Madison International Realty Acquires 26% Stake in Prime California Portfolio

Portfolio consists of Saks Fifth Avenue Store, Union Square, San Francisco And an R & D Center in Silicon Valley

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Oct 15, 2013, 09:00 ET

NEW YORK, Oct. 15, 2013 /PRNewswire/ -- Madison International Realty, a leading real estate private equity firm, announced that it has acquired a 26% ownership interest in two California properties held by a closed-end fund sponsored by Deutsche Asset & Wealth Management, a subsidiary of Deutsche Bank AG. The purchase price was not disclosed.

The portfolio consists of two properties: the 111,775-square-foot Saks Fifth Avenue Store in San Francisco and a 315,450-square-foot research and development center in San Jose.

"We were able to provide an exit strategy for existing investors while acquiring an interest in two high-quality assets located in major growth areas leased to long-term tenants," said Ronald M. Dickerman, President of Madison International Realty. "This transaction is an excellent fit with Madison's specialized investment strategy."

The Saks property is a trophy quality free-standing department store, leased long-term to Saks Fifth Avenue and located in the heart of San Francisco at 384 Post Street on Union Square. The building was constructed in 1982 and substantially renovated in 2001.

The research and development center is leased long-term to Celanese Americas Corporation and located at 3403 Yerba Buena Road in San Jose. The four-story center is situated on a 36-acre site with 600 parking spaces.

Madison International Realty specializes in acquiring partial ownership and joint venture interests in class A properties and portfolios in the U.S., London and Europe. The firm also provides joint venture equity to owners, sponsors and investors who are seeking to monetize existing equity positions, restructure balance sheets, or to replace existing capital partners.

About Madison International Realty
Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides joint venture and preferred equity capital for real estate owners and investors that are looking to de-lever their properties; seek an exit strategy; or where existing sponsors seek to sell a portion of their ownership position. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests only in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Western Europe. Madison has offices in New York, London and Frankfurt, Germany, where the firm operates under the name of Madison Real Estate Beteiligungsgesellschaft mbH.

SOURCE Madison International Realty