Jamestown, the leading provider of closed-end US real estate funds in Germany, has successfully completed the portfolio development of its Jamestown 32 fund. As its fifth and final investment, the fund was able to acquire a minority stake of a good 10 percent in the mixed-use Miami Worldcenter commercial complex with a total area of around 25,000 square meters.
“We have known and appreciated the Miami real estate market for a long time and are very pleased to be able to successfully bring such a prominent and modern property into our fund. The location and connections are excellent. In addition, the positive synergy effects both with the immediate neighbourhood and among our tenants fit ideally with our acquisition profile and asset management approach with a focus on placemaking and quality of stay. The Jamestown 32 fund has thus successfully completed its investment phase and, with a total of five investments, has a broadly diversified US portfolio in terms of types of use and locations,” says Fabian Spindler, Managing Director at Jamestown.
Completed in 2024, the Miami Worldcenter is located in an excellent downtown location of the US metropolis in the heart of the large “Worldcenter District” new development district, which is home to 12,000 apartments, 860 hotel rooms and over 55,000 m² of office space in addition to the center. The property benefits from its close proximity to the Kaseya Center, a multi-purpose arena and home of the Miami Heat basketball team, which hosts over 80 other events each year in addition to basketball home games. The central public transport hub “Miami Brightline Station” is also only a five-minute walk away, as is the harbor. In addition to approx. 60,000 residents, the immediate catchment area thus includes approx. 55,000 commuters with a median income of more than 100,000 US dollars. For visitors who are travelling by car, there are over 2,000 parking spaces available on the grounds of the centre.
The broadly diversified tenant portfolio with a total of 28 companies is primarily divided between the gastronomy (29 percent), entertainment/leisure (19 percent), health/cosmetics (17 percent) and retail (16 percent) segments. Well-known tenants include Apple, the major bank Santander, Starbucks, the fashion brand Lululemon and the electric car manufacturer Lucid Motors. Currently, 90 percent of the total area is already occupied, and the average lease term is just under ten years.
Launched at the end of 2022, the closed-end mutual fund Jamestown 32 is already invested in several mixed-use US properties, including Atlanta (Georgia), Cincinnati (Ohio), Charlotte (North Carolina), Miami and New York City. The regionally diversified portfolio comprises various types of use, namely retail, office and residential space, and generates stable rental income on this broadly diversified basis.
