Two Berlin trophies are among the properties to be sold, with Signa's partner The Central Group buying the capital's iconic KaDeWe department store.
The Thai retailing giant already owns a 50.1% stake in the KaDeWe (Kaufhaus des Westens) Group and is reported to be paying around €1 bn for the 60,000 m2 Berlin store.
Meanwhile, React News reported that BNP Paribas Real Estate has been mandated to sell 164 Kantstrasse in Berlin, for upwards of €400 mln. The 53,000 m2 office is one of many buildings and halted developments that stricken Signa owns in the city, including Victoriastadt Lofts, a 66,650 m2 stalled development, second only in size to its Elbtower in Hamburg.
Last month, a majority of creditors at the main real estate companies, Signa Prime and Signa Development, backed restructuring plans which would allow a trustee up to five years to sell Prime's properties. Billions of euros of claims have been filed against Signa.
A more straightforward one billion euro sale this week is Singaporean investor Mapletree Investments' purchase of a portfolio of 31 student housing buildings in 19 mainly UK, plus German, cities, with more than 8,000 beds. Mapletree said the additions boosted its UK portfolio of student accommodation to over 17,000 beds.
Other notable deals include Union Investment's agreement to sell retail and office asset Fünf Höfe in downtown Munich for €715 mln to the Athos family office - a deal revealed last month - after owning it for more than 20 years. Union said it wanted to take advantage of opportunities for reinvestment in smaller properties in 'the more resilient uses of logistics and European housing.'
Vastned is also clearing out what it identifies as non-core properties to strengthen its balance sheet and disposed of a prime retail block in Amsterdam for €100 mln.
There are four managers raising capital for new vehicles, including Orion for its next vintage pan-European opportunity fund, and Heim, a spin out from Heimstaden. Heim will also focus on European residential.
We also track eight new loans.
