News from 03/16/2007
Deutsche Telekom: Property for up to €6bn for sale
Deutsche Telekom wants to part with property worth €5bn to €6bn, said Telekom's CFO Gerhard Eick to the financial daily Börsen-Zeitung. The units will not be needed anymore for operative purposes. Furthermore, Telekom plans to split from its subsidiary DeTe-Immobilien, as well as from its 25.1% share in asset manager Sireo Real Estate.
KarstadtQuelle possibly wants to part with 27 stores. According to information from the Financial Times Deutschland, the firm has identified 27 branches from its nearly 90 buildings whose operations can continue if they accomplish specific objectives this year. The buildings in Hamburg-Harburg, Bayreuth, Magdeburg, and Siegen are included in these so-called branches. According to a Karstadt spokesperson, this is “not a sales list.“ Rather, it's a matter of branches that were rated as “needing improvement“ and thus received special assistance.
Morgan Stanley: Investments of €1.5bn aimed at
This year, Morgan Stanley Real Estate Investment GmbH plans investments at a level of €1.5bn for its open property funds: Morgan Stanley P2 Value and Morgan Stanley EurAsis Spezialfonds. In the first quarter of 2007, sales agreements for the public fund Morgan Stanley P2 Value were closed at a level of over €400mn. According to the firm, both funds record a “continuous cash influx.“
The East German investment market is registering rapidly increasing turnover. According to information from Aengevelt, 2006 transaction volume for asset deals in the most important East German investment markets increased two-thirds in comparison to the previous year. Strong demand has already affected prices.
Although it sagged slightly in the second half of the year, the upward trend in Berlin's property investment market remained unbroken in 2006. As the advisory committee for property values just now declared in its report, the amount and rate of turnover, especially for residential and business buildings, rose considerably. From 2005, the number of sales grew 37% to 3,018 and turnover even grew 68% to €6.5bn.
Details of the transaction have been provided.
Düsseldorf: Immofinanz and Frankonia acquire courthouses
Together with Frankonia Eurobau AG, Immofinanz AG acquired the courthouses in the old section of Düsseldorf. The investment volume averages around €260mn, informed Immofinanz. According to the planned reorganization, the total usable area amounts to approximately 80,000 m² and consists of residences, business and restaurant areas, a hotel, and an underground garage. Until 2009, the premises will still be used as a municipal and regional court. Modernization is planned for 2010-2013.
Hannover: Merrill Lynch and CRE buy in the Pelikan Quarter
Together with Colonia Real Estate, the US investment bank Merrill Lynch has acquired a property package with around 139,000 m² of usable area from Aareal Bank. According to information from the Hannoverschen Allgemeinen Zeitung (HAZ), the purchase price was up to €150mn. The areas are distributed among commercial and residential properties in Hannover, Leipzig, Dresden, and other cities. According to the HAZ's assessment, in Hannover it's a matter of the landmarked area of old buildings at the Pelikan location on Podbielskistraße.