Black Horse Investments GmbH, a single family office from Düsseldorf, acquired the “KAP 2 / New Fashion Plaza” office building (also in Düsseldorf) from Hadar GmbH in a joint-venture.

“New Fashion Plaza” office building in Düsseldorf

The “New Fashion Plaza” is an office building created in 1974 and refurbished in 2009. The property has an occupancy rate of 75% and a total lettable area in the amount of 6,400 sqm. Today, the building is mainly used as a retail shipping center. The building is located at the Kennedydamm, only a few minutes from the well-known Rheinpark. Real estate firm BGA Invest connected seller and buyer of the object. The “New Fashion Plaza” was sold by Berlin-based Hadar GmbH.

Joint-venture of real estate investor and single family office from Düsseldorf

A joint-venture of Kriton Immobilien GmbH and Black Horse Investments is buying the office building. The joint-venture wants to refurbish and restructure the building. For instance, a multi-tenant will be made possible. Black Horse Investments is the single family office of the Düsseldorf-based Schwarz-Schütte family. The family office is also owning the well-known Dreischeibenhaus. Patrick Schwarz-Schütte led the pharmaceutical company “Schwarz Pharma” to an IPO in 1995. He finally sold his shares to Belgian chemical company UCB for €2.6BN.

Picture source: Diri
Source: Konii, 30.06.2020

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Aurum, the single family office of Isareli billionaire Morris Kahn, sold half of its stake in the Beit Aurec project to Harel Insurance Investments and Financial Services for NIS 100M (€25M).

Beit Aurec Real Estate in Tel Aviv

Beit Aurec is a 16,000 sqm property of office and commercial space in Tel Aviv’s Abba Hillel Street. The building has a high 98% occupancy rate, its anchor tenant is the Metier Liquornik law firm. The Morris Kahn family office previously held a 80% stake in Beit Aurec. Now, Harel acquired half of it for NIS 100 (€25M) and now holds 40% of the building. The remaining 20% of Beit Aurec are held by private investors.

Morris Kahn Single Family Office

Morris Kahn is one of the most known billionaires from Israel. He launched Amdocs in 1982 as part of the Aurec group – which is know a billion dollar stock-listed software firm. Today, his family office is active in real estate, venture capital and capital markets.

Picture Source: Shai Pal
Source: Globes, 29.06.2020

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The UK Family Office Vitcorp develops a five-star apartment hotel in Germany’s banking center Frankfurt. The hotel will be operated by Cheval Collection, 2020 is targeted as the opening date.

Five Star Apartment Hotel Development in Frankfurt Sachsenhausen

Vitcorp develops the five-star hotel in Frankfurt Sachsenhausen. The new hotel is opposite the prestigious „Villa Kennedy Hotel“. The design of the new apartment hotel was developed by well-known German architect Eike Becker. Equipped with private balconies for all 181 apartments and cutting-edge design, the development can be considered as a landmark project. The Serviced Apartments will be operated by Cheval Collection. The new „Cheval Maison Frankfurt“ is the first project for the hotel operator in continental Europe.

Vitcorp Family Office active in Germany

Vitcorp Limited is a  „three-generation“ family office from London that is mainly active in property development. The latest focus is on property developments in Germany. Besides the Kennedy Alle project in Frankfurt, the family office also develops projects in Berlin (Greifswalder Strasse and Bergmann Strasse). German property developments of Vitcorp are realized through the German subsidiary SIC Properties GmbH.

Picture Source: Igor Flek
Source: Relocate, 29.06.2020

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DERECO, one of Germany’s major real estate multi family offices, launches a property development project in Saarbrücken (Germany).

„Onetwoseven“ project: joint venture between property developer and family office

Together with real estate developer NORSK Deutschland AG, DERECO formed a joint venture in order to develop 204 student apartments in Saarbrücken. The building permit was granted and the construction will start soon. The project will be realized near the University Saarbrücken at the „Areal am Meerwiesentalweg“. The building will be equipped with a PV-installation which should intend the majority of the energy consumption of the building, also e-mobility charging stations are planned. The project was planned by the Saarbrücken-based architecture firm  BÄUERLE Architekten + Brandschutz.

Source: LifePr.de
Picture Source: Noah Boyer

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The Australian Sunshine Family Office acquired a 1,456sqm property in Rüthen (Germany). The transaction was organized by the German real estate investment firm DRIA GmbH, which manages the investment and asset management for various family offices. The property is rented to Centershop since 2018 and was sold by a Luxembourg-based company. The object also has 64 parking spots.

Sunshine Family Office restructures German real estate portfolio

German DRIA GmbH currently leads the restructuring of the real estate portfolio of the Australian Sunshine Family Office. Two automotive objects in Aurach and Cottbus were sold, a retail object in Halberstadt was acquired.

Source: DRIA
Picture Source: Mike Petrucci

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German real estate investor Commodus acquired a Mixed-Use building in Berlin from an unknown family office. The “Hohenschönhauser Tor” building with office and retail space is located at Weißenseer Weg 35 and has a lettable area of 19.000 sqm. Amongst others, the tenants include a gym, senior housing and medical practices. The Weighted Average Lease Term (WALT) amounts 7 years. Realtor firm Lührmann was serving as a broker for the transaction. The family office sold the property through an asset deal.

Source: Immobilienmanager.de
Picture source: Dimitry Anikin

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German Hartinger Group, the single family office of the Hartinger family, recently acquired the former headquarter of the pharmaceutical company Biogen GmbH in Ismaning, Munich.

Acquiring an office building near Munich

The now-acquired building was built in 1990. The 3 story building has an area of 3000 sqm. The building was usually designed for six parties. The Hartinger family office now intends to revitalize the building and to rent out the office space. The building was sold by a pension fund for a large German company. The purchase price remains undisclosed.

Hartinger Family Office as German real estate investor

The Hartinger Group from Rosenheim is a 3rd Generation family office that is mainly active in the real estate sector. In 2019, the portfolio value rose over €120M, the family office is currently actively acquiring new properties. The company’s portfolio is mainly located in Bavaria.

Sources
Deal-Magazin, 21.05.2020
Alesia Kazantceva (picture), 21.05.2020

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An office block in London’s 10 Fenchurch Street changes its owner: UK firm Retain Propser Ltd. acquires the building from a Hong Kong consortium for £94.2M. Retain Prosper is an affiliate of an influential but low profile family office from China. So far the building was owned jointly by Chuang’s Consortium and Chuang’s China Investments, a Hong-Kong based real estate investment firm. They, in turn, acquired the building in 2016 for £80M from Standard Life.  The asset is sold due to a switch to a “cash is king” strategy amid the uncertainties due to the Corona virus.

Investment in prime commercial building in London

The acquired 11-storey commercial property is a whole block, located between 6-12 Fenchurch Street and 1 Philpot Lane. It’s near Monument Underground station and located in London’s financial district. Tenants include insurer HDI Global and Dutch credit insurer Atratdius. Rental income is around £4.2M per year.

Chinese family office interested in UK real estate

Retain Prosper Ltd., an entity founded in 2019, is an afilliate of the Mighty Divine family office, which represents a few high net worth chinese families. The deal marks the first solo deal of the family office. Alledgedly, the family office already invested in other deals as a silent partner before. Furthermore, Mighty Divine is also active on the HK securities and futures market. In a forward deal, Mighty Divine also aquired a commercial tower in Hong Kong for $320M in 2018.

Picture source: Ed Robertson
Article source: Mingtiandi, 06.05.2020

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The German Dallmayr family office acquired a 3500 sqm office property in Obersendling, Munich. The building has four floors which can be used as office space, as well as space for manufacturing. Currently, the property is rented out to a printing company. The building at the Geretsrieder Straße 10 is located near the metro station Obersendling. In 2016, the building from 1983 was extensively renovated.

Dallmayr Single Family Office investing in German real estate

Thomas Gelb-Randlkofer, CEO of the Dallmayr Family Office TGR Immobilien Vermögensverwaltung, commented on the transaction with: “The building suits us perfectly. The building is well connected to public transit and offers plenty of space for different types of use.” TGR Immobilien Vermögensverwaltung is the family office of the Randlkofer and Wille families, whose fortune developed from Alois Dallmayr’s coffee empire. TGR is exclusively investing in German real estate with a focus on properties in Munich.

Sources
Deal-Magazin, 13.04.2020
Dimitry Anikin (picture), 13.04.2020

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Singapore real estate company City Developments Limited teamed up with French investment company Tikehau Capital and the single family office of billionaire Arvind Tiku to acquire more than 50% of the shares of IREIT Global. IREIT Global is a Singapore-listed real estate investment trust with focus on European office properties.

Real estate investment trust from Singapore with focus on Europe

IREIT Global is a Singapore-listed real estate investment trust which invests in income-producing assets in Europe. Target asset classes are office, retail, industrial and logistics. At the moment, the portfoli consists of five objects with blue chip tenants like Deutsche Telekom and Deutsche Rentenversicherung Bund. So far, the €526.4M portfolio only consists of German properties, located in Münster, Berlin, Bonn, Darmstadt and Munich.

Investment from Arvind Tiku Single Family Office

In a set of transactions, City Developments Limited, Tikehau Capital and the Arvind Tiku single family office (AT Holdings) brought their combined shareholding of IREIT Global to over 50%. The Tiku family office acquired a 5.5% stake for S$17.2 in a off-market deal. Brone de Pampelonne, Senior Partner at Tikehau, commented the transaction with: “The joint increase in stake by both Tikehau Capital and CDL reflects our positive long-term view on the growth prospects and strategy of IREIT, and clearly demonstrates our strong alignment of interest with minority unitholders”. Arvind Tiku is an Indian-born Singapore resident who has an estimated net worth of $2.2BN and invests in real estate and the energy sector.

Sources
Mingtiandi, 13.04.2020
Harry Cao (picture), 13.04.2020

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