TD News International: 06/08/2014

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Patrizia plans further buys, confirms forecast

06/08/2014 During the first half of the year, Patricia Immobilien’s property assets under management increased to €13.3bn. This is 12.7%, or €1.5bn, more than at the end of December 2013. By the end of the year, assets under management should increase to almost €14bn. The half-year financial statement says that further transactions are currently in preparation. [...]

Frankfurt: IVG Institutional Funds to buy WestendCarree

06/08/2014 IVG Institutional Funds is going to acquire the WestendCarree office complex from Tishman Speyer. IVG announced that two real estate Spezialfonds from institutional investors are providing the equity necessary for the transaction as part of a club deal, and that IVG Institutional Funds will handle the fund and asset management. The three-section WestendCarree with a [...]

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Cross-border investors buy at higher risk

06/08/2014 According to a JLL analysis, cross-border investors are more comfortable with risk than domestic investors when buying commercial property in Germany. The study found that foreign buyers made purchases in Germany of around €47bn from 2009 through the first half of 2014. Over half of it, or 52%, went to non-core properties. Domestic buyers during [...]

VGP plans 23,000 sqm of commercial space in Berlin

06/08/2014 VGP intends to build an around 23,000 sqm of warehouse and office space in Ludwigsfelde near Berlin. The developer based in the Czech Republic and Belgium acquired a construction site of about 50,000 sqm in the “Brandenburg Park” commercial area at the beginning of July for the project. According to the company, the space in [...]

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BBI announces stable H1 revenues

06/08/2014 Real estate holding company BBI Bürgerliches Brauhaus Immobilien has announced revenues of around €7.2mn for the first six months of 2014, equaling those of the same period in 2013. The results from usual business activities slipped 2.4% to around €1.5mn, and before the transfer of profits, they fell 21.5% to about €1.4mn. The drop was [...]

Hanover: “Ihme-Zentrum” auction halted for now

06/08/2014 The first attempt at a forced auction of the Ihme-Zentrum in Hanover has been cancelled. There was only one bidder putting in an offer of €17mn for the badly run-down neighborhood dating from the 1970s. That was significantly under the minimum bid of one half the estimated €50mn market value. Now the Hanover local court [...]

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BGP residential portfolio fully sold

06/08/2014 Residential company BGP Immo-West’s real estate portfolio has been completely sold. The largest part, 1,692 units with about 108,000 sqm of living space, went to Ares Management. Insolvency administrator Stephan Ammann from law firm Pluta has now announced that the remaining 674 apartments have been sold in ten individual transactions. The BGP portfolio consisted of [...]