http://www.businessweek.com/news/2012-06-08/dundee-international-seeking-to-acquire-more-german-real-estate
By Dalia Fahmy on June 08, 2012
Dundee International Real Estate
Investment Trust (DI-U), which made last year’s biggest German
commercial property acquisition, plans to spend about 300
million euros ($373 million) a year buying office buildings in
the country, President and Chief Executive Officer Jane Gavan
said.
Germany’s real-estate market is attractive because the
economy is robust and property buyers can borrow at low interest
rates, Gavan said in an interview yesterday. The Bundesbank
today raised its German gross domestic product growth forecast
for 2012, to 1 percent from 0.6 percent, citing a sturdy global
economy, cheap financing conditions and solid domestic spending. “We have a lot of confidence in the German economy,” Gavan said. “We’re seeing some really interesting product on the market.”
The Toronto-based REIT has invested all of its about C$1 billion ($970 million) in assets in Germany. Dundee is among non-German investors buying commercial properties from eight German real-estate mutual funds that have gone into liquidation in the past two years. Gavan said Dundee is exploring the funds’ holdings for buildings valued at less than 100 million euros.
Earlier this year, Dundee International purchased an office building in Nuremberg from mutual fund SEB ImmoInvest (SEBIMMO) for about 48 million euros and it acquired Deutsche Grammophon GmbH’s former headquarters in Hanover for about 26 million euros.
The REIT paid 740 million euros for 292 post offices in 2011, the year’s biggest commercial property purchase in Germany, according to Ernst & Young LLP. The deal followed Dundee International’s raising about C$410 million in an initial public offering.
To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net.
To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.
沒有留言:
張貼留言