TD News International: 09/11/2018

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Pecan to build 30,000 sqm of office and retail space in Berlin

09/11/2018 Pecan Development is developing an office and commercial complex with around 30,000 sqm in Potsdamer Straße 125 for the PW Real Estate Fund III. It will be the company’s first project in Berlin. The Berlin architectural firm Gewers Pudewill has designed the plans for the concept, called “Im Wirtschaftswunder”, which Pecan will officially make public [...]

Dream Global buys Innovum in Nuremberg, sells Werfthaus in Frankfurt

09/11/2018 Dream Global is acquiring the Innovum office complex in Nuremberg from the UBS fund Euroinvest. The Canadian REIT has stated that the agreed purchase price is €79.6mn, corresponding to a cap rate of 5.1%. The closing is to be held today. The eight buildings were constructed between 2000 and 2012 and have a total of [...]

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TLG sees over 40% growth, reviews inventory development

09/11/2018 TLG intends to re-examine its portfolio for new and further development potential. The company’s nine-month report states that, alone on Alexanderplatz in Berlin, where it is planning new high-rise buildings, it sees around 100,000 sqm of additional potential space for its existing property. Adding floors to retail properties would also be a possibility. The company [...]

Uniimmo: residential fund grows by €500mn

09/11/2018 Union Investment and ZBI’s real estate mutual fund Uniimmo: Wohnen has grown strongly in recent weeks. Two portfolios containing 4,748 rental units were transferred to the fund on November 1st. The properties of one portfolio (1,201 units) are spread across six German states, with a focus on North Rhine-Westphalia with eight cities there, including Bielefeld, [...]

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Catalyst Capital buys Rathaus Center Dietzenbach

09/11/2018 Catalyst Capital has acquired the Rathaus Center in Dietzenbach, Hesse. The seller is the Luxembourg Spezialfonds FCP-FIS-German Retail Fund, which is managed by the Hahn Group. The property was built in 2007 and has 21,600 sqm of lettable space. Anchor tenants currently include Rewe, Müller and Media Markt. Catalyst intends to further strengthen the center’s [...]

pbb raises forecast, holds down expectations for 2019

09/11/2018 Deutsche Pfandbriefbank (pbb) saw a significant increase from €154mn to €171mn in pre-tax earnings in the first three quarters of this year. The Munich-based real estate bank has once again raised its forecast for the year to accommodate earnings of €205–215mn (before taxes), instead of €175–195mn as previously communicated. On the negative side, pbb mentions [...]