SALE AND LEASEBACK

Type: Opportunistic

Location: Locations throughout Germany

Status: Realised

Management of Boxberg Capital, when working for another entity acquired a portfolio of office buildings comprising ca. 200,000 sqm in a sale and lease back transaction. The seller was a highly leveraged yet operationally solid telecoms company which needed to reduce its balance sheet following the bursting of the tech bubble in 2002. The leaseback was long term and allowed a variety of hold and harvesting strategies. Financing was raised alongside the transaction, despite a particularly challenging environment at the time. The portfolio was later successfully sold in two tranches to the private wealth management unit of an international bank.