Top 5 deals, Week 5 (26- 30 January 2009)

The largest real estate investment transaction reported by PropertyEU between 26 - 30 January 2009 was the sale by Dutch communication services group KPN of EUR 180 mln worth of real estate in 2008. The two largest deals during the week were both valued at EUR 50 mln.

Top 5 deals* for Week 5 (26-30 January 2009)

1. KPN sells property for EUR 180m

2. Degi Europa sells retail property in Mainz for EUR 50m

3. Provast, Bemog sell Emmeloord project to Altera for EUR 50m

4. WDP acquires 3 Belgian assets for EUR 30m

5. Warburg - Henderson acquires retail warehouse in Austria

* Deals for which the investment volume was given

Scroll down for the news on the deals

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1) KPN sells property for EUR 180m
Date: 29 January 2009
Category: Office

Dutch communication services group KPN sold property assets for a total of EUR 180 mln in 2008, of which around EUR 140 mln during the fourth quarter of the year. During the presentation of its fourth-quarter results on Tuesday the groups said that real estate disposals fell short of the amount planned at the beginning of the year.

'Real estate disposals have become markedly more difficult. At the outset of the year, proceeds of around EUR 300 mln were anticipated but this has proven to be an unrealistic target in the face of the macro economic downturn, which has particularly affected the real estate sector where transactions take longer to conclude,' it said in a statement.

It added: 'Going forward, the focus will remain on value optimisation rather than timing. It is anticipated that in 2009 the proceeds from planned real estate disposals will be of similar magnitude to that of 2008.'

KPN's EUR 300 mln portfolio consists of 34 office buildings. The group has sold a post office in Utrecht and office properties in Eindhoven, Groningen

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2) Degi Europa sells retail property in Mainz
Date: 30 January 2009
Category: Retail

Degi, part of Aberdeen Property Investors, has sold a retail property belonging to the portfolio of its Degi Europa open-end property fund. The price is believed to be around EUR 50 mln. In a statement on Thursday, the company said that the purchase price matches its market value. The property is located at Am Brand in Mainz/Germany. It was sold to Cologne-based investor Aachener Grundvermögen Kapitalanlage GmbH.

Degi bought the asset back in 1973, and substantially modernised it between 2005 and 2007. It is fully let to tenants including Saturn, Zara, and Esprit.

Bärbel Schomberg, Degi's CEO, said that the sale of the asset at market value showcases the high quality of the company's real estate. 'Our fund managers will deploy any instrument that is suited to optimise profits, including specifically an active portfolio management strategy,' she added.

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3) Provast, Bemog sell Emmeloord project to Altera
Date: 30 January 2009
Category: Other

Dutch developers Provast and Bemog Projektontwikkeling have signed an agreement to sell the cinema and the commercial space at the Emmeloord Centrum project in Noordoostpolder, the Netherlands, to Altera Vastgoed for EUR 50 mln. The project, for a total investment of EUR 85 mln, consists of 10,000 m² of retail space, 3,400 m² of office accomodation, 175 residential apartments and 300 parking spaces. The cinema is fully let and will be delivered in mid-2009, while the commercial space and the apartments will be developed in 2011.

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4) WDP acquires 3 Belgian assets for EUR 30m
Date: 30 January 2009
Category: Logistics

Warehousing group WDP has expanded its Belgian portfolio with the acquisition of three logistics sites from DHL's parent company Deutsche Post for a total of nearly EUR 30 mln. The all-share transaction reflects a gross yield of 8.7%. The sites, with a total area of 85,000 m2, will be leased back by DHL, WDP said on Thursday.

The transaction will take the form of a merger and three partial de-mergers whereby WDP will issue shares for an amount of nearly EUR 22 mln and will be transferred debt of EUR 8 mln. The deal is due for completion in the first quarter of 2009.

The assets consist of the Belgian 33,000 m² head office of DHL Exel Supply Chain in Mechelen, a site of 33,923 m² leased with a five- to nine-year contract and a 19,000 m² site in Meer. The total rent amounts to EUR 2.7 mln per year.


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5) Warburg - Henderson acquires retail warehouse in Austria
Date: 27 January 2009
Category: Logistics

Hamburg-based Warburg - Henderson has acquired the new Telfspark in Tyrol for about EUR 18 mln on behalf of the joint venture's Osterreich Fonds Nr. 1. The retail warehouse centre, situated directly adjacent to Autobahn A12, was opened in September 2008. It has a lettable area of around 9,400 m² and comprises 17 business units, 95% of which are already rented out.

Telfs is the third largest city in the region of Tyrol, after Innsbruck and Kufstein. Asset manager Henderson Global Investors Immobilien Austria advised on the acquisition.

'Authorisations for new retail warehouses and shopping centres in Tyrol are quite restrictive. Therefore, we see a lasting and stable demand,' said Eitel Coridaß, managing director at Warburg - Henderson.

The Warburg - Henderson Österreich Fonds Nr. 1 was launched in December 2002 and targets German and Austrian institutional investors. The fund focuses on office and commercial property in Austria. It has an existing portfolio of 13 properties with an approximate value of EUR 270 mln, located in Vienna, Steyr, Parndorf, Vienna Neustadt, Vienna Neudorf, Neusiedl, Leoben, and now Telfs.

Established in 2001, Warburg - Henderson is a joint venture between the German private bank M.M. Warburg & CO and UK property asset manager Henderson Global Investors. To date, the KAG has launched 11 property funds for German and international investors. These investors are mainly insurance companies and pension funds. The assets under management amount to EUR 2.7 bn.

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