TD News International: 01/02/2019

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Berlin: Kudamm Karree to be “Fürst” – Rent24 leases 9,000 sqm

01/02/2019 The reconstruction of the Kudamm Karree in Berlin can now begin, after years of planning, rescheduling and controversies. Cells Group, its developer, has received approval for the entire project and has announced a major letting with a long-term agreement for the coworking provider Rent24 to rent about 7,000 sqm of office space and 2,000 sqm [...]

Vonovia sells off remains of its Deutsche Wohnen adventure

01/02/2019 Vonovia sold off 16.8 million Deutsche Wohnen shares to institutional investors for €698.1mn yesterday evening. The shares date back to the time when Vonovia made a takeover bid of the Berlin-based property company: In early 2016 Vonovia had acquired almost 5% of Deutsche Wohnen shares directly in its attempt to purchase a majority stake. The [...]

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TLG: Zahn and Dayan come to an agreement

01/02/2019 Ouram Holding is withdrawing its request for the convocation of an extraordinary general meeting at TLG to elect a new Supervisory Board. Supervisory Board Chairman Michael Zahn had previously warned the other shareholders that Ouram could control the company without regard to their interests. Ouram shareholder Amir Dayan and Zahn have now agreed to wait [...]

Nord/LB: Savings banks agree to capital injection

01/02/2019 The German savings banks have agreed to inject missing capital into the foundering Norddeutsche Landesbank (Nord/LB). According to an ad hoc announcement by Nord/LB and its subsidiary Deutsche Hypo, the owners of Nord/LB welcome a solution proposed by the savings bank umbrella organization DSGV, and intend to pursue it “as a matter of priority”. No [...]

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Palmira doubles logistics real estate portfolio, plans new funds

01/02/2019 Palmira Capital Partners has doubled its German assets under management to around €2bn within the last two years. According to the company, at the end of 2018 it managed 75 logistics properties across Europe with around 2.2 million sqm in total lettable space. Palmira concluded transactions in Germany, Austria, Slovakia, Poland, the Netherlands and Belgium [...]

Slate: Canadian firm buys supermarket portfolio for €32mn

01/02/2019 The Canadian-based company Slate Asset Management has acquired another German retail portfolio through a subsidiary. The acquired 27 properties comprise 60,000 sqm of lettable space spread across nine German states, primarily in Baden-Württemberg and Bavaria. The agreed purchase price was €31.5mn. The main tenants are the supermarket chains Netto, Penny and Edeka. No information was [...]