News from 04/26/2007
With the acquisition of two commercial property packages in Hamburg and Nuremberg for €40mn, TAG made another strategic step in the direction of placing a REIT. The transaction increased the comprehensive commercial property assets of the future TAG Gewerbe AG to around €200mn. More acquisitions are promised.
BA-CA: New fund shall invest €30mn in Germany
BA-CA Bank has issued a new open property fund with Real Invest Europe. Office and retail properties in eastern and southeastern Europe are the investment focal points. This year, the fund's management also wants to acquire some German properties with a total value of around €30mn for its basis portfolio. The new fund shall achieve an annual yield of 5-6%.
Halverton Real Estate Investment Management has invested in Dortmund for the first time for its closed GOP and EB8 funds: It acquired an office and a logistics property.
Frankfurt: Development of the Airport City for €4bn
The property company Fraport AG, operator of the Frankfurt Airport, announced its main focus for the coming years. Until 2018, Airport City shall be developed into a business city with all the features of an independent city (without residential properties). According to a study commissioned by Fraport AG, development of Airport City requires an investment volume of up to €4bn. Wilhelm Bender, CEO of Fraport AG, explained that the necessary investments will be shouldered together with cooperative partners. Fraport has already commissioned the office of AS&P Albert Speer & Partner GmbH with planning the city.
At the end of 2006, Kristensen Properties A/S, a Danish firm, acquired the Olivandenhof shopping center from AXA Investment Managers Deutschland at a purchase price of approximately €27mn. Lessee of the total retail area with around 7,000 m² is the outdoor chain Globetrotter.