Brack Capital Properties

Sole Financial Adviser

Kempen acted as Sole Financial Adviser in the sale of a €175 million German retail portfolio for Brack Capital Properties

Brack Capital Properties (BCP), a subsidiary of ADLER Real Estate (ADLER), sold c.37% of their total retail portfolio for a total of €175.4 million to a London-based real estate private equity firm
The GRI from these three assets is c.€10.5 million, representing a gross yield of 6.0%
The portfolio is being sold in a share deal reflecting a c.7.6% premium to the book equity value. Deferred tax liabilities have not been deducted from the purchase price
BCP will retain a minority stake of 10.1% as part of the share deal
Kempen acted as Sole Financial Adviser on the sale

BCP owns and develops residential and commercial properties in Germany since 2004
Prior to this transaction, BCP had a €1.82 billion portfolio (book value) consisting 65% of multifamily homes, 20% of residential development, and 24% of retail parks
ADLER acquired a 70% stake in BCP in April 2018 through a public offer, in which Kempen acted as adviser to ADLER
The disposal of these three retail assets is in line with ADLER’s strategy to remain a pure play German residential real estate company

Kempen has advised on Real Estate transactions in 11 different countries in Europe since 2017
Kempen advised on more than €125 billion of real estate transactions across Europe