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PEP II (Südewo)

Type of Transaction: Portfoliodeals
Strategy: Value Add
Geographic Focus: Western Germany
Transaction Volume: ~€1.4bn
Management Approach:

  • Real Estate in conjunction with M&A
  • Due to prevailing EU regulations during the financial crisis, German Landesbank LBBW was obliged to dispose of its (“non-core”) shares in the residential property company “LBBW Immobilien” in order to qualify for state aid
  • Ca. 21,000 well-maintained residential units in regions with excellent demographic and economic foundations
  • Portfolio was 19% under-rented upon acquisition
  • Sale of ca. 2,500 units and acquisition of ca. 1,600 units between 2012–2014 (value enhancing yield differential)
  • Generation of stable annual cash yield combined with above average total return from a high-quality residential portfolio with a low-risk profile

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