HIG Set to Take Over Portfolio of Insolvent Developer Ziegert

Alternative investment firm HIG Capital is poised to take over a property portfolio from the insolvent German real estate developer Ziegert Group, which it had financed prior to insolvency.

The portfolio constitutes the majority of the real estate assets of Berlin-based Ziegert, according to a person familiar with the matter, which is largely focused on residential developments. HIG agreed to provide €50 million of financing to Ziegert, Bloomberg News reported in September, just months before the real estate firm entered provisional insolvency in March.

The German Federal Cartel Office is considering the transaction, according to public filings. A spokesperson ...