The Carlyle Group is to invest EUR 1 bn in German real estate over next 15 months, a spokesman has told PropertyEU. 'In Germany, we focus on offices in the 'Big 6' (which includes Frankfurt and Hamburg),' he said.
The Carlyle Group is to invest EUR 1 bn in German real estate over next 15 months, a spokesman has told PropertyEU. 'In Germany, we focus on offices in the 'Big 6' (which includes Frankfurt and Hamburg),' he said.
The US-based private equity group is already a big player in Germany. Currently, it has a number of projects underway, including the ‘Opernhof’ office project in Hamburg and the redevelopment of the former Versatel office tower in Stuttgart. The site belonging to the former Dutch telecommunications group is expected to cost around EUR 70 mln to redevelop.
The Carlyle Group also completed a number of deals across Europe last year, including the acquisition in September of the B&B Hotel Group in France - which operates a chain of 223 budget hotels across France, Italy and Germany - from European investment firm Eurazeo for around EUR 480 mln. Also, last July, a fund managed by Carlyle Group snapped up six London offices formerly owned by bankrupt property tycoon Simon Halabi for EUR 800 mln - the firm's first major purchase in the UK for two years.
At end-September 2010, real estate assets accounted for 10% of the investments made on behalf of the group's funds, with buyouts accounting for 71% and credit alternatives for 15%. Around 19% of the firm’s assets under management are in Europe, with 64% in the Americas region and 17% in Asia.
The Carlyle Group had $98 bn (EUR 70 bn) of assets under management worldwide across 76 funds at end-September 2010.
