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TD News International
19/06/2019 Summit subsidiary Deutsche Real Estate reports having sold the Carrée Seestraße in Berlin’s Wedding district for €225mn. As TD learned, the buyer is Cording Real Estate Group. It is understood that the initial yield for the former Osram lamp factory with a GFA of 60,000 sqm and about 25 % vacancy is just under 3 [...]
19/06/2019 Berlin’s senate finalized a key issues paper for new rent legislation yesterday. The paper states that rents for the roughly 1.5 million uncontrolled apartments in the nation’s capital cannot be increased for five years. Newly built and publicly subsidized units are excepted. The paper also calls for a rent ceiling, though the exact amount has [...]
19/06/2019 Stoke Park Capital and Fortress Investment Group are creating 29,000 sqm lettable office space in Berlin-Charlottenburg. The joint venture is refurbishing the landmarked eight-story Oberpostdirektion on Dernburgstraße. The structure should be ready for occupation by early 2021. It was built in 1925 and contains a courtyard and parking spaces on Lietzensee. Lead brokers are BNP [...]
19/06/2019 Swiss Life has acquired the “Waldstadt Center” in Potsdam with support from Corpus Sireo. According to a release, the firm is investing €40mn in the purchase for the open-ended fund “Swiss Life Living + Working”. The property is sold by funds managed by Partners Group in cooperation with Arax Properties Ltd. JLL advised the seller and brokered [...]
19/06/2019 Consus Real Estate achieved revenue of €118.4mn in Q1 with EBITDA of €26.9mn, or €46.1mn EBITDA adjusted for purchase price allocations and one-off effects. The adjusted annual figure is significantly higher than last year’s (€40mn). However, period earnings after taxes dropped to -€9.9mn (previously +€4.9mn), because financial expenditures rose from €26,1mn to €51.4mn due to [...]
19/06/2019 Housing prices have increased more substantially in many smaller southern German cities than they did in Munich and Stuttgart, an analysis by Wüest Partner Deutschland has found. Half of the 20 cities examined showed higher rates of rent increases in the past five years than the two state capitals. Rents in Augsburg and Aalen rose by about 29 [...]