Cinven Ltd. is aiming to sell a prime real estate portfolio in Germany that could trade for up to €2.75 billion, Bloomberg News reported, citing people with knowledge of the matter.
The portfolio, which had an initial price tag of roughly €2.2 billion, includes offices, stores and apartments across Berlin, Frankfurt, Hamburg and Munich, the people told the news outlet. The private equity firm chose BNP Paribas SA to advise on the sale.
Investors that bid for a portion or 100% of the portfolio earlier during the week ending Sept. 27 include Allianz SE, Blackstone Group Inc., CBRE Global Investors LLC, Commerz Real AG and Union Investment Real Estate GmbH, sources said.
The portfolio reportedly was acquired by insurance portfolio manager Viridium Group GmbH & Co. KG as part of its purchase of almost 90% of a German subsidiary of Assicurazioni Generali SpA earlier in 2019. Cinven owns an 80% majority stake in Viridium, with the balance owned by Hannover Re.
None of the representatives for Allianz, Blackstone, CBRE Global Investors, Cinven, Commerz Real, Union Investment Real Estate or Viridium commented on the matter. A spokesperson for BNP also did not comment, according to Bloomberg.
