TD News International: 25/02/2015

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Aareal Bank sets new record

25/02/2015 A few days after announcing the takeover of WestImmo, Aareal Bank has announced outstanding financial results for 2014. Consolidated net income more than tripled from 2013 to a record €294mn, and the group’s consolidated operating profit, according to preliminary figures, more than doubled to €436mn. This slightly exceeds the bank’s own November projection of €420-430mn. [...]

Munich: WealthCap to buy Riem tower from Wöhr + Bauer

25/02/2015 Shortly after construction began, Munich-based developer Wöhr + Bauer has found a buyer for its property at the former Riem Airport tower: a WealthCap fund will acquire the future headquarters of medical technology company Brainlab, which is to occupy around 21,000 sqm of commercial space. The purchase price is expected to be in the high [...]

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Hamburg: Hamburg Trust buys “Fleet Office 1”

25/02/2015 Hamburg Trust has acquired the “Fleet Office 1” office project in Hamburg’s City-Süd area. Becken Holding, which developed the 9,300 sqm of rental area and 122 underground parking spaces on the corner of Heidenkampsweg and Sachsenstrasse, was the seller. The building is scheduled to be completed in the fall of 2015 and is almost entirely [...]

Most expensive land for logistics development is in Stuttgart

25/02/2015 According to a DIP analysis, the price of land for logistics and commercial development continues to be higher in Stuttgart, at €225/sqm, than in any other metropolitan region in Germany. Munich and Frankfurt-on-Main are at a tie for the second-most expensive cities during 2014 at an average of €220/sqm. At the other end of the [...]

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Leipzig: GRK and Vicus acquire office property in Plagwitz

25/02/2015 Opus 33. Vermögensverwaltung, a subsidiary of GRK and Vicus, has acquired the “Quadriga Business Park” in Leipzig’s Plagwitz district. Grundstücksgesellschaft Elster Business Park, a joint venture of GE Real Estate and a group of investors guided by Coresis Management advised by BNP Paribas Real Estate was the seller. The property dating from 1995 and located [...]