The recent charge by private investors into European real estate slowed in August and September as the shockwaves of the credit crisis continued to reverberate throughout the sector. A large number of listed companies led by IVG Immobilien found their way back into PropertyEU's monthly ranking of cross-border real estate deals during the period. In total, the German company spent almost EUR 2 bn on properties in its home country including a portfolio from German insurer Allianz for about EUR 1.3 bn for a net initial yield of 5.3%.
The recent charge by private investors into European real estate slowed in August and September as the shockwaves of the credit crisis continued to reverberate throughout the sector. A large number of listed companies led by IVG Immobilien found their way back into PropertyEU's monthly ranking of cross-border real estate deals during the period. In total, the German company spent almost EUR 2 bn on properties in its home country including a portfolio from German insurer Allianz for about EUR 1.3 bn for a net initial yield of 5.3%.
The portfolio consists of seven 'high-quality' office properties: one each in Frankfurt and Hamburg, three in Munich and two in Stuttgart. Elsewhere in Germany, in Düsseldorf, Cologne and Krefield, the company acquired another eight office properties from CM Capital Management for EUR 76 mln. The acquisitions are in line with IVG's plans to establish a real estate investment trust in order to take advantage of the strategic and fiscal benefits of the REIT regime recently introduced in Germany.
The full article appears in the October issue of Property EU Magazine.
