The transaction is part of a joint-venture between the Addison-based commercial real estate investment firm and the St. Wenceslas Property Fund, managed by Edinburgh, Scotland-based Hunter Property Fund Management Inc. Behringer Harvard says the joint-venture was created in response to investors’ growing demand for strategic opportunities in Central Europe’s emerging markets.
The portfolio of 15 assets includes several well-known European grocery retailers and Unomedical, a Denmark-based medical device supplier. In a press statement, Behringer Harvard said beyond the pure growth and expansion of the REIT, it’s also seeking to acquire smaller assets that would not attract institutional buyers individually.
Sam Gillespie, COO of Behringer Harvard Opportunity REIT I Inc., added, “We intend to pursue additional acquisitions targeting both retail and industrial assets in Central Europe, including properties in Hungary and other countries already represented in the portfolio. We’ll focus on new retail developments with creditworthy tenants. We’ll also consider industrial assets located near major transportation hubs with existing tenants holding long-term leases.” (Dallas Business Journal)
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