FINANCE 2006HGA Capital presents good track record for 2005GA Capital Grundbesitz und Anlage GmbH, Hamburg had a total of 24 funds under management at the end of 2005. Of these, 13 funds were invested in German real estate and eleven in properties outside Germany Hypoport joins forces with Dutch master servicer PrommiseThe financial services group Hypoport AG has acquired the Dutch master servicing company Prommise with the aim of strengthening its position in deal-related investor information and analytics, investor reporting and master servicing for the ABS market across Europe, and to provide a platform to access other business opportunities in the Netherlands HypoVereinsbank sells EUR 960m non-performing real estate loan portfolio to Goldman SachsBayerische Hypo- und Vereinsbank AG (HVB) has sold a EUR 960m non-performing real estate loan portfolio to Goldman Sachs following a competitive auction process. Approximately 60% of the loans come from HVB's Real Estate Restructuring unit (RER). The parties have agreed not to disclose the purchase price Lehman Brothers give Gagfah "Hold" ratingThe investment bank's Global Equity Research paper dated 29 November 2006 says the shares are fully priced based on GAGFAH’s current acquisition strategy, and it initiates coverage with a 2-Equal weight rating and a EUR 23 target price. However, it believes that a multi-billion ‘surprise’ acquisition could justify further upside from current levels ING Real Estate launches the Eurosiris Fund of FundsING Real Estate Select – the newly named global multi-manager business division within ING Real Estate Investment Management – is launching the Eurosiris Fund to meet the escalating investor demand for additional property sector investment into continental Europe Hypoport and Stater form joint ventureGerman financial services group Hypoport AG and the Netherlands-based mortgage service provider Stater NV have announced their intention to cooperate in a joint venture aimed at bringing Hypoport’s proprietary internet-based B2B financial products platform EUROPACE into the Dutch market Colonia Real Estate issues five year convertible bondColonia Real Estate AG will offer 549,640 convertible bonds to its shareholders at a price of EUR 100. The subscription ratio will be set at 7:200 Franconofurt after-tax profit EUR 2.7m for Jan-Sept 2006Franconofurt AG, formerly FRIMAG Frankfurter Immobilien AG, increased its after-tax profit five times to EUR 2.7m in the first nine months of 2006, the company has announced. Net profit after minority interests rose 400% year-on-year to EUR 2.3m.
The profit from ordinary operations rose substantially to EUR 4.2m, from EUR 1.1m in the first three quarters of 2005 Design Bau AG EBIT minus EUR 0.7m for H1 2006Listed real estate group Design Bau AG, Kiel posted earnings before interest and tax (EBIT) of minus EUR 0.7m for the first half of fiscal year 2006/07, ending on August 31, down from EUR 0.6m in the previous period Deutsche EuroShop nets EUR 32.4m in Jan-Sept 2006Commercial real estate investor Deutsche EuroShop AG posted a net profit of EUR 32.4m euro for the first nine months of 2006, compared with EUR 15.7m in the year-earlier period, the company said Colonia Real Estate AG: record result in Q3Colonia Real Estate AG, Cologne improved its result in all business units in the 3rd Quarter 2006. Group net income jumped to EUR 18.99m (plus 382%) in the first nine months after EUR 4.97m in the same period last year. This corresponds to an earning per share (EPS) of EUR 1.24 for the first 9 months. Total operating performance increased from EUR 4.60m to EUR 74.73m
DIC Asset Q3 figures show continued growth and sustained high profitabilityDIC Asset AG’s consolidated net income more than doubled compared to the first nine months 2005, to EUR 6.4m (up 156%). Total revenues for the first three quarters of 2006 were EUR 7.2m higher than during the same period of the previous year, at EUR 28.5m (up 34%) Vivacon increases EBIT from EUR 3.0m to EUR 30.0m in Q3 2006Vivacon AG, Cologne, has achieved in the three months of the third quarter the best Q3 result in the company's history. Selling volume of notarized residential units more than thirty-fold increased and rose to EUR 225.3m in Q3 2006 versus EUR 6.7m in the same period of last year IVG continues growth strategyIn the first nine months of 2006, IVG Immobilien AG, Bonn improved all earnings ratios as against the previous year. Against the first nine months of 2005, Group EBIT improved from EUR140 million to EUR208 million. Net profit improved from EUR56 million to EUR127 million
Francono West increases capital to EUR 3.0mFranconofurt AG has increased the capital of its 100%-owned subsidiary Francono West AG to EUR 3.0m from EUR 100,000 IVG-Fonds EuroSelect 12 fully placed after four monthsIVG has successfully placed its EUR 160m EuroSelect 12 fund. Private investors participated through this fund in an office building at 60 London Wall, in the City of London Deutsche Annington bank consortium to issue CMBSThe bank consortium which has provided the debt for Deutsche Annington Immobilien Group, Germany's largest residential housing company, owned by private equity company Terra Firma Capital Partners, is to issue EUR 5.4bn in commercial mortgage backed securities, according to report by IPE Real Estate
IC Immobilien Group plans IPOIC Immobilien Gruppe, Münich, has announced its intention to list on the Hamburg stock exchange in July this year. IC Immobilien, owned by BBV Holding AG (Bayerische Beamten Versicherungen), will offer 888,838 new shares to increase its issued share capital to EUR 2.8m. The proceeds will be used in part to acquire distressed investment funds
Cominvest reduces its holding in VivaconCominvest Asset Management, the investment management division of Commerzbank, has reduced its holding in Vivacon AG to 4.79%. On 23 June Vivacon cancelled the IPO of Vivacon German Properties plc, as a result of poor investor response to the issue Commerz Grundbesitz Group turns around its open-ended fundsThe positive trend for the two property retail funds managed by Commerzbank subsidiary Commerz Grundbesitz-Investmentgesellschaft (CGI), hausInvest europa and hausInvest global has continued since it began in mid 2005 Vivacon German Properties PLC bookbuilding extended by one dayVivacon AG, Cologne has announced that as a result of investor feedback received during the IPO Roadshow of Vivacon German Properties PLC, it has agreed with VGP PLC to exclude the performance-related component from the agreed remuneration structure Teesland iOG buys out German partnerTeesland iOG, the pan-European fund management group, announced today that it has bought out its German JV partner, Bauwert, as part of its ongoing strategy to expand and strengthen its European platform and to develop a new range of continental based Funds. The move follows a successful partnership between the two groups over the past four years and means that Teesland iOG will now be the outright owner of its Berlin office. IMMOEAST to issue EUR 2.9bn new sharesIMMOEAST Immobilien Anlagen AG, Vienna will begin the largest capital increase in its history on 24 May, with the issue of up to 333.5m new shares.The price range will be up to EUR 9.50 per share
Tchibo Group grows revenues to €8.8bn in 2005
Finartis is largest shareholder in ESCADA
ECO Business-Immobilien reports record Q1 resultsECO Business-Immobilien AG, quoted on the Vienna stock exchange, has announced record results for the first quarter 2006. Boetzelen completes EUR 20m MBSBoetzelen RheinMainHypo Vermögens-verwaltung GmbH, a company in the Boetzelen Group, Düsseldorf has completed its first mortgage backed security (MBS) with the purchase of a hypermarket in Velbert-Langenberg leased to the REWE supermarket group Time Equities plans to invest EUR 100m in GermanyNew York based Time Equities, Inc. views Germany as one of the world's best real-estate bargains. The company has recently spent $1.7 million to buy a 23-unit apartment building on the border of Berlin's Prenzlauer Berg district, and a retail building five-minute's walk from Frankfurt's main shopping strip Deka to sell EUR 1 bn portfolioDekaBank, Frankfurt the investment management division of the German Sparkassen (savings banks) is on the verge of selling a major property portfolio worth around EUR 1bn from its German real estate fund, the Financial Times Deutschland reported, citing real estate fund unit managing director Reinhardt Gennies.
Deutsche Euroshop increases turnover in Q1 by 31%
Patrizia Immobilien doubles Q1 profitPatrizia Immobilien AG, Augsburg, announced that it had increased turnover in the first quarter of 2006 to EUR 29.9m, compared with EUR 13.7m in 2005. The increase was due principally to rising real estate sales prices Vivacon Q1 loss despite increase in turnoverVivacon AG, Cologne, the listed residential real estate asset manager specialising in ground rents, announced a first quarter loss before interest and tax (EBIT) of EUR 5.4m, compared with a profit of EUR 5.7m for the previous year Colonia Real Estate Q1 profit increaseColonia Real Estate AG, Cologne, one of Germany's leading listed property companies, announced earnings before interest and tax (EBIT) of EUR 6.88m, compared with EUR 321,000 the previous year. The record in quarterly earnings is largely attributable to the development of the residential portfolio. The company was able to buy real estate at prices significantly below market value
Hammerson to become a REITLondon based Hammerson plc, one of Europe's largest property companies with assets of more than £5.7bn, has announced it will become a real estate investment trust (REIT) in 2007, if the UK government introduces the legislation proposed in the latest Budget German Q1 growth rate of 0.4% below expectationsThe German economy grew at 0.4% in the first quarter of 2006, according to Eurostat, the official statistics agency of the European Union. Growth in the 12 Eurozone countries taken together was 0.6% Hypo Real Estate shareholders reject share options
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The coffee-roaster and household goods retailer Tchibo Group, Hamburg, increased its revenues for fiscal 2005 by 6 percent year on year, to €8.788 million (2004: €8.330 million). Half of the revenue was generated in Germany, the other half in markets outside the country
The Geneva, Switzerland based financial group Finartis has acquired a 27% shareholding in Germany's leading womens fashion designer and retailer ESCADA AG. Finartis, through its investment company European New Horizon, has acquired 100% control of HMD Investment Partners LP from US private equity fund HMD Partners, which obtained a 27% stake in ESCADA in 2003 following an increase in the company’s share capital.
Deutsche Euroshop AG, Hamburg, the only listed company in Germany to be focused on shopping centres, announced a first quarter profit of EURO 17.3m (EURO 13.6m in 2005). Projected earnings for 2006 are EUR 72-75m.Deutsche Euroshop has a market presence in Germany, Austria, Hungary, Poland and Italy. Revenue rose by 31% from EURO 17.4 million to EURO 22.7 million in the first three months of financial year 2006
At a General Meeting of shareholders of Europe's leading real estate bank, Hypo Real Estate Bank AG in Munich on 8 May 2006, a proposal to award up to 700,000 share options annually to managers and staff was rejected
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