Thursday, 26 February 2015
INTERNOS Global Investors and Somerston Group acquire 27.5% stake in DREF (DE)
INTERNOS Global Investors, the €3.6 billion owner-managed real estate fund management firm, and the family office Somerston Group have together acquired a 27.5% stake in Deutsche Real Estate Funds Advisor S.A.R.L., a real estate investment manager specialising in the German student accommodation market. Following this transaction, Bauer Group will remain the majority shareholder in DREF.
Andrew Thornton, CEO of INTERNOS, will join DREF’s advisory board and Shaun Robinson, CEO of Somerston Capital, the investment advisor and asset manager to the Somerston Group, will join DREF’s management board.
Felix Bauer, CEO of DREF, said: “We are delighted to have such experienced partners on board now. After all, we are building a considerable portfolio of German student residences which will give the German student housing market a much needed lift.
“The engagement of these two partners reinforces our strategic orientation and confirms the strong offer that DREF can provide in the student housing sector.” DREF is currently progressing the issue of a bond for the financing of student residences in Germany.
Andrew Thornton, CEO of INTERNOS, commented: “DREF and its team have established a strong track record of financing, developing, modernising and managing student accommodation. We look forward to working with DREF to develop the German student housing market into a valuable asset class for German investors.
“This investment is in line with our strategy of investing in buildings where populations rest their heads, as this strategy should provide institutions with maximum comfort about future economic volatility. There is still a significant opportunity to increase institutional investment into student housing in Germany and we very much see this as a long-term strategic shift that we would like to exploit. ”
“We are really excited to be entering into this joint venture with a reputable local partner with a strong track record in student housing,” adds Shaun Robinson, CEO of Somerston Capital.
Source: INTERNOS Global Investors