Administrator Ernst & Young is about to pick a preferred bidder for the Hawk portfolio of German distressed property owned by insolvent Speymill Deutsche Immobilien Company (SDIC).
Administrator Ernst & Young is about to pick a preferred bidder for the Hawk portfolio of German distressed property owned by insolvent Speymill Deutsche Immobilien Company (SDIC).
According to a news report in Deal Magazine, Zurich-based Corestate Capital, a partnership of Cerberus Capital and Corpus Sireo, as well as Morgan Stanley Real Estate Investing are still in the running to acquire the portfolio, which comprises 3,300 residential and commercial units backed by a EUR 950 mln defaulted loan. The vacancy rate stands at about 16%.
The loan was granted back in 2006 by a consortium of Amsterdam-based NIBC, Hamburg's HSH Nordbank, as well as lenders Nord LB and Coreal.
SDIC was taken private earlier this year as part of a restructuring proposal agreed with a bank consortium in April 2011.
