Vienna-based FLE GmbH has purchased a mixed-use property in the Baden-Württemberg town of Pforzheim, assuming management of the building on 1 Sep-tember 2013. Following its purchase of the property in the second quarter of 2013, the company, founded in 2007, has reached its stated intermediate target for the end of the first half of 2013.
The Pforzheim property is a mixed-use building dating back to 1968. The free-standing mixed-use property boasts a total area of over 5,000 m2 and is situated in a prime location in the pedestrian zone. Spanning 9 floors in total, it contains retail out-lets, practices, office spaces, an apartment and an underground car park with 64 spaces. Furthermore, a pavilion located at the front of the building, currently used as a café, is part of the property and connected to the main building via an underground passageway. The main tenant is the City of Pforzheim, which aims to fill almost 50% of the total leasable area with offices by 2023. “The property aligns perfectly with our strategic combination of properties and fulfils all of our requirements,” explains FLE fund manager and CEO Dr Alexander Klafsky. The fund is comprised of 60% worth of office buildings, 15% worth of hotels and retail space respectively, and 10% worth of other real estate.
FLE GmbH was able to acquire three further properties in Germany in the third quar-ter of 2013 – these being a low-budget hotel and two retail outlets specialising in lo-cal produce with a total leasable area of approx. 12,500 m2. Following the acquisition of Motel One Bellevue in Berlin, an office building in Düsseldorf and a medical centre in Hamburg in the first quarter of 2013, seven properties were able to be added to the Luxembourg-based fund FLE SICAV FIS so far this year. A total of eight to ten property acquisitions are planned in 2013.
FLE GmbH is currently in the process of exclusively purchasing four more properties with a total leasable area of approx. 37,000 m2. The Vienna-based company’s stated aim is to build a portfolio of €600 million over the next two years. The firm has al-ready accumulated more than half of this target.
The company was established in 2007 and its real estate fund currently comprises 40 properties in Germany and Austria.
About FLE GmbH
Founded in 2007 and based in Vienna, FLE GmbH is part of the LFPI Group (La Fi-nancière Patrimoniale d’Investissement), a tradition-conscious French private equity group based in Paris, which currently manages €2.2 billion in fixed assets. The sponsor of the LFPI Group is Lazard, which has been a global leader in financial services and asset management since 1848.
FLE GmbH works as an investment advisor for FLE SICAV FIS, a real estate special fund founded in Luxembourg in September 2008. The fund’s focus is on office and commercial properties as well as low-budget hotels, with a purchasing volume of up to €30 million per single property. FLE manages individual properties with volumes averaging €8 million and 8 to 10 tenants. Investment locations range from Graz and Vienna to Munich, Stuttgart, Düsseldorf, Hanover and Hamburg.
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