vestor Level One files for insolvency - Intelligence Report - REFIRE

property, the Hansa Forum in the city centre,
is a mixed-use office and retail centre
with 14,000 sq.m. of lettable space, while
the second, the seven-story Hansa Carree,
consists of six buildings and about
2 0 , 0 0 0
sq.m of
office and
1 , 3 0 0
sq.m of
retail space.
Helaba also acted as lead arranger,
agent and underwriter in financing five
properties worth €�125m bought by Norwegian
investment company Prime Office
Germany. The financed properties
are two yet-to-be-constructed buildings
and three others in the portfolio, with
about 36,000 sq.m of lettable space, with
a 91% occupancy rate. The Norwegian
group, set up by the investment companies
Bjömstad Skjerven Agerup (BSA)
and Orkla Finans Kapitalforvaltning, is
focused on investing in German commercial
property funds and private equity.
GPR 250 Europe
GPR 250 Germany
REFIRE charts courtesy of GPR
Germany/Acquisitions
Carlyle Group buys prime
Düsseldorf site for development
Shrugging off the fears that have led many
project developers to slow down on major
new German commitments, the US private
equity firm The Carlyle Group has
bought a prime site in Düsseldorf which it
plans to re-develop, in line with its strategy
of buying prestigious single assets in
established central business districts.
It bought the site, at Cecilienallee 6-9,
from DEKA Immobilienfonds, an openended
fund owned by the Frankfurt-based
DEKA Bank. No price for the deal was
disclosed, although Nord/LB is providing
the financing for the deal.
Carlyle Europe Real Estate plans to
demolish the existing property when tenancies
expire in August 2009 and to then
construct a new modern office building
in its place with 14,000 sq.m of space.
Commenting on the deal, Carlyle’s Ger-
GRAPH-1
Total Return Performance GPR 250 Index (��
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18
many managing director Wulf Meinel
said that Düsseldorf appealed because of
its economic strength and stability among
Germany’s major centres. He added:
“This investment is totally in line with our
strategy of identifying attractive properties
with significant upside potential from
demolishing existing outdated buildings
and developing modern, state-of-the-art
premises in strong local markets.”
Carlyle has three Europe Real Estate
Partners funds now active in Europe.
The funds have invested in office, retail,
and logistic real estate portfolios with an
area of about 600,000 m² in Germany,
and include, amongst others, Gänsemarkt
45, Freshfields-Haus and BrahmsQuartier
in Hamburg, the Versatel building in Stuttgart
and Lindenpark in Hannover.
The third European real estate fund,
Carlyle Europe Real Estate Partners
III (CEREP III), was recently closed at �€2.2
billion. With leverage, this should give
Carlyle’s pan-European team of 46 people
up to about �€9 billion to invest. The
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Source: Global Property Research, 2008
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