TD News International: 20/12/2017


GEG buys Japan Center in Frankfurt

20/12/2017 GEG German Estate Group is purchasing the Japan Center in Frankfurt for €280mn. Seller of the office tower with 29,000 sqm of lettable space is the Hausinvest fund of Commerz Real. The agreement to sell has been signed, and closing should take place in early 2018. BNP Paribas Real Estate, Noerr LLP, SammlerUsinger and CBRE [...]

Union Investment/Deutsche Asset One: New fund to hold €750mn

20/12/2017 Union Investment and Deutsche Asset One have launched a new Spezialfonds, “Wohnen Deutschland Spezial”, with a target volume of €750mn. €250mn in equity capital was accrued for the launch. An initial portfolio was purchased with 2,200 apartments in Kronach, Berlin, and other locations, as already reported by ZBI. The previously undisclosed purchase price for this [...]


M7 hands off Karstadt distribution center in Unna

20/12/2017 M7 has sold the Karstadt logistics center in Unna after just over one year of ownership, according to information learned by TD. The property has a total of 270,000 sqm lettable space including a mezzanine area. The buyer is an American private equity investor; the purchase price was just over €100mn. The distribution center has [...]

Berlin: Deutsche Wohnen planning up to 1,000 apartments in Köpenick

20/12/2017 Deutsche Wohnen has plans for several hundred apartments on the site of the old Köpenick cable factory in Berlin. The residential property company had acquired the approx. 70,000-sqm industrial wasteland in Friedrichshagener Strasse 11-12, unused since 1994, earlier this year and gives a general orientation of about 1,000 apartments to be created in both remodeled [...]


J.P. Morgan and LGT buy LG European central headquarters in Eschborn

20/12/2017 J.P. Morgan has acquired LG Electronics’ European headquarters in Eschborn together with LGT Capital Partners. The property will go into a fund managed by J.P. Morgan Asset Management. Seller was Publity AG. The transaction was disclosed in the beginning of December. The former Vodafone building was completed in 2002 and has about 41,000 sqm of [...]

HSH Nordbank finances Greenman with €174mn

20/12/2017 HSH Nordbank is providing a credit line of €173.5mn to retail investor Greenman. The state bank is refinancing the retail fund “Greenman OPEN”, currently with 18 properties, through a €153.5mn loan. Five further properties are to follow in 2018, with 50% financing. HSH is additionally giving Greenman a €20mn line of credit to finance acquisitions. [...]