Office deals point to buoyant transaction activity levels
Investment volume numbers for Q1 2017 from the various usual sources all point to a substantially lower year-on-year level for Europe as a whole, ameliorated by a higher year-on-year level of activity for continental Europe. This dichotomy is due to the unsurprising impact of Brexit on the UK real estate investment market and, therefore, on Europe in aggregate.
Office deals are in particular vogue. In Berlin, Warburg-HIH Invest Real Estate sold Fasanenpalais, a 7,400-square-metre office and retail property located at Kurfürstendamm 26a, to Aachener Grundvermögen Kapitalverwaltungsgesellschaft. Warburg-HIH Invest acquired the property, built in 1793 and modernised in 2007, in 2012. In Berlin-Wilmersdorf, M&G Real Estate acquired the 22,521-square-metre Badensche Strasse office building for €94.1 million from an entity managed by J.P. Morgan Asset Management. The recently-refurbished property comprises two adjoining buildings with four floors and two basement levels; the