Property Investor Europe News
Germany's Deikon €150m insolvent supermarkets for sale
22 January 2013, 05:04 AM
Berlin investment manager CR has been mandated to sell the real estate portfolio of Cologne-based supermarket investor Deikon out of insolvency. Industry specialists value the portfolio at around €150m, while the administrator hopes to achieve €175m.
Administrator Andreas Ringstmeier has transferred to CR the disposal of the portfolio, consisting of 89 supermarkets throughout west Germany with a rental income of €17m, reports German property specialist newspaper Immobilien Zeitung. A possible take-over by Swiss investment company Secinvest has been dropped as it could not agree terms with UBS, Secinvest commented.
If the targeted €175m can be achieved, creditors of Deikon’s bonds can expect to receive 40% of nominal value, Ringstmeier told a creditors’ meeting in December. That share falls to 20% if the portfolio is sold for only €160m. Main debtors are Landesbank Berlin/Berlin Hyp, Corealcredit Bank, Sparkasse Düsseldorf and Hypothekenbank Frankfurt, formerly Eurohypo.
Deikon was founded as Boetzelen by private investor Dusan Rajcic who holds 40%. Some 49% are held by Swiss UBS bank, which became involuntary owner after a failed IPO in June 2007, and 11% by Hans-Joachim Ziems, brought on board by UBS. Founded in 2004, privately-held CR is headquartered in London and Berlin and manages over €4bn AUM. pie
Administrator Andreas Ringstmeier has transferred to CR the disposal of the portfolio, consisting of 89 supermarkets throughout west Germany with a rental income of €17m, reports German property specialist newspaper Immobilien Zeitung. A possible take-over by Swiss investment company Secinvest has been dropped as it could not agree terms with UBS, Secinvest commented.
If the targeted €175m can be achieved, creditors of Deikon’s bonds can expect to receive 40% of nominal value, Ringstmeier told a creditors’ meeting in December. That share falls to 20% if the portfolio is sold for only €160m. Main debtors are Landesbank Berlin/Berlin Hyp, Corealcredit Bank, Sparkasse Düsseldorf and Hypothekenbank Frankfurt, formerly Eurohypo.
Deikon was founded as Boetzelen by private investor Dusan Rajcic who holds 40%. Some 49% are held by Swiss UBS bank, which became involuntary owner after a failed IPO in June 2007, and 11% by Hans-Joachim Ziems, brought on board by UBS. Founded in 2004, privately-held CR is headquartered in London and Berlin and manages over €4bn AUM. pie
Keine Kommentare:
Kommentar veröffentlichen