Transaction volume totals approx. €5.53bn - retail properties dominate.
Transaction volume totals approx. €5.53bn - retail properties dominate.
Approximately €5.53bn of commercial property changed hands in Germany in Q1 2011 according to international real estate advisor Savills. Retail transactions accounted for 55% of the total transaction volume and 65% of total portfolio transactions, but the firm highlights that the two major deals in Q1 were both in the retail sector each with a transaction volume of €700m. These deals were Cerberus’ purchase of 44 cash and carry properties and a logistics centre from Metro and the Canadian pension fund CPP Investment Board’s acquisition of a 50% stake in CentrO Oberhausen.
Apart from these two major deals Savills reports that a further eight transactions totalling over €100m were completed in Q1 2011. Amongst these transactions were the sale of the BrahmsQuartier office buildings in Hamburg and Friedrich Carré in Berlin which contributed significantly to the 20% share (€1.09bn) of the office sector in the total transaction volume. Industrial and warehouse properties accounted for 6% (€0.34bn) and development sites and hotel investments each accounted for 5% (€0.29bn) of the total transaction volume. In addition almost €460m (9%) were invested in mixed-use buildings and special-purpose properties.
Lars-Oliver Breuer, head of investment Savills Germany, says: “The strong performance of the investment market was clearly dominated by transactions involving retail properties, particularly by the sale of the Metro portfolio and the CentrO in Oberhausen.