Westcore Europe Announces Real Estate Transactions in Germany and Switzerland
Westcore Europe is pleased to announce the completion of two transactions enhancing its commercial real estate portfolio. The company sold a building in Zurich, Switzerland on June 27, 2018, and purchased a building in Frankfurt, Germany in April, 2018. Westcore Europe has access to a wide base of capital, allowing it to act quickly when opportunities arise, and implement creative solutions to complex transactions.
Westcore Europe, along with its joint venture partner, Angelo, Gordon & Co., completed the sale of a 28,000 sq. m. (300,000 sq. ft.) building in the Zurich suburb of Volketswil. Westcore acquired the building in September 2013. Over the course of five years, Westcore increased the occupancy from less than 30 percent to more than 80 percent. Tenants include Siemens, Tegro, Migros’ Bike World, Lidl Supermarket, and Subway. The buyer was Akara Funds AG, an institutional property fund manager based in Switzerland, and Swiss Recap was the seller’s broker.
Westcore Europe also purchased a 10,500 sq. m. (35,000 sq. ft.) office building located at Berner Str. 38, 60437 Frankfurt, Germany. Westcore purchased the property from a private individual, utilizing an independent broker. Located in the Niedereschbach suburb of Frankfurt, the 20-year-old building is one block from an IKEA, and can serve a variety of businesses seeking office space.
Daniel Barrington, Director of Asset Management at Westcore Europe, states, “These transactions illustrate some of Westcore’s core strengths: our asset management which dramatically improved the Zurich building’s performance, and our ability to move swiftly when an opportunity presents itself.”