Corestate completes sale of €39m residential portfolio in Berlin

Monday, 31 January 2011

Germany – Corestate Group has completed the sale of a Berlin-based residential portfolio to Zentral Boden Immobilien AG (ZBI) for €39 million. Comprising 894 apartments located in the districts of Britz and Rudow in Berlin, the portfolio offers more than 48,000 sq m of lettable space and is fully let. The Britz and the Rudow assets generate a rent between €5.00 and €6.00 per sq m. Great German Real Estate Advisory Team GmbH advised Corestate exclusively on the transaction. (more)

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Beos plans EUR 350m worth of German acquisitions in 2011

Saturday, 29 January 2011

Beos plans EUR 350m worth of German acquisitions in 2011

Germany’s Beos has unveiled plans to invest up to EUR 350 mln in commercial real estate this year after the launch in 2010 of its first spezialfonds with a spending capacity of EUR 400 mln.

‘We intend to acquire 15 to 25 buildings in the seven metropolitan areas of Berlin, Hamburg, Cologne/Bonn, Düsseldorf, Frankfurt, Stuttgart and Munich, as well as in growth regions as Karlsruhe or Regensburg,’ the company said in a statement. (more)

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German consumer confidence shot to three-year high as economy improves

Wednesday, 26 January 2011

What a difference 500 miles and a healthy manufacturing sector makes: while Britain’s economy contracted yet again today, German consumer confidence shot to its highest level in three years.

Couple that with stunning profits from Siemens and there can be little doubt that Germany’s economy is not only putting Britain’s to shame but also driving the eurozone’s fragile economic recovery.

New figures show that German households are happy spending again following the worldwide economic downturn. The forward-looking GfKconsumer sentiment index predicted a rise to 5.7 points for February, compared to 5.5 points for this month. Gfk had previously forecast a dip to 5.4 points, which would have been the first decline in six months. (more)

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Germany Overtakes UK as Top European investment for pick of property fuunds

Germany overtook the U.K. as the most-favored investment location in Europe for unlisted real estate funds as the recovery of its economy, the continent’s largest, made offices and retail properties more attractive.

The U.K. fell to fourth place behind Germany, France and the Nordic region, according to an annual report by the European Association for Investors in Non-Listed Real Estate Vehicles.Inrev, as the association is known, surveyed investors and fund managers overseeing 981 billion euros ($1.3 trillion) of assets.

“This is a dramatic change in sentiment,” said Lonneke Loewik, the head of research at Amsterdam-based Inrev, in a statement today. “Investors seem wary of higher property prices and a slower economic recovery in the U.K., but attracted by growing confidence in the German and other European markets.” (more)

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Euro gets boost from German economic survey

NEW YORK (AP) — The euro rose to a two-month high Friday against the dollar after a survey showed business confidence is growing in Germany and fears over the European debt crisis eased. The euro rose to $1.3602 in late trading Friday from $1.3469 Thursday. It’s the first time the euro had been over $1.36 since November 23. “The European debt crisis has calmed down a bit,” said Joseph Trevisani, chief market analyst at FXSolutions. He said that meetings held this week have assured some investors that a plan to counter Europe’s debt crisis should be in place in the coming weeks. The European Union and the International Monetary Fund have already bailed out Greece and Ireland, and investors had worried for months that the current fund would not be big enough to provide emergency financing for Europe’s larger economies such as Spain if their borrowing costs become too steep. (more)

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Germany hikes growth forecast for 2011

BERLIN — Germany will grow much faster in 2011 than previously expected, the government said Wednesday, as Europe’s top economy continues to motor ahead despite the eurozone debt crisis raging around it. The economy is set to expand by 2.3 percent this year, the latest official forecast said, a sharp hike from the 1.8 percent estimated in October as Europe’s powerhouse continued an impressive bounce back from a deep recession. “The upswing is on firm ground and is now self-sustaining,” Economy Minister Rainer Bruederle said as he presented the report in Berlin. As the economy powers ahead, so Germany’s unemployment rate is slated to fall further in what has been dubbed a “jobs miracle”. Berlin expects an average jobless rate in 2011 of seven percent, after 7.7 percent in 2010.(more)

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German investment reaches EUR 19bn in 2010: CBRE

Commercial real estate investment turnover in Germany grew to EUR 19.1 bn in 2010, an 83% increase on the total turnover recorded in 2009, according to the latest data published by CB Richard Ellis (CBRE). The growth in investment stems from rapid economic recovery and sustained investor confidence in the German market.

The fourth quarter (Q4) of 2010 alone registered transaction volumes of EUR 6.8 bn, which was the highest quarterly total since Q1 2008.

A notable feature of the German investment market in 2010 has been a significant increase in the number of large deals, with over 34 EUR 100 mln-plus deals transacted last year, including the sale of the Opernturm in Frankfurt. (more)

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