Rowan Asset Management has acquired two new properties in Germany - with a third in the pipeline - for EUR 20 mln. The properties, totalling 10,000 m2, are all in or around Bonn and let to national and multinational retailers for terms of 10 to 15 years. They were secured on an off-market basis during December 2006 and are expected to end up in one of the German funds managed by Rowan.

Rowan Asset Management has acquired two new properties in Germany - with a third in the pipeline - for EUR 20 mln. The properties, totalling 10,000 m2, are all in or around Bonn and let to national and multinational retailers for terms of 10 to 15 years. They were secured on an off-market basis during December 2006 and are expected to end up in one of the German funds managed by Rowan.

Managing Director Nick Jacobs commented on the transaction: 'This has been a great purchase for the fund and has already seen an 11% uplift in value, which demonstrates the potential and appeal of the current German market, where well bought assets can realise rapid capital growth'. Rowan has been active in Germany for two years, securing property management valued at EUR 350 mln.