Three bidders are in the running to take over Germany's property firm Triuva, which was put for sale by Bonn-based property group IVG Immobilien over the summer.
According to a news report by the Frankfurter Allgemeine Zeitung, Patrizia, DIC Asset and Hamburg Trust have all submitted offers for the institutional real estate business.
IVG is looking to close the sale by Christmas. The company confirmed in June that it had hired financial advisor Rothschild ‘to explore various options’ including a spin off or a direct sale for the future of Triuva, which manages assets of around €10 bn.
A spin-off would effectively reduce IVG to a shell company focusing on just one remaining corporate entity, Storag Etzel, which bundles together IVG’s old cavern operations as well as its gas and oil portfolio. IVG’s core office operations have already been spun out as OfficeFirst and were subsequently sold to US alternative investment giant Blackstone for €3.3 bn. That deal was finalised in April this year.
The former institutional business of IVG was rebranded as Triuva in September 2015 as part of a process to extract it from the legacy of IVG’s insolvency. Since then Triuva has been pitching itself as a provider and manager of structured real estate products for institutional investors.
In addition to its traditional client base in Germany and Austria, it has also been expanding in new geographies such as the Netherlands and Scandinavia, the company CEO’s Wenzel Hoberg told PropertyEU recently in an interview. Earlier this year, Triuva sourced a portfolio of nine Italian high street retail properties for €120 mln on behalf of a Dutch institutional client of CBRE Global Investment Partners (CBRE GIP). The client is believed to be PGGM.
Triuva focuses in particular on commercial properties in the office, retail and logistics sector in Europe. One of the assets in its portfolio is the former headquarters of the ECB in Frankfurt (pictured).
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28 November 2018
Outlook 2018: Europe & Germany Investment Briefing
UBS - Opern Turm, Bockenheimer Landstraße 2-4, Frankfurt am Main, 60306, Germany | 09:00 - 11:30
This event is brought to you by Waterway Investments in association with PropertyEU.
Economic growth is lifting all boats in Europe, but Germany's position as the economic powerhouse of Europe remains assured.
The country is overtaking the UK in terms of real estate transactions volumes, and attracting record flows of capital. Berlin is foreign investors' favourite destination, while Frankfurt is emerging as the main beneficiary from Brexit, luring thousands of financial sector workers away the UK. What are the prospects looking ahead to 2018? Is competition in the market becoming too intense? Is there too much capital chasing increasingly scarce product? What about price levels? Following recent elections, Germany still does not have a government. Is there any political risk out there? Will there be a healthy competition with France, newly energised by the election of president Macron and his promise of reforms? Is Europe's largest residential sector still attractive? What about fast-growing alternative sectors like student housing and micro housing? Is the strength of the economy leading to a good performance of retail? What are the prospects for logistics and how fast is e-commerce growing?
Come to this time-efficient briefing, hear market experts answer these and other questions, and get to ask your own questions.
Registration is complimentary but places are strictly limited. Please register now to guarantee your place
