News from 03/19/2007
Resolution Property: German retail portfolio acquired for around €100mn
The investment property company Resolution Property, London, has acquired eleven retail properties for around €100mn. The portfolio includes eight Burger King outlets, a Media Markt, a Lidl discounter, and the Neefepark Shopping Center in Chemnitz. Neefepark unifies 60 specialty stores within 55,000 m². According to Immobilienzeitung, the Rewe Group's Rewenda Fund, about which no information is available, is the property's seller.
Details of the transaction have been provided.
At the MIPIM exposition in Cannes, Berlin's airport association intensified its marketing campaign for the commercial areas at BBI, the large future airport in Schönefeld.
Thanks to a high demand for space, particularly for commercial properties, the Munich property market has become fast-moving in the past years.
Details of the transaction have been provided.
Details of the transaction have been provided.
Berlin: Residential market report from GSW and JLL criticized
“Berlin's Residential Market Report,“ supplied recently by the residential company GSW and Jones Lang LaSalle (JLL), meet harsh criticism from other market experts. The report says that rents and purchase prices for residences in Berlin increased and that the market is on the verge of a turnaround. In contrast, the advisory committe for property values says that neither rents nor purchase prices will make appreciable gains in the intermediate term. The report was cheap propaganda to move renters to buy residences, thought Dietrich Ribbert, Chairman of the Senate Office for City Development, residing in the advisory committee for property values. Contrary to the report, the committee came with its own expertise at the end, having shown that the price per m² remained unchanged for 2006 residential sales. In 2006, there were also fewer residences sold to private owners than in the previous year, explained the committee.
Conwert Immobilien Invest AG, listed on the Vienna Stock Exchange, has announced investments of up to €1bn for the next one-and-a-half years, half of which are to be in the German market. To finance the expansion, the firm will raise capital.
Corpus: Residential portfolio should double
Corpus Immobiliengruppe wants to augment its residential portfolio. This year alone, the portfolio shall double through acquisitions from 10,500 residential units to 20,000 units.