PAMERA Cornerstone Real Estate Advisers facilitated a total of 15 real estate transactions with a total volume of €332 million in 2014. Acquisitions accounted for €232 million, while sales transactions facilitated totalled around €100 million.
The properties acquired were for, and together with, clients in the private equity fund sector and for the Stuttgart Immobilienspezialfonds (special property fund - SIS). PAMERA Cornerstone has been instructed as asset manager for all the properties acquired. PAMERA Cornerstone also retained the asset management and letting instructions for the majority of the properties sold. The company currently has around €1.1 bln of assets under management.
PAMERA Cornerstone has been operating as the German platform of the worldwide Cornerstone Real Estate Advisers Group, the real estate subsidiary of the Massachusetts Mutual insurance and finance group, since July 2014. Last year Cornerstone facilitated transactions with a volume of around €5 bln. Around €1.9 bln was accounted for by property acquisitions and 3.1 bn Euro (3.5 bn USD) by sales. Real estate finance totalling ca. €5.7 bln was also provided. This equates to a 22% year-on-year increase in the volume of transactions.
In 2014 PAMERA Cornerstone also concluded or extended 127 leases on a total of ca. 120,000 m² of office, retail, storage, café/restaurant and residential accommodation. The focus was on the office sector, accounting for around 103,000 m², and retail with 8,800 m².
Christoph Wittkop, Managing Director and country head of Cornerstone in Germany, comments on the figures: “2014 was a successful and significant year for us. Firstly, as planned we were able further to increase our volume of business, both in real estate transactions and in asset management. Secondly, we became part of the Cornerstone Real Estate Advisers Group. With this powerful partner, we have gained access to wider international markets, including the USA, UK and Scandinavia, as well as introducing new investors to Germany and German investment properties. This allows us to offer new business opportunities to our existing clients and those gained through the Cornerstone transaction, and to present ourselves more widely and with greater diversification. In the current year we aim, inter alia, to strengthen our activities even further for institutional investors across different asset classes and risk profiles. “
Source: PAMERA Cornerstone