“The commercial real estate investment world is evolving and investors are demanding diversification with properties in London, Dubai and Shanghai, among many others,” Jason Mattox, executive vice president of Behringer Harvard, told CPN. “This is part of what we believe is a very responsible strategy of investing overseas and diversifying portfolios.”
“We’ve done - as a company - a good bit of international investing,” Mattox added. “Most of our investment has been focused on value add opportunities focusing on three sections: the UK, Germany and the Netherlands. The reason for that is they are fairly stable geo-political situations there; it is a currency we understand; and these are economies that seem to be growing with lots of opportunities for value-add.”
On Nov. 29, CPN reported that Behringer Harvard acquired its first asset in the United Kingdom: a long-term leasehold interest in Becket House, 46,000 square feet of office space in central London, England. Becket House, which has six floors and the lobby of a building that includes retail and other uses on the ground level, sits on land owned since the 14th century by The Mercers Co., which originated as a British trade guild. Becket House is being acquired through a joint venture between Behringer Harvard Opportunity REIT I, Inc., and Hunter Property Fund Management, a Scotland-based commercial property investment company. Behringer Harvard Opportunity REIT I also holds investment assets in California, Nevada, Minnesota, Massachusetts, Missouri, Virginia, Texas and the Bahamas.
Partnering with Hunter Property Fund Management adds resources to Behringer Harvard, Mattox said. “The bring a lot of resources to the table. We believe partners make a tremendous difference in international investment. They bring the relationship within the local market that we’re unable to provide,” he said. “But, more than just being in London, this is a phenomenal location just a couple of blocks down from the Bank of England in the city of London financial district. There is a wave of increasing retail and redevelopment and any number of possibilities associated with it.”
“We have a great deal of confidence with this partner and anticipate uncovering more opportunities overseas with this partnership,” he added. Behringer Harvard investment programs also own other assets in Western Europe: eight office properties in Amsterdam, the Netherlands, and a multi-family apartment community in Hamburg, Germany.
On Aug. 15, CPN reported that Behringer Harvard acquired publicly traded IPC US REIT and its portfolio of 35 Class A office properties located in the United States for $1.4 billion. Behringer Harvard REIT I, Inc. purchased all of Toronto-based IPC US REIT's subsidiaries.
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source: commercialpropertynews.com
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