The real estate ´Spezial Fonds´ subsidiary of DB Real Estate, DB Real Estate Spezial Invest GmbH, has bought three properties in Berlin, London and Warsaw for two special funds.
On the Potsdamer Platz in Berlin, the Accor Hotelpark was bought for approx. €49 mln. for the Fonds Euro Core III. The Accor Hotel Group will run three hotels there from November 2004 in the 1 to 3 star category with a total number of 592 rooms. The three separate buildings are situated on a total area of 20,000 m² and also includes 146 parking spaces.
The office building ‘Stockley Park’ in London was also bought for the Fonds Euro Core III for approx. € 28 million. The office building of 3,500 m² and 108 parking spaces is situated on the Stockley Business Park, near Heathrow Airport. It is let to software company Fiserv (Europe) Ltd.
In Warsaw, the development ‘DOM 50’ was bought for approx. € 18 mln. for the Fonds DGE-Immo-Spezial. The 9,000 m² office building will have 200 parking spaces and will be delivered at the end of 2005. The project lies in the Mokotów quarter, one of the main office locations in the southwestern center of the Polish capital. The building is already completely let to a subsidiary of the world’s largest credit insurer Euler Hermes S. A. Paris for a period of ten years.
“These buildings with long term lease contracts to respectable companies and with very good accessibility fit perfectly in the strategies of both Special Funds”, says Georg Allendorf, CEO of DB Real Estate Spezial Invest GmbH. 'Real estate Special Funds correspond to the current needs of numerous institutional investors.' DB Real Estate wants to further expand this business field. More real estate investments in Germany and in the other European countries are planned.
Source: DB Real Estate