Industry News

German property firm Corestate has acquired the Fünf-Häuser-Quartier project known as "Neue Mitte" in the centre of the Dreieich district of Sprendlingen near Frankfurt for around EUR43 million. The seller and project developer is Schoofs Immobilien GmbH Frankfurt. The purchase was made for the Stadtquartiere I open-ended institutional fund, which was launched at the beginning of 2021 with a focus on urban development properties in the centres of German medium-sized and large cities. The target volume of the fund is...

German investment manager Union Investment has acquired a hotel in Barcelona, Spain, which opened in November 2018 under the Barcelona 1882 brand and will be converted to a Radisson Blu as part of the acquisition process. Financial details were not disclosed. The deal for the hotel, located close to the basilica of the Sagrada Familia, was struck on behalf of open-ended real estate fund Unilmmo: Europa. The vendor is Partners Group, a global private markets firm, acting on behalf of...

Garbe Industrial Real Estate has announced the acquisition of a 192,000 m2 plot of land in the municipality of Ludwigsau near Bad Hersfeld (Hesse, Germany) for an undisclosed amount. The project developer aims to build a logistics centre with a total area of up to 97.000 m2. The project will represent an investment of around EUR85 million. The site, which is ready for construction, is located in the Bad Hersfeld-Ludwigsau Enterprise Park, a roughly 840,000 m2 industrial estate in the...

Moorfield Group, the UK-focused real estate fund manager, on behalf of its Moorfield Real Estate Fund IV, has agreed to forward fund an 81 bed best-in-class co-living scheme near Ealing Broadway, West London, for GBP21 million. It represents Moorfield’s entry into the fast-growing London co-living sector, which is expected to be a beneficiary of demand from young professionals looking for affordable, high quality and flexible accommodation. The transaction is the first investment by a joint venture between Moorfield and Funding...

HIH Invest Real Estate GmbH (“HIH Invest”) just acquired a day nursery in Gelsenkirchen. The standing property will be added to the portfolio of the “Zukunft Invest” open-ended special AIF. It is a single-storey building with a lettable area of around 900 square metres that opened in 1994 and was expanded in 2012. The day nursery has a generously proportioned outdoor area on a plot of about 4,300 square metres. Lessee is the City of Gelsenkirchen on a fixed-term lease...

Global asset management firm Invesco has acquired a logistics warehouse facility in Helsingborg, Sweden, on behalf of a UK separate account client. Financial details were not disclosed. Invesco Real Estate handled the transaction, working with its local partner Scius. The asset, Grustaget 3, has been acquired in a sale-and-leaseback from Alpy AB. The tenant is Boxon Group, a packaging operator operating in the Nordics, Europe and Asia-Pacific. As part of the acquisition, Boxon Group has extended its lease by 15...

Global real estate investment management firm Heitman has announced the first close of its European value fund. The fund has a target fund size of EUR350 million and aims to aggregate a property portfolio with a focus on the alternative property sectors across Western Europe including opportunities in self-storage, rented-residential, senior housing, and student housing. Shortly after the closing, the fund made its first investment in a self-storage portfolio in the UK. ‘We are pleased with the closing of this...

Savills Investment Management has acquired three last-mile logistics facilities in Spain for a total of EUR95 million. The assets, which are all leased to Amazon, provide a total of 140,000 m2 of space in the cities of Murcia, Alicante and Valladolid. Savills Investment Management closed the acquisition, on behalf of its Vestas European Strategic Allocation Logistics Fund (VESALF I), from landlords Roebuck Asset Management and GFH Financial Group. The properties have an average rental period of 12.85 years and will...

Global real estate player Tishman Speyer has acquired Q207 at Friedrichstrasse 76-78, a landmark commercial property in central Berlin, from Allianz Real Estate, acting on behalf of several Allianz group companies. Financial details were not disclosed. The transaction was undertaken on behalf of Tishman Speyer’s TSEV VIII value-added fund and co-investment partners. The property in Berlin Mitte, known locally as Galeries Lafayette, occupies almost an entire block between Friedrichstrasse and Französischer Strasse. It is in close proximity to Q205 that...