News from 03/29/2007
DB Real Estate's recent acquisition of two office properties in Korea (total transaction volume: €211mn) and a retail property in Japan (transaction volume: €98) for its open grundbesitz-global fund represents a first step toward its goal of increasing investment in Asia.
DCM: Issuing house plans REIT
DCM Deutsche Capital Management is considering an IPO for part of its closed German property funds. According to a report of the Financial Times Deutschland, the firm wants to import buildings and pieces of land with a value exceeding €1bn into a Real Estate Investment Trust (REIT). Investors could then exchange fund shares for REIT shares. Before long, the offer shall be put before investors. The IPO is planned for June.
Aareal: Sale of Asset Management concluded
Aareal Bank has concluded its sale of the property company Aareal Asset Management GmbH to Schroder Investment Management GmbH. According to Schroder, the BaFin (Germany's Federal Institutution for Financial Services Supervision) and its Luxembourgian counterpart, the CSSF, have approved the transaction. According to press reports, Schroder wants to absorb the fund range and employees into its own property business and, in the future, to operate as Schroder Property Investment Management Europe GmbH.
In 2007, OIK Oppenheim Immobilien Kapitalanlagegesellschaft mbH expects extensive stagnation of rent levels in the Berlin office market. Despite relatively high turnover again, OIK only counts on a minor downturn in vacancy rates.
Despite steady turnover and increasing rents, the vacancy rate in Hamburg's office market will increase slightly due to a large number of completions. This is what the current OIK office market report for Europe forecasts.
Aurelis Real Estate Management begins marketing the old freight depot area in Derendorf. Around 1,200 residences, as well as office and commercial areas, and also green areas, shall be developed on the 350,000 m² area adjacent to the Rhein. According to Aurelis managing director Dieter Ullsperger, up to 150,000 m² total gross area is planned.
Coming off the best year in the company's history, according to some sources, Deutsche Annington Immobilien Gruppe is looking to focus its attention on further growth and the acquisition of more portfolios.