TD News International: 07/08/2014

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Dream Global REIT: 220 million deal with POBA from Korea and a buy in Stuttgart

07/08/2014 Public Officials Benifit Association (POBA), a South Korean pension fund, will be acquiring a 50% interest in seven properties held by Dream Global REIT (formerly Dundee International) for gross proceeds of approximately €221mn. The sale has a capitalization rate of 5.3%; the buildings include ABC Bogen in Hamburg, Löwenkontor in Berlin, Werfthaus and K26 in [...]

TAG: Profit sinks despite more FFO

07/08/2014 TAG Immobilien had good operating results for the first half of the year. Total rental revenues rose from €125.6mn to €130.5mn, and with respect to continuing operations, rental income increased from €115.1mn to €122.0mn. Earnings before taxes (EBT) from continued residential real-estate business rose from €21.7mn to €26.0mn. FFO excluding sales also grew from €31.5mn [...]

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Commerzbank moves strongly to reduce real estate loans

07/08/2014 During H1, Commerzbank has driven down its commercial real estate loans to a large extent. The balance sheet shows a financial volume that has shrunk 31% since the end of the year to €24bn. Compared to Q2 2013, the loan book is now even 49% lighter. This is mainly due to already announced package sales [...]

Mannheim: Blackstone apartment high-rises go to Grand City

07/08/2014 Blackstone has sold three high-rise apartment buildings in Mannheim to Grand City Property. The announcement said the over 800 apartments with a total rental area of around 53,000 sqm produce an annual rental income of about €3.7mn. No mention was made concerning the purchase price. The transaction was prepared and coordinated by Sascha Janzen – [...]

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Berlin: Deutsche Post leases 4,650 sqm of office space near Ostkreuz

07/08/2014 Deutsche Post has taken a lease on around 4,650 sqm of office space near Ostkreuz in Berlin. The rooms on the corner of Kaskelstrasse and Schreiberhauer Strasse are to be occupied in the coming year. Colony Capital is the owner of the 9,735 sqm property. DTZ was the broker. The building completed in 1991 was [...]

Polis boosts FFO and plans more buys

07/08/2014 Berlin-based Polis Immobilien AG had stable profits for the first half of the year, thanks to an increase in lease performance. Rental income rose about 8% to €9.21mn,and the occupancy rate went up 4 percentage points to 93%. FFO soared by 47% to €3.45mn. Due to non-cash charges from interest rate valuations, net income stayed [...]