News from 05/30/2007
MEAG announces the acquisition of the project development "Zenith Tower" in Brussels. The purchase was performed for the special property
fund MEAG EURO PRO. The seller of the planned office building with approximately 30,000 m² of effective area is Codic Belgium. Belonging to the Codic Group, this firm is responsible for the conception and construction of the Zenith Tower. Completion is scheduled for early in 2009. Codic Belgium was counselled for this transaction by Jones Lang LaSalle, MEAG by CB Richard Ellis.
Metro is the last remaining concern listed on the stock exchange with a significant property inventory in Germany. In the context of the current investment boom in German retailing properties, speculations have increasingly focused on the country's largest retailing concern. According to a prognosis by Jones Lang LaSalle, the concern's department stores might be offered for sale as early as this year.
Gagfah: Property corporation makes acquisitions for €80mn
Gagfah has concluded three deals to expand its property portfolio by 920 apartments and 71 commercial properties. The firm belonging to the
US finance investor Fortress reported a purchasing price of €81mn for a total surface area of more than 60,000 m². The apartments acquired are located in Lower Saxony, Sachsen-Anhalt and North Rhine-Westphalia. With approximately 500 units, the majority of the apartments come from a package deal conducted by the Versicherungsgruppe Hannover (VGH), which has sold objects owned by its Landschaftliche Brandkasse. Gagfah's total inventory has thus increased to more than 164,000 apartments.
Conwert: Austrians wish to invest up to €800mn
The Austrian Conwert Immobilien Invest AG wishes to invest €600mn to €800mn in the expansion of its property inventory during the next twelve months. The emphasis of the acquisitions will be in Germany, states the corporation listed on the stock exchange. About one-third of the planned investment volume is to be turned over within Austria; Conwert also wishes to continue to make commitments inside the European Economic Community.
Edinburgh House Estates is continuing to make acquisitions. Its German portfolio has attained a total value of more than €800mn within 18 months—Tony Quayle, the founder of Edinburgh House, has designated €1bn as the target size for the German portfolio.
Michael Otto, director of the Berenberg Bank, believes that the apartment building market in Hamburg is dominated by Danish investors, while local investors hardly have a chance. This is due to the Danes' creditworthiness, the professionalism with which they employ Anglo-Saxon examining procedures, as well as to the swiftness and determination with which the foreign investors make decisions.
Stuttgart: Cordea Savills acquires Otto Hirsch Center for €21mn
The British investment company Cordea Savills has acquired the Otto Hirsch Center for €21mn. The seller of the office and commercial building is GIEAG Gewerbe Immobilien Entwicklungs AG. The project in the district of Hedelfingen is nearing completion. It will offer a total surface area of almost 8,900 m², 2,700 m² of which are already let to a Rewe supermarket and a branch of the Müller drugstore chain. A Burger King outlet has already been opened.