Latest News
Press
HDG Mansur Purchase €285 Million European Property Portfolio
24 July 2006
The London office of HDG Mansur has completed the acquisition of € 285 million of European real
estate transactions on behalf of a private client. The six properties are located in Germany and
the Netherlands, two new markets for HDG Mansur. The net yield for the combined purchases in
Germany and the Netherlands is just under seven per cent.
Five modern office buildings were purchased in Germany – four in Frankfurt and one in Munich
from, Calliston, a leading German developer who specializes in business parks and asset
management, for € 190 million. The buildings are all fully occupied and leased to international
corporations. The four buildings in Frankfurt are leased to GE, Siemens, Celanese and Techem
AG. The building in Munich is leased to Sun Microsystems. The five buildings offer a total of
832,000 sq. ft. of office space.
Chairman and CEO of HDG Mansur, Harold D. Garrison stated: "This is our first foray into the
German real estate market and we are very pleased to have wrapped up this transaction at this
stage of the property cycle. The German market has been through a difficult period with over
building and falling rents but these acquisitions are timed to take advantage of an increased
market optimism which is already resulting in strengthening occupier demand for space.
"The investment market is expected to become even more competitive with the weight of
international money seeking a home in real estate resulting in increasing values over the next
several years."
The Netherlands deal involved the acquisition of a newly constructed purpose built office complex
for € 95.85 million in Zwolle. The landmark 19 storey tower is leased to ABN Amro for ten years
and serves as its headquarters. HDG Mansur purchased the building from a fund managed by the
German Bankhaus Wölbern, based in Hamburg. The tower has a total of 318,500 sq. ft. of
rentable office space along with 482 parking spaces. The building is in a prime location near the
motorway providing easy access by car from within Zwolle and to and from other major cities in
the Netherlands.
Harold D. Garrison continued: "This is our first purchase in the Netherlands and we are looking at
completing more deals in the territory. Current soft market conditions in the Netherlands for the
office sector are expected to improve over the next five years following projections of economic
growth and more restrained supply conditions. The investment market is anticipated to remain
competitive which combined with an improving office market is forecast to result in yield
compression throughout the Amsterdam region.
" € 285 million in real estate transactions is a clear indication to the market that HDG Mansur is a
serious player in the European real estate market. These are the first two deals we have
completed in Germany and the Netherlands. We have plans for further acquisitions throughout
Europe and are actively looking for further opportunities, particularly in Italy, France, Spain,
Poland and the Czech Republic."
-Ends-
Editors Notes:
1 HDG Mansur is an international real estate industry leader specialising in real estate fund and
asset management services and property development services. These services are structured to
support the specific requirements of high net worth individuals and their private banks, trust
companies and financial advisors.
2 HDG Mansur has more than 20 years experience in international property, with specialist
knowledge of large-scale master-planned and mixed-use urban regeneration projects.
3 HDG Mansur is particularly experienced in advising, developing and managing $4.7 billion in
international real estate investments on behalf of private global clients with properties in the United
States, Canada, United Kingdom, Europe and South East Asia.
4 HDG Mansur has 26 million sq.ft in real estate investments.
5 HDG Mansur has $1 billion invested in property developments.
6 HDG Mansur has $1.1 billion invested in planned and managed equity.
7 HDG Mansur has $2.5 billion of assets currently under investment.
8 HDG Mansur has $2.4 billion in real estate fund investments.
9 HDG Mansur has $3.6 billion invested in real estate financing.
10 HDG Mansur has offices in London, New York and Indianapolis.
For further information, please contact Kieron Smith at ADC Blueprint on 020 7349 6280 or ksmith@adcblueprint.com