PMM Partners LLP Successfully Completes Major Property Exit

LONDON - PMM Partners is pleased to announce that, on behalf of its investors, it has successfully managed a major German property exit. The sale of the company St Clemens Höfe Liegenschaften GmbH, advised by PMM Partners, to an international property fund was completed on 15th September generating a 101% pre-tax return on investment for its Sterling based investors.

The historic property off Stresemannstrasse in central Berlin was identified by PMM Partners in 2006. Its then owner, the church of Berlin, was in need of funds for renovation works on other properties in its portfolio and was interested in disposing of the site. By assembling a syndicate of investors, PMM Partners formed the company St Clemens Höfe Liegenschaften GmbH and proceeded to purchase the 5,500 sqm property in 2007.

Over the following two years, the property was actively managed, with significant capital and refurbishment investments made, the tenant structure improved and the annual rental income increased by 65%. During the period of ownership, numerous potential purchasers have expressed interest in the unique, historic property. In recent months, this group was filtered down to two serious bidders, allowing a competitive bidding process to be pursued. The successful bidder is a Spanish Investment Fund, specialising in Berlin properties.

Paul Ruddle, Managing Director of St Clemens Höfe, said “We are very proud to have achieved this excellent return for our investors, particularly over such a short period of time. This is an appealing building in the right location and these types of investments remain attractive even in difficult markets. Achieving a competitive bidding process enabled us to conclude the transaction as a share sale, bringing additional benefits for our investors.”

This latest sale represents the second property exit completed by PMM Partners since its formation in 2006. The first exit, completed in June of this year, delivered a return on investment of 140% to investors, over a three year time frame.

About PMM Partners

PMM Partners was founded in 2006 as a boutique real estate advisory business specialising in the German market. PMM’s principals come from an investment banking background and use their knowledge of banking, finance and investment analysis and appraisal to identify, research and advise on property related investment opportunities. PMM Partners provides multi-level investment and management advice to closed ended and listed property funds as well as private syndicates. It provides advice on all aspects of fund origination, structuring, acquisitions and disposals, due diligence, asset and property management.

www.pmm-partners.co.uk

Source: PMM Partners LLP

Partners: Mike Hilton, Paul Ruddle, Matthew Northover; PMM PARTNERS LLP. St Johns Mews, Unit 3, 13 St Johns Road, Kingston upon Thames, KT1 4AN, Tel: +44(0)20-8973-1020, Fax: +44(0)20-8977-8748, email: info at pmm-partners.co.uk