German fund manager, Arminius’ two funds have bought a majority stake in a portfolio of 28 German properties, valued at about €1 billion, PropertyEU reports. Eurocastle Investment has sold the stake as part of a loan restructuring of its Mars Fixed Portfolio. Lenders to the facility, which also included the two Arminius funds, have extended the term to July 2014. Eurocastle will transfer half of its remaining equity investment in the Mars fixed portfolio to a junior lender, who will control 75% of the equity in the portfolio,. Eurocastle with then hold a 25% residual investment in the portfolio.

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