Morgan Stanley Real Estate Funds (MSREF) has just acquired a 50% interest each the in the German eBay headquarters near Berlin and a Telekom property in Hamburg. Both real estate packages had been acquired by DIC Asset AG (Deutsche Immobilien Chancen) with an investment volume of almost 60 million.
The eBay real estate portfolio acquired in December 2004 has a total area of 19,000 m² and provides space for 1,300 employees. eBay has rented these buildings as German headquarters on a long-term basis. The 15,000 m² of useful area of the Telekom property in Hamburg has been leased to Deutsche Telekom on a long-term basis.
DIC and MSREF have been exclusive joint venture partners for commercial real estate transactions in Germany for more than 12 months. The most recent joint transaction of both companies was the acquisition of a portfolio including 57 properties of Frankfurter Sparkasse. The entire volume of joint transactions since last year amounts to over 250 million. Apart from this, Morgan Stanley Real Estate Funds has acquired an interest of 25.1% in DIC in July 2005.
Source: DIG
