TD News International: 06/08/2015

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Schroder buys Bosch area in Stuttgart

06/08/2015 Schroder Real Estate has acquired the former Bosch headquarters area in Stuttgart. The announcement quoted the total cost of the transaction at somewhat over €100mn. Market sources are quoting the sale price at around €110mn. The seller was assisted by JLL’s Stuttgart office. The area has a total of eight buildings including a total rental [...]

Patrizia wants earnings to reach at least €200mn in 2015/16

06/08/2015 Patrizia Immobilien has pushed its earnings expectations up substantially, now saying that it anticipates a combined operating result for the 2015 and 2016 fiscal years of “at least” €200mn. The Augsburg-based firm’s Q1 financial report forecast for 2015 was a 10% increase on 2014’s €50.2. The early sale of the Südewo residential portfolio for €1.9bn, [...]

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IVG achieves €230mn in H1 sales

06/08/2015 IVG signed new leases on more than 52,000 sqm and lease extensions for more than 90,000 sqm during the first half of the year, representing a net annual rental income of €20.5mn. The largest new lease was a closing on around 6,300 sqm in Frankfurt’s “Squaire” building. Some 50 properties both in Germany and abroad [...]

Hamborner buys retail park in Giessen from TH Real Estate

06/08/2015 Hamborner REIT has purchased the “Westoria Giessen” for around €32mn from the Herald Fund managed by TH Real Estate, which had bought the property five years ago for about €30mn. The retail park has 18,000 sqm of rental area on the B492 expressway, about four kilometers west of Giessen’s downtown. The tenants are Real, Saturn, [...]

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Hamburg: Art-Invest sells “Zeit” building at Domplatz

06/08/2015 Art-Invest Real Estate has sold the “Pressehaus” building at Hamburg’s Domplatz. The developer said the buyer is an international institutional investor. The eight-story building with a rental area of 20,000 sqm was acquired by Art-Invest in 2012, which then upgraded it for €7mn. This included expanding the retail rental area. The building’s main tenant is [...]

Dream Global: Acquisition in Erfurt – Deutsche Post extends lease

06/08/2015 Canada-based REIT Dream Global has purchased an office building in Erfurt, according to its H1 financial report. TD research indicates the building is the 12,000 sqm “Anger Entrée” that some months ago had still belonged to an IVG institutional fund. The transaction is to close during the third quarter; Dream Global said the cap rate [...]