Rubicon Europe Portfolio

Germany, Netherlands, Belgium, Austria

Rubicon Europe Portfolio

Property Summary

Type: Class A Office
Office Location: Germany, Netherlands, Belgium, Austria
Size: 2,081,717 square feet

Acquisition Summary

Capital Invested: $72 million
Ownership Interest Acquired: 75.7%

Transaction Summary

In March 2011, Madison along with Global Asset Corporation acquired an equity interest in a Class A, seven-property, stabilized office portfolio in Germany, Netherlands, Belgium and Austria, owned by Rubicon Europe Trust Group, an Australian listed property trust that raised €308.8m of equity between 2005-2007 from Australian individual investors. Rubicon was placed into receivership in September 2009 as a result of its inability to continue servicing a line of credit with National Australia Bank. The recapitalization enabled a payoff of this loan at a discount to par, and allowed for Madison and its partner to assume control of the underlying portfolio of seven assets, which are servicing their respective local debt facilities and producing a healthy recurring dividend yield through property rental income from a roster of diversified and creditworthy tenants.

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