TD News International: 03/07/2017

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Frankfurt: South Koreans buy Büroturm T8

03/07/2017 The South Korean Mirae Asset Global Investments Co. is taking over an office building in Frankfurt, the “Büroturm T8”. The seller is Credit Suisse or its liquidation fund CS Euroreal. The deal is said to have been closed by the end of the first half year for a purchase price of about €300mn, as TD [...]

Corestate takes over mezzanine financer HFS

03/07/2017 Corestate is acquiring HFS Helvetic Financial Services. The Swiss fund advisor considers itself to be the leading provider of mezzanine financing in the German residential and commercial real estate market. The purchase price is in the “middle triple-digit millions”; Corestate is paying it with 7.4 million new shares (which corresponds to a stock market value [...]

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Union Investment and ZBI buy for residential fund

03/07/2017 Union Investment is establishing a starting portfolio for its first open-ended private residential fund. Together with Erlangen-based real estate company ZBI, of whom Union Investment bought a 49.9 % share in March, the firm is looking for suitable packages. By the launch date of the fund on 28 July, a portfolio worth about €650mn is [...]

Galeria Kaufhof closes in Frankfurt and Gera

03/07/2017 Galeria Kaufhof is closing its stores in the “Elster Forum” on Museumsplatz in Gera (Thuringia) and in Frankfurt’s “Nordwest-Zentrum” (Rosa-Luxemburg-Straße). The company will not be extending its leases for the 7,500 sqm and 10,000 sqm stores due to lack of profitability, according to a release. In Gera, the contract will expire in September 2018, in [...]

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Berlin: Former Kaufhof near Ostbahnhof turns into office building

03/07/2017 The former Kaufhof department store near Berlin’s Ostbahnhof is to be converted into an office building. Residential use, which was initially considered an alternative, is completely off the table. The office plans were now presented by architect Martin Jasper, who is working for the new owner Signa, the “Tagesspiegel” reports. The building will be completely [...]

Düsseldorf: LHI buys office building from Atos

03/07/2017 The LHI Group has bought the 6,300 sqm office building on the corner of Graf-Adolf-Straße 35-37 and Berliner Allee in Düsseldorf. The seller is Atos Asset Management; Rheinwert brokered the deal. The LHI Group is planning to renovate the building, which was last modernized in 2000.

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Investment volume in Top 7 up by 20%, GPP reports

03/07/2017 The transaction volume in the commercial investment markets of the German top 7 cities increased by 20% to roughly €11bn during the first half of the year, according to figures released by the brokerage association German Property Partners (GPP). Berlin attracted the most capital, with revenue increasing by 34 % to €2.55bn. Munich follows close [...]