TD News International: 13/01/2015

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DIC Group to merge into joint venture with KKR

13/01/2015 Deutsche Immobilien Chancen-Gruppe (DIC-Gruppe) is going to transfer its operational business, including 40 employees, to German Estate Group AG (GEG), which has been established in Frankfurt. In the future, financial investor KKR will make its office and retail property investments in Germany exclusively through this investment and asset management platform. The joint venture, in which [...]

State government to be main tenant in IFM’s Wiesbaden project

13/01/2015 The State of Hesse will be the main tenant in IFM’s Kureck project in Wiesbaden. According to IFM, the state’s Ministry of Social Affairs and Integration (HMSI) has rented 10,000 sqm in the building ensemble at Sonnenberger Strasse 2 and 2a. The signing of the 20-year contract had already been announced at the end of [...]

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Internos: Germany fund invests €38mn

13/01/2015 Internos Global Investors has acquired a 25,000 sqm portfolio of ten retail assets in Germany on behalf of the France-based SCPI Novapierre Allemagne fund. The company said the price for the properties in Bavaria, Baden-Württemberg, and North Rhine-Westphalia was €38.3mn. The seller’s name was not given. The fund focused exclusively on German retail parks was [...]

Patrizia buys more abroad

13/01/2015 Patrizia Immobilien invested €3.4bn in purchases last year. The Augsburg-based company spent heavily across Europe: while it only invested €500mn outside of Germany in 2013, last year that sum rose to €1.8bn, more than the company spent in the domestic market (€1.6bn). Including sales, its real estate transactions totaled €4.1bn in 2014, when Patrizia raised [...]

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Motel One sells nine hotels to French investor

13/01/2015 Motel One has sold nine of its first generation of hotels to FDM management, the hotel operating company of France-based real estate investor Foncière des Régions. The hotels have a total of 739 rooms and are located in Offenbach, Ratingen, central downtown Düsseldorf, Schweinfurt, Hanover, Kassel, Berlin’s Dreilinden District, Cologne’s West District, and in Putzbrunn [...]

Munich: BNP Paribas REIM buys “Art Déco Palais” for €160mn

13/01/2015 BNP Paribas REIM Germany has acquired the “Art Déco Palais” on Munich’s Arnulfstrasse for one of its real estate Spezialfonds. Market sources put the price for the seven-story, multi-tenant building at €160mn. Until now, the 41,000 sqm property was owned by a group of investors. Drees & Sommer and Clifford Chance advised BNP Paribas REIM [...]

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Berlin: Alea 101 fully leased

13/01/2015 Düsseldorf-based Redevco Services Deutschland has found a tenant for the remaining 1,000 sqm of office space in the Alea 101 building on Berlin’s Alexanderplatz. The new tenant on the fourth floor is Houzz Germany GmbH, a subsidiary of the US-based online platform of the same name for building, renovation, and interior decoration. The five-year lease [...]