GLOBAL - Rockspring Property Investment Managers has acquired the Hornbach Zentrum, a retail warehouse, in Dortmund from CS Eureal.

The transaction, which was completed on behalf of the Rockspring German Retail Box Fund LP (GRBF), is worth €36.5m.
 
Stuart Reid, partner in the Berlin office of Rockspring, said: "This purchase for GRBF provides a yield in excess of 7%.

"Acquired at a low capital cost of €1,175 per square meter - and with high-quality tenant covenants and attractive unexpired average lease terms in excess of seven years and rental increases expected in the next 18 months - the asset augments the defensive nature of the fund."

Still in Germany, Infrared Capital Partners has acquired a new logistics in Frankfurt from Harder & Partner.

The 51,000 square meter unit, immediately adjacent to the Frankfurt International Airport, is leased to the Simon Hegele Gesellschaft für Logistik und Service on a 15-year lease.

The unit is currently being build and is expected to be completed in January 2012.

Meanwhile, Hamborner REIT has acquired the first section of the NuOffice project in Munich for around €40m from a special purpose vehicle founded by Hubert Haupt Immobilien Holding.

The construction of the building in Parkstadt Schwabing is to be completed by the third quarter of 2012.

In Stuttgart, Bouwfonds REIM has bought several student apartments in the Vaihingen district, plus two residential buildings in Stockholm, for its Bouwfonds European Residential Fund.

The investment, which is worth €33.4m in total, comprises 173 apartments with 404 rooms and a commercial unit in Stuttgart and 49 apartments in Stockholm.

The purchase price for the property in Germany was €23.4m, with the gross initial rate of return estimated at 6.6%.

In Stockholm, Bouwfonds REIM acquired the apartments for €10m and expects the gross initial rate of return to be 5.4%.

Moving to Eastern Europe, Atrium European Real Estate has acquired the Palác Flóra shopping centre in Prague for €191m from its two previous owners, AFI Europe and Avestus Capital Partners. 

The acquisition, which was financed through a mixture of equity and debt, is part of Atrium's plan to acquire prime, income-producing, supermarket-anchored shopping centres in the tier-one cities of its target A-rated and above markets of Czech Republic, Poland and Slovakia.

Finally, real estate financial services company Ranieri Real Estate Partners and private equity funds affiliated with WL Ross & Co have entered into a definitive agreement to acquire Deutsche Bank Berkshire Mortgage.

DBBM originates multi-family loans for Fannie Mae, Freddie Mac and the Federal Housing Administration. 

The company was founded in 1988 and became a unit of Deutsche Bank in 2004. 

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