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EMEA

JLL completes on the sale of a pan-European office portfolio


JLL (NYSE: JLL) has advised IVG Institutional Funds on the sale of a diversified portfolio from two separate funds to a fund in the Real Estate Group of Ares Management, L.P. (NYSE: ARES). The 53,000 square metre portfolio consists of eight properties located in five countries, including the UK, Germany, Sweden, Poland and The Netherlands. The deal, valued at over €100 million, is one of the first pan-European office portfolios to be sold in the region since the financial crisis.

Peter Hensby, Regional Director, JLL EMEA Capital Markets said: "The sale of IVG Institutional Funds' portfolio was a highly complex transaction that required the expertise and coordination of JLL teams across Europe in order to bring it to fruition. We are experiencing continued strong demand from investors seeking real estate portfolios that span multiple geographies in Europe as such assets benefit from a well-diversified income and reduced collective economic risk. We expect to see further examples in 2015 as the market continues to strengthen."

Martin Tartsch at IVG Institutional Funds said: "The sale of this portfolio of assets has enabled us to further optimize our European portfolio by using current market effects for our investors. We are closely monitoring the market chances for portfolio transactions and will use suitable opportunities in the interest of our investors in future."

Wilson Lamont  at Ares Management added: "We were attracted by the quality and value of the office properties within this portfolio, and we were pleased to have been able to complete this complex transaction across several key European markets, where we continue to see significant opportunity in the value-add real estate asset class."