Karlin Real Estate, a Los Angeles-based real estate investment firm and subsidiary of Karlin Asset Management, has entered the European commercial real estate market with the acquisition of WorldWide House in Peterborough, UK. Glanmore Fund Advisors sold the 169,931 square foot property in a transaction valued at £16 million, or $24.6 million USD. The acquisition is Karlin Real Estate's first in Europe where it plans to invest up to $1 billion in the coming years, according to a PropertyEU article.
"The current European real estate market closely parallels what we saw in the US a few years ago," says David Cohen, Karlin Asset Management's chief executive. "Valuations are being affected by the lack of financing, particularly in the secondary markets, which is similar to what we experienced in the US This has created a window of opportunity for us to invest up to USD1bn in select institutional quality assets in the UK and other key European markets at a very compelling basis."
Constructed in 1975, Worldwide House was renovated in 1996 and is located in the Thorpe Wood Business Park. The four-story building was 100% leased at the time of sale by Travelex, which has a lease through 2021. "We are thrilled to be adding Travelex to our roster of institutional quality tenants," says Matthew Schwab, Karlin Real Estate's managing director. "They have a great business model and we hope to expand our relationship with them in the near future."
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