News from 03/05/2007
Accor: 91 hotels sell for €863mn
The French hotel chain Accor is selling 91 hotels in Germany and the Netherlands for €863mn to Moor Park Real Estate. In the process, it goes to 72 properties in Germany and 19 in the Netherlands with a total volume of 12,000 rooms. The sale price includes a renovation charge of €43mn that the owner must bear. During the next 12 years, Accor will operate the hotels and lease them at variable rents.
The federally-owned TLG Immobilien GmbH may privatize as soon as 2008, though it has not ruled out other possibilities.
Berlin: Television tower on Alexander Plaza for sale?
Central Berlin. The television tower on Alexander Plaza might possibly be up for sale soon, as Deutsche Telekom is thinking of separating itself from its subsidiary Deutsche Funkturm (DFMG), which also belongs to East Berlin as a landmark. According to an estimate of the Berlin property expert Gottfried Kupsch, the protected landmark could earn up to €50mn, provided that use as a promotional area would be allowed. The mayor, Christian Hanke (SPD), appears confident that the transmitter will find a buyer.
Deutsche Annington: Sale to Gagfah planned?
According to information from the news magazine Der Spiegel, the financial investor Terra Firma is considering the sale of its residential property company, Deutsche Annington, to Gagfah. “It would be a dream solution for both firms,� the Terra Firma head, Guy Hands, was quoted as saying. With a sale, the largest European residential concern would emerge with 400,000 units. Gagfah and Fortress Deutschland GmbH, of which around 80% belongs to Gagfah, wanted to remain mute about the reports.
Herald has taken over a majority of shares in the Baden-Baden shopping center Shopping Cité from a fund managed by former co-investors Apollo Real Estate Advisors and Redos Real Estate.