TOP INVESTORS Triuva hits €3.4b transaction record

Triuva (formerly IVG Institutional Funds) carried out €3.4 bn of real estate transactions in Europe last year and raised €500 mln of fresh equity from institutional investors.

The German estate investment manager said the transaction volume was a new record for the company.

'2015 is an impressive demonstration of the strength that characterises our company as an independently operating manager of real estate investment products for institutional investors following the reorganisation,' said Irmgard Linker, chief financial officer at Triuva. 'Observing the market situation very closely and drawing the right conclusions for us has paid off.'

The institutional real estate fund business was acquired by IVG in 2006 and became independent again in 2014 as the IVG Group underwent restructuring. IVG Institutional Funds rebranded as Triuva in September 2015 to underscore its independence.

Triuva invested €1.1 bn during 2015 to acquire real estate on behalf of the funds its manages. The investments were carried out mainly in Triuva's domestic market, Germany, but also diversified elsewhere in Europe with acquisitions in Spain, Italy, Luxembourg, the UK and the Netherlands.

Triuva's largest single investment transaction in 2015 was the acquisition of Eurotower in Frankfurt on behalf of a German pension fund for about €480 mln.

In addition, Triuva expanded its club deal business. For example, an office property on London’s Baker Street and an acquisition on Calle Preciados in Madrid were financed via a club deal structure. Over 80% of the acquisitions were off-market deals.

Disposals
The acquisitions were offset by sales totalling €2.3 bn. The largest disposals were the sales of the pan-European Traction portfolio to US fund manager Ares Management for €420 mln and the Silberturm (Silver) office tower in Frankfurt am Main which was acquired by a consortium led by Korean asset manager Samsung SRA. The investment volume for the Silberturm is believed to have been in the region of €450 mln.

Triuva said it is planning to launch traditional commingled funds in 2016. 'We are again seeing increased demand from our investors for fund products with greater regional diversification,' Linker said. 'In addition, we want to enlarge our investor basis and attract more investors in the rest of Europe in future. For this purpose, a new position for investor relations has been created in Amsterdam, for instance.'

The Amsterdam office will offer investors a local point of contact, according to Linker. Amsterdam is therefore the third location after Vienna and the company’s home in Frankfurt from which investors will be catered for.

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TOP INVESTORS
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PropertyEU is currently compiling its ranking of Top Investors based on transaction volume in 2015. The ranking is based on a survey questionnaire sent to investors and reports such as above by investors on real estate acquisitions and disposal volumes.

Haven’t received a survey request? Please send information on total investment and disposal volumes, plus a list with details of top deals, to Deals Editor Cormac Mac Ruairi at research@propertyeu.info

The ranking is published in March 2016.