SFO Capital Partners and Swiss Life Asset Managers announce the completion of the German office value-add joint venture “Artemis” after the successful repositioning and sale of individual assets
SFO Capital Partners and Swiss Life Asset Managers have successfully completed the repositioning and liquidation of the Artemis portfolio. Overall, the Artemis portfolio generated an outstanding levered Internal Rate of Return (“IRR”).
In March 2018, Swiss Life Asset Managers acquired the Artemis portfolio. A joint venture with SFO Capital Partners was then established at the end of 2018. The portfolio consisted of eleven office properties, most of which were located in North Rhine-Westphalia and the Rhine-Main area. The total area was 108,000 square meters. Since the purchase, the joint venture has achieved a number of increases in value within the portfolio through active investment and asset management. In total, leases have been concluded for more than 38,000 square meters of space, compensating for expiring leases and increasing the annual net rent by around 20%.
“With the sale of all assets in the Artemis portfolio, we have managed to significantly exceed the business plan for this investment,” says Franz Krewel, Member of the Management Board and Head of Transaction and Asset Management at Swiss Life Asset Managers in Germany. “An important prerequisite for this success was the efficient work with our partners SFO Capital Partners and the consistent repositioning of the portfolio through proactive and hands on asset management”
“SFO’s partnership with Swiss Life Asset Manager on this transaction and the synergies between the teams have enabled us to meticulously execute a targeted value add strategy simultaneously on 11 assets and across 9 cities”, adds Mohamad Abouchalbak, CEO at SFO Capital Partners.
Tarek Germanos, Head of Investments at SFO Capital Partners, says: “A true success as a result of SFO Capital Partners ability to work in tandem with the teams of Swiss Life Asset Managers combining an agile investment approach with deep rooted market knowledge and execution capabilities across Germany to deliver superior returns.”
About SFO Capital Partners: SFO Capital Partners is a London-based global real estate investor and investment manager, committed to achieving superior risk-adjusted returns and focused on establishing and maintaining long-term relationships with its global clients and partners. SFO Capital Partners applies its global mindset, in-depth sector experience and local knowledge to unlock international real estate investment projects in Europe and the USA across a select range of investment strategies including income-generating, value-add and development schemes. As of December 2023, SFO Capital Partners has acquired a diversified portfolio comprising more than $2.4 billion in assets located primarily in the USA and Europe, including 7,400 apartments and more than 10.8 million square feet of commercial real estate under management.