TD News International: 05/05/2017

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DIC issues office Spezialfonds and posts operating growth in Q1

05/05/2017 DIC Asset issued a new Spezialfonds “DIC Office Balance IV” in the first quarter. The target volume is between €300 and €350mn. An initial portfolio with office properties in Germany with a volume of approx. €105mn was acquired at the beginning of the year. In addition, the office building Brixx (Voltastraße) in Frankfurt was acquired [...]

Ability Group has sold all German retail properties

05/05/2017 The Ability Group from the UK, innately a hotel investor, has completely sold its German retail stock. The properties with a combined total of approx. 15,000 sqm of retail space were scattered across the German States of North Rhine-Westphalia, Schleswig-Holstein and Mecklenburg-Hither Pomerania. Aengevelt was exclusively contracted with brokering the transactions. The retail price for [...]

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UK: Sales decline in Q1 – largest deal from German investment

05/05/2017 In the British commercial investment market, the transaction volume declined in the first quarter by 11% to £10.9bn when compared to the previous year. In London, the decline even reached 30% according to CoStar’s “UK Commercial Property Investment Review”. Secure core properties are in demand as the risk appetite falls. But there are also rays [...]

Wolfsburg: Justus Grosse to build rental apartments for €80mn

05/05/2017 VWI has sold four additional construction sites in Wolfsburg’s residential area Steimker Gärten: LPB Immobilien, part of Justus Grosse (Bremen), plans to build 300 rental apartments there for €80mn. Six apartment buildings with four or five storeys plus a penthouse-like storey, which will accommodate one to four-room apartments (38 to 137 sqm), are planned. The [...]

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Düsseldorf: Fashion Houses give way to residential district

05/05/2017 CR investment management wants to build over the area of the two Fashion Houses at Danziger Straße 101-111 in Düsseldorf-Stockum. Instead of the two building complexes, a mixed-use residential area will be developed on the 38,000 sqm plot. Retail or catering will be located in the ground-floor areas, or perhaps a hotel, according to the [...]

Deutsche Konsum acquires Kaufland market in Oer-Erkenschwick

05/05/2017 Deutsche Konsum REIT has acquired a hypermarket in Oer-Erkenschwick, North Rhine-Westphalia. The purchase price for the 9,600 sqm, fully rented property at Berliner Platz amounts to €13.5mn. The anchor tenant is Kaufland; the term of the rental agreement lasts until 2030 with two options to extend for an additional 14 years. The annual rent amounts [...]