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Allianz expands German real estate portfolio with €214 million office acquisition

Allianz Real Estate has expanded its German real estate portfolio with the acquisition of a €214 million office asset. The manager said it has acquired the NM28 office building in Munich in a sale-and-leaseback transaction with Bertelsmann. Allianz said the deal, which is expected to close in the fourth quarter of the year, was signed on behalf of several Allianz group companies. Built in the late 1990s and located in Berg am Laim, NM28’s 32,726sqm are divided across two buildings...

Aberdeen Standard suspends trading in global real estate fund

Aberdeen Standard Investments has suspended trading in its global real estate fund, following the ‘gating’ of a number of open-ended property funds in the UK. Earlier today, the company froze its £1.7bn (€1.8bn) Standard Life Investments UK Real Estate Fund and its £1.1bn Aberdeen UK Property Fund. In a subsequent statement, Aberdeen Standard said it had also gated its £550m ASI Global Real Estate Fund, due to “material uncertainty over valuations of certain physical assets”. The fund invests in a...

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CBRE GI buys London office building for separate account client

CBRE Global Investors has acquired a 229,129sqft Grade A office building in London on behalf of an unnamed international separate account client. CBRE GI said it has bought Premier Place from Greycoat and an affiliate of Morgan Stanley Real Estate Investing for an undisclosed sum. The nine-storey office building, fully let to two office tenants, has three retail units on the ground floor and also has three basement levels. Chris Gilchrist-Fisher, senior director, CBRE Global Investors, said: “This is an...

AEW acquires last-mile distribution centre for German separate account

Real estate manager AEW has acquired a last-mile distribution centre located in Germany on behalf of a German separate account. AEW said it has paid an undisclosed amount to buy the 24,200sqm distribution centre located in Erfurt from Munich based developer GIEAG. The recently completed asset is fully let to an American online retailer on a long term lease agreement. AEW said the strategy for the mandate focuses on building a core logistics portfolio in key logistics hubs across Germany...

Round Hill and NBK buy 368-bed student housing development site

Round Hill Capital and NBK Capital funds have acquired a 368-bed student accommodation development in Ireland. The unnamed funds have bought The Liberties area site of Dublin 8 from Summix for an €85 million development project. The development is located on the former Brewery Block site adjacent to Newmarket Square. Construction of the new development, which will commence in July 2020, will integrate a five-storey red brick tower and the façade of the now derelict warehouses that currently occupy part...

GLP expands European presence with €1 billion Goodman CEE portfolio deal

Global investment manager GLP has expanded its European presence to 10 countries with the acquisition of Goodman Group’s Central and Eastern Europe (CEE) logistics portfolio for €1 billion (A$1.7bn). GLP, which entered Europe in October 2017 with the €2.4bn Gazeley acquisition, has now added Goodman’s 2.4m sqm portfolio spread across Poland, the Czech Republic, Slovakia and Hungary to its existing assets spread across the UK, Germany, France, Spain, Italy, Poland and the Netherlands. The deal, which is subject to regulatory...