Credit Suisse to sell German properties valued at 700m euros
Credit Suisse Group AG is selling commercial buildings in Germany valued at about 700 million euros (S$1.2 billion) as it liquidates property mutual funds in the country, two people with knowledge of the matter said
Suisse Group AG is selling commercial buildings in Germany valued at about 700 million euros (S$1.2 billion) as it liquidates property mutual funds in the country, two people with knowledge of the matter said.
Brookfield Financial is managing the sale, said the people, who asked not to be identified because the matter is private. Some of the 20 properties being sold are held by Credit Suisse's CS Euroreal fund and include the German headquarters of Royal Philips NV in Hamburg, one of the people added.
A spokeswoman at Zurich-based Credit Suisse and a spokesman at Brookfield Financial, a unit of Toronto-based Brookfield Asset Management Inc, declined to comment.
German property funds began winding down more than 25 billion euros of assets in 2010 after investors, shaken by the global financial crisis, sought more redemptions than funds could immediately meet. More than 13 of the 44 funds have suspended redemptions or are liquidating, noted Sonja Knorr, an analyst at Berlin-based Scope Ratings.
Mall of Berlin: The one billion euro mall will open next month with 76,000 sq m of retail space, apartments, a hotel and 1,000 parking spots. -
[BERLIN] When Harald Huth bought the former Wertheim department store site in central Berlin, he planned to build a mall with 200 shops for about 400 million euros (S$690 million). Three years and almost one billion euros later, he's set to open Germany's biggest shopping centre, with 270 stores.
The developer's growing ambitions reflect Berlin's emergence as a shopping destination. Retail rents in the capital climbed the most among Germany's big cities last year, driven by a surge in tourism and a growing population.
"In the past 10 years, Berlin has developed excellently," Mr Huth, 45, said. "The tenant demand we received gave me confidence that the project could be bigger." Germany's biggest city has been something of an emerging market in the decades of rebuilding that followed the fall of the Berlin Wall in 1989.
Though Berliners' incomes are still lower than the national average, the city is beginning to attract brands like Apple and Forever 21, which opened stores there last year.