TD News International: 04/01/2017

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Residential investments drop to €10bn

04/01/2017 As expected, the German residential investment market was not able to maintain the previous year’s level. According to Savills, the transaction volume dropped by 54 % to about €10.7bn. Although two major deals were closed in the final quarter – the takeover of the BGP portfolio by Morgan Stanley for over €1.1bn and the Conwert [...]

Office leases: 2016 ends with record result

04/01/2017 The anticipated record result in the large German office markets has materialized. According to figures released by the brokers’ association German Property Partners, take-up in the top 7 markets adds up to 3.9mn sqm. That is 10 % more than 2015 and also tops the previous record of 2007 (3.5mn sqm). The strongest increases were [...]

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Düsseldorf: L’Oréal HQ sold – office take-up declines despite major deal

04/01/2017 Düsseldorf’s investment market saw investments of around €2.6bn last year, approximately on a level with 2015 (€2.7bn), according to figures from brokerer Anteon. In the office lease market, however, take-up declined by around 21 % to 330,800 sqm. The largest transaction of the year was the previously unpublished sale of the L’Oréal headquarters “Horizon” for [...]

Munich: Patrizia buys office building in Schwabing

04/01/2017 Patrizia Immobilien has acquired a 10,000 sqm office building on Leopoldstraße 208 in Munich-Schwabing for a new retail fund. The seller is a private equity company. The structure from the 1970s was completely refurbished in late 2015. It offers 10,000 sqm lettable space on seven floors, of which more than 8,000 sqm are leased to [...]

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Berlin office take-up remains strong – vacancy only 2.7 %

04/01/2017 The Berlin office lease market has finished another strong year. According to Savills, total take-up came to 929,500 sqm. Though this represents a slight decline (-2.1 %) compared to record year 2015, this is mainly due to the lack of available property. With only 164,900 sqm finished office space, the vacancy rate is down to [...]

Warburg-HIH sells Sky office building in Unterföhring

04/01/2017 Union Investment Real Estate Austria (formerly Immo KAG) has purchased the office building Beta-Straße 11 in Unterföhring near Munich from Warburg-HIH Invest. The purchase price was €17.2mn. The 7,200 sqm office building was constructed in 2000 and is fully leased to Sky Deutschland. The asset was acquired for an open-ended real estate fund for private [...]