OFFICE INVESTMENTS SLIGHTLY ABOVE 10-YEAR AVERAGE
The nationwide office property transaction volume amounted to almost €10.4 billion in the first half of the year. This represents a decrease of 10% when compared with the previous year, yet slightly exceeded the ten-year average. However, an analysis of this result must take into account that it is influenced by an unusually high proportion of portfolio product. At €3.5 billion, portfolios account for about one third of revenue. Particularly the TLG takeover by Aroundtown, and the sale of Godewind’s shares to Covivio have had a particularly strong impact on this result. Furthermore, the effects of lockdown and contact restrictions were clearly felt in the second quarter. A number of large-volume deals were put on hold for the time being to await further developments. Many of these deals are now restarting the transaction process and should be concluded in the second half of the year. As a result, investment turnover in Q2 was also lower than in recent years at just under €4.1 billion. Nonetheless, it is still slightly above the long-term average. Among the most important transactions were the sale of Westend Carree in Frankfurt, I/D Cologne in Cologne, Ericus-Contor in Hamburg, the Schützenstrasse quarter in Berlin and Bertelsmann's Munich headquarters.
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