An independent investment vehicle owned by Jacob Lyons, Claudius Meyer, Stephen Benson and Torsten Hollstein has completed the acquisition of the Sunrise Portfolio in Germany for approximately €360m and secured debt financing for the deal from HSH Nordbank.
The Portfolio sale consisting of 127 predominantly retail properties across Germany was the result of a number of loan events of default by Treveria plc, its previous owner. The defaults triggered an enforcement and consequently the sale of the Portfolio according to the instructions of the administrator and the servicer Hatfield Philips. The loan which was known as the Orange Loan was one of six remaining loans within the Talisman 6 CMBS securitisation.
Following strong interest in financing the Portfolio from a broad range of investment banks, pension funds and alternative lenders, Sunrise Properties selected HSH Nordbank for the debt financing. Jacob Lyons, Director of Sunrise Properties, commented: “HSH took the initiative by going the extra mile to prove commitment and certainty of execution. The bank demonstrated the highest standards of professionalism and a genuine appreciation of the meaning of relationship banking.”
The Gloria Galerie retail complex in Berlin, which formed part of the portfolio, was sold after exchange to a well-known and experienced retail developer and closed at the same time as the overall portfolio.
CR Investment Management is the asset manager on the portfolio and advised Sunrise Properties on the financing of the transaction together with HFS Helvetic Financial Services and Dentons LLP.