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Important institutional investors put real estate market on upward trend

Important institutional investors like Deutsche Bank, DEGI or Natixis help the domestic real estate market switch on an upward trend.

Despite the drop in the first quarter of the year in the volume of transactions on the local real estate market by 68 percent and in the context the European market too dropped by 37 percent, institutional investors continued to operate important trades. The real estate investment company RREEF RealEstate, part of the German group Deutsche Bank acquired this May a real estate project in Bucharest, which includes a residential complex Upground and two office buildings developed by a group of businessmen from Greece and the UK, with the investments having reached 340 million euros, and with this being the most significant trade on the relevant local market. After a few weeks, the investment fund Deutsche Gesellschaft fur Immobilienfonds (DEGI), part of Aberdeen Poperty Investors Group from Scotland, signed an agreement with the Avrig 35 group of companies to take over the Iris shopping centre located in the Titan neighborhood in Bucharest, in a deal worth 147 million euros. Thus, during the first half of the year, the volume of trades reached 570 million euros, that is a growth by 30 percent as against the same interval last year. The domestic real estate market started to become more active no sooner than in 2006, when there were concluded at least 10 deals worth more than 100 million euros. Motivated by the fact that the level of the yields started to drop in Romania too, most of the local developers started to orient themselves towards building such products of a better quality. 'The big deals are the result of the development of the local real estate market and stimulate the development of good quality products,' says Gabriel Biris, managing partner with the law firm Biris Goran, a company which advised the seller in the deal between RREEF and the Greek businessman Ioannis Papalekas. He believes the demand has so far dominated the market, at least on the office buildings sector, with the offer having substantially increased. According to Biris, there are to come more and more significant trades, especially on the office buildings segment, as soon as such large institutional players as Deutsche Bank, DEGI and Natixis appear on the market. Sursa: http://www.rompress.ro

Tags: market estate investors institutional important

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