- Pressemitteilung BoxID 52157
Colonia Real Estate AG and Oaktree terminate Asset Management co-operation from 2009 on
- Strategic decision of Oaktree to internalize asset management
- New mandates in the field of office real estate in preparation
Colonia Real Estate AG (ISIN DE0006338007; WKN 633800) and Oaktree Capital Management LP("OCM") will end their asset management co-operation at the end of the year 2008. The termination of the mandate resulted from the execution of an ordinary contractual right of cancelation by OCM to CRE Resolution with effect of December 31, 2008. Until this point in time the mandate will be perpetuated without any constraints. The termination of the service agreement is subject to a strategic decision by OCM that the properties acquired in Germany will be managed by OCM's asset management subsidiary, the Cologne based German Acorn Real Estate GmbH from 2009 onwards. The existing current stake of 4.8% of Colonia Real Estate AG in OCM German Real Estate Holding remains. The proportion of asset management fees generated thorugh this co-operation in respect to Resolution's total revenue was 8.37% in 2007 and is expected to be compensated by new business in the upcoming months.
New Mandates in the field of asset management with the focus of value add office portfolios are in preparation. In the past, requests by other investors in this segment could not been tracked as a matter of conflicts of interests with the existing contractual relationship. These new potentials will be utilized from now on.
"We in fact regret Oaktree's strategic decision to internally manage their commercial property inventory from 2009 onwards, but fully understand this logical step. However, the termination of the mandate also reopens opportunities for us to offer the newly available resources for other potential investors. Our expertise, particularly in office properties, to boost value adding potentials through professional management, intelligent refurbishment and subsequent repositioning are with respect to the actual business environment more demanded than ever. The cease of a potential conflict of interest reopens new opportunities for us", says Stephan Rind, CEO of Colonia Real Estate AG.
The joint stake in the "Herkules" portfolio of DEKA Immobilien of Oaktree and Colonia Real Estate in September 2006 with a transaction volume of about EUR 1 Billion at that time marked one of the most important office real estate transactions in the German market. The Colonia Real Estate Group, since that time, is considered as pioneer in the emerging business of asset management and currently serves mandates for reputable investors in the German market such as Blackstone, Merrill Lynch, UBS, JP Morgan and Strategic Value Partner.
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