Global real estate investor SFO Capital Partners and Swiss Life Asset Managers have completed their Artemis joint venture in Germany after the disposal of the individual assets.
Acquired in 2018, the portfolio consisted of 11 office properties in Germany, mainly in North Rhine-Westphalia and the Rhine-Main area.
Since the purchase, new leasing contracts were signed for over 38,000 m2 of office space, out of the total 108,000 m2, compensating for expiring leases and increasing the annual net rent by around 20%, generating an outstanding levered Internal Rate of Return (IRR).
Franz Krewel, member of the management board and head of transaction and asset management at Swiss Life Asset Managers in Germany, said: ‘With the sale of all assets in the Artemis portfolio, we have managed to significantly exceed the business plan for this investment. An important prerequisite for this success was the efficient work with our partners SFO Capital Partners and the consistent repositioning of the portfolio through proactive and hands on asset management.’
Mohamad Abouchalbak, CEO at SFO Capital Partners, added: ‘SFO’s partnership with Swiss Life Asset Managers on this transaction and the synergies between the teams have enabled us to meticulously execute a targeted value add strategy simultaneously on 11 assets and across 9 cities.’
Tarek Germanos, head of investments at SFO Capital Partners, commented: ‘A true success as a result of SFO Capital Partners ability to work in tandem with the teams of Swiss Life Asset Managers combining an agile investment approach with deep rooted market knowledge and execution capabilities across Germany to deliver superior returns.’
