BANIF Inmobiliario, has acquired two real properties - in Duesseldorf and Hamburg - for the German real estate portfolio of five large Spanish insurance companies. The company, which specialises in real estate acquisition, belongs to Grupo Santander and is the real estate division of the Spanish private bank BANIF. The total purchase price was approx. EUR 24 million. As in the past Berlin partner, Dr Andreas Otto, and his team advised BANIF Inmobiliario and its assets property manager, the Munich IC Immobilien group. The seller of Airport Office II at Duesseldorf Airport is Fair Value Reit AG, one of two German REITs. The seller of the office and business premises in Hamburg is DEFO Deutsche Fonds für Immobilienvermögen, a fund company belonging to Union Investment.
With the three real properties acquired for the insurance portfolio last year with a total value of approx. EUR 35 million and the two department stores recently acquired with a value of EUR 30 million the volume of the funds managed by BANIF has now increased to approx. EUR 89 million. BANIF has also stated that it is its intention to continue to invest in Germany in 2009.
Dr Andreas Otto, coordinator of the CMS Hasche Sigle Spanish Desk: "These purchases show how attractive the still comparatively steady German real estate market is for equity-strong investors. Next year the buyers' market will continue to develop even more markedly, offering good opportunities for attractive purchases for real estate funds."
BANIF is the leading private bank in Spain and manages assets of EUR 30 billion. In 2007 the real estate division, BANIF Inmobiliario, advised clients on acquisitions with a value of over EUR 1.7 billion.
Advisers CMS Hasche Sigle:
Dr Andreas Otto, Lead Partner, Real Estate, Construction, Environment, Spanish Desk
Dr Kai-Guido Schick, Real Estate, Construction, Environment
Dr Andreas Otto
Tel: +49 30 / 2 03 60 – 15 06
E-mail: [email protected]