Bain enters German real estate market with office deals in Munich, Frankfurt

Bain Capital Credit has announced the acquisition of the Terminal H business campus in the Munich Airport Business Park and the Alphahaus in Offenbach Kaiserlei, near Frankfurt, in its first real estate acquisition in Germany.

Financial details were not disclosed.

Terminal H comprises eight properties over approximately 38,400 m2 while the Alphahaus property has a lettable area of 24,000 m2.
 
Bain Capital Credit began buying real estate assets, non-performing loans and leases in Europe in 2011 and has since acquired assets in the UK, Italy, Ireland, Spain, Portugal and Greece.
 
These are Bain Capital Credit’s first property acquisitions in Germany, with Bain Capital Credit now managing in excess of €10 bn of assets across real estate, non-performing loans and leases in Europe.
 
The assets will be managed by German Office Group Asset Management (GOGAM), an asset management company of Henning Keil and Jürgen Glietz focusing on the repositioning and value creation of German office properties. GOGAM will advise Bain Capital Credit along the whole value creation chain including sourcing, leasing, renovations, repositioning, and disposal.
 
'We are very pleased to have acquired our first properties in Germany, which offer significant potential to create value through active asset management, adding to our substantial real estate portfolio across European cities,' said Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European Non-Performing Loan & Real Estate business.
 
'We believe that German cities have strong fundamentals, such as stable growth forecasts, coupled with subdued development pipelines and we plan to build a portfolio of the quality offices in secondary locations or peripheral micro-locations in primary cities, where returns can be improved with intensive asset management,' added Brad Palmer, a managing director and head of European Portfolio Operations at Bain Capital Credit.
 
Bain Capital Credit was advised by Clifford Chance, CBRE, Colliers and JLL.

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