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German REITs
Gagfah - (Germany Residential GFJ)
Wednesday, 10 April 2013 08:12

Gagfah / Gemeinnützige Aktiengesellschaft für Angestellten-Heimstätten was established in 1918 in Berlin to offer low-priced housing to the masses, and is a German focused (Luxembourg based) housing association, with a geographically diversified portfolio (but focused on Essen, Hanover, Dresden & Berlin) comprising approx 145k units with approx 9m sqm of space & many with parking spaces, making it the second largest homeowner by number of apartments. It carries out all management in-house as well as for third parties (with an additional approx 13k units under management), and offers its units for sale to its tenants at preferential pricing via its Social Charter (which also offers tenants lessee protection far beyond the legal extent and determines the conditions on which housing units may be sold). It changed its name from Nileg / NLG Immobiliengruppe Acquisition Investments in 2006 when it sold much of 2,000 unit / 60k sqm of its ground floor retail commercial portfolio to GE Finance companies. It is now approx a third owned by Fortress Investment Group funds. It’s not a REIT as yet.

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Last Updated on Monday, 29 April 2013 10:44
 
Deutsche-Annington - (Germany Residential DAIG)
Wednesday, 10 April 2013 07:47

Deutsche Annington Immobilien announced IPO plans in early-2013 for its owned & managed residential portfolio comprising over 210,000 apartments (approx 186k owned apartments & 23k managed, plus around 43k garages & 1,450 commercial units), in about 600 locations focused on the Ruhr region in western Germany (Berlin, Düsseldorf, Frankfurt & Munich), worth about €9.9bn. Deutsche Annington’s history goes back to developing affordable housing as cooperatives for employees & officials of the state railway over a hundred years ago, and which were privatized by German Railway Estate / BEV in 2001, whereupon DAIG acquired about a dozen of the companies with approx 65,000 units. The name comes from the British armed forced residential development company which was acquired, followed by 10,000 units from Heimbau in 2003; 4,500 flats from RWE Corp in 2004; and 138,000 from Viterra (plus a commercial arm) in 2005. It has been a subsidiary of Monterey Holdings & Terra Firma private equity (est 1994 with over €44bn of completed transactions). It's not a REIT as yet.

Deutsche-Annington Website Link

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Last Updated on Wednesday, 01 May 2013 10:15
 
LEG Immobilien - (Germany Residential LEG)
Wednesday, 10 April 2013 07:31

LEG Immobilien was established in 1970 (IPO 2013) when Rheinische Heim (Bonn) & Rote Erde (Münster) & Westfälische Lippe Heimstätte (Dortmund) & Rheinische Heimstätte (Düsseldorf) merged into the LEG Group, to focus on the development & refurbishment, acquisition & management of residential properties across North Rhine Westphalia (Rhineland, the Ruhr & Westphalia), comprising about 90,000 houses & apartments with over 250,000 tenants, mostly in central urban areas but with some detached properties in rural residential neighborhoods, and nearly €5bn in total assets. It acquired the portfolio of Neuen Heimat in 1987 with about 38,000 flats; Rheinland Cologne in 1989 with about 8,000 flats; and itself was acquired by Goldman Sachs in 2008 for about €3.5bn (including debt). It is not a REIT as yet.

LEG-NRW Website Link

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Last Updated on Tuesday, 30 April 2013 04:37
 
Cerberus – (USA/Germany Retail)
Wednesday, 10 April 2013 06:58

Cerberus (the multi-headed "hellhound" who guards the gates of the Underworld to anyone escaping), is New York based German focused fund, was reported to be considering plans for REIT conversion & IPO in mid-2013 for its USD$2.6bn / 2bn 900k sqm retail portfolio, mostly comprising Metro wholesale markets & Woolworth retail outlets. External day-to-day management is by Acrest Property Grp & asset management under Cerberus Capital Management (established 1992), “one of the world's leading private investment firms” dedicated to distressed investment with over USD$20bn assets under management in: distressed securities (inc mortgage-based securities, corporate debt & non-performing loans); private equity; “mid-market” commercial lending; and real estate.

CerberusCapital Website Link

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Last Updated on Wednesday, 01 May 2013 10:14
 
VIB Vermögen - (Germany Diversified VIH)
Wednesday, 21 September 2011 06:37

VIB Vermögen was established in 1993 (IPO 2005), and focuses on owning & managing €4-€40m commercial properties across south Germany comprising logistics & industrial, shopping centres & retail parks and a tailored ‘develop-or-buy-and-hold’ strategy, with a portfolio of almost 100 properties with 840k sqm of space (and has developed over 95 with over 800k sqm of space). It is not a REIT as yet.

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Last Updated on Wednesday, 01 May 2013 10:13
 
Schlossgartenbau - (Germany Diversified SGB)
Wednesday, 21 September 2011 06:36

Schlossgartenbau was established in 1921 (as one of four ‘station square societies’ to acquire the vacant land between the old & new railway station; the Central Station in the north to the south Rotebühlplatz), and develops, owns & manages many of the commercial properties along the Koenigsstrasse in downtown Stuttgart, with a portfolio comprising approx upto almost 100k sqm of offices, specialty shops, restaurants, cinemas, kiosks, pavilions, terraces & underground parking. Asset management is carried out by LEG Immobilien / Commercial Buildings. It is not a REIT as yet.

Bahnhofplatz-Gesellschaften Website Link

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Last Updated on Wednesday, 01 May 2013 10:13
 
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