TD News International: 12/08/2019

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Commercial rent brake to be discussed in Parliament

12/08/2019 The newspaper “Süddeutsche Zeitung” reports that the Berlin Senate is launching an initiative in the German Bundesrat, the upper house of the Federal Parliament, for regulation of commercial rents, citing an application for the “introduction of a commercial rent brake in strained commercial-space markets”. Markets are deemed to be strained if “there is a particular [...]

Vonovia won’t increase Berlin rents at this time

12/08/2019 Vonovia is refraining from increasing rents for its 40,000 apartments in Berlin for the time being. CEO Rolf Buch, in an interview with the newspaper “Frankfurter Allgemeine Zeitung”, said that Vonovia “could still increase rents in Berlin later this year, according to the recently published rent index. But we’ve decided not to carry out any [...]

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Wealthcore and Korean investors acquire Hilton hotel in Vienna for €370mn

12/08/2019 The Munich-based Wealthcore and the South Korean firm Mastern Investment Management have acquired the “Hilton Parkview” in Vienna for €370mn. Mastern is acting on behalf of three Korean investors: Meritz Securities, Hana Financial Investment and NH Investment & Securities. Wealthcore was founded in 2018 and is managed by Christoph Wendl, formerly of Real I.S. The [...]

pbb generates more new business, with expectations slightly raised for 2019

12/08/2019 Deutsche Pfandbriefbank (pbb) earned €117mn before taxes in H1. Although falling slightly short in comparison to the previous year’s period (€122mn), the Munich-based company is raising its forecast for 2019 slightly – to the upper end of – “or slightly above” – the already given range of €170mn to €190mn. Interest income rose from €220mn [...]

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Warburg-HIH takes over Ulm-area retail center

12/08/2019 Warburg-HIH Invest has acquired a 9,300 sqm neighborhood retail park in Elchingen, near UIm. The site, formerly a Real hypermarket, was completely renovated by a private investor in 2018. Its main tenants are now Edeka (2,700 sqm), Lidl (2,100 sqm) and the regional shoe and apparel chain Hermann Schuhe und Mode (2,300 sqm). The property [...]