News from 04/03/2007
The state's own BIH Berliner Immobilienholding is focusing on the sale of properties from the property funds of Bankgesellschaft Berlin. The current boom in the investment market shall benefit the liquidation of properties and, as a result, minimize financial harm to the state, which is liable for the dealings of its subsidiary Bankgesellschaft Berlin.
Bankhaus Wölbern: Portfolio sale in Holland concluded
Bankhaus Wölbern has made known its successful completion of a portfolio with a total of 72 properties in Holland. Properties were sold from the Holland 04-51, 53 funds. The sales price corresponded to the minimum specified in the run-up by the funds' investors. According to Wölbern, the average pre-tax yield of the funds is 8% p.a. As a result of the transaction, the public funds and private placements that were sold have been dissolved.
Rents in Bavaria's retail shop market are on the increase again. As Kemper's could determine in a current study of the free state's 20 most important business locations, the biggest price increases are expected for Nuremberg (+4.5%) and Munich (+4%). In all of Bavaria, a rental increase of 1.5% is anticipated.
Conwert: Property package acquired in Potsdam for €160mn
Conwert Immobilien Invest AG has made known its largest residential portfolio purchase in Germany to date. The portfolio includes a total of 152 properties in Potsdam, enveloping 1,616 residences (112,200 m²), 34 industrial plots (5,800 m²) and 909 parking spaces. The transaction volume is around €160mn. With this acquisition, Conwert AG, which is listed on the Vienna Stock Exchange, possesses approximately 700 properties in Germany with a total value of around €620mn.
Pirelli DGAG: Residential properties sold to Solaia Real Estate
Pirelli DGAG Deutsche Grundvermögen has made known the sale of around 30% of its residential property portfolio to Solaia Real Estate. Solaia is a joint venture between Pirelli & C. Real Estate S.p.A. (35%) and a Luxembourgian law association (65%) whose shares of RREEF Global Opportunities Fund II, L.L.C. (RREEF) will be held. The preliminary purchase price amounts to around €160mn.
Vivacon: Property portfolio with 6,812 units acquired
Vivacon AG has acquired a residential portfolio with 6,812 residential and commercial units. According to Vivacon, the acquisition took place through its subsidiaries in various individual transactions. The residential units are located in Bremen, Hesse, Lower Saxony, North Rhine-Westphalia, and Schleswig-Holstein. The total residential and usable area amounts to around 411,200 m², the occupancy rate is 85%. Vivacon expects more acquisitions of substantial residential portfolios in the near future.