneider (Finance), both Frankfurt / Main
Dr. Wolfram Sandner (Public Construction), Stuttgart