Chamartín Meermann Immobilien AG (CMI AG) is preparing for its Initial Public Offering (IPO). The company aims to increase capital with a public offering in Germany as well as with private placements throughout Europe. The initial listing of the CMI shares will take place on the Prime Standard of the Frankfurt Stock Exchange. Proceeds will serve to strengthen the company’s equity base and help finance further growth in Berlin, one of the most attractive real estate locations in Europe. Hauck & Aufhäuser Privatbankiers KGaA and BankM – representative office of biw Bank für Investments und Wertpapiere AG will act as joint lead manager and joint bookrunner. Silvia Quandt & Cie. AG will act as colead manager. In addition comdirect Bank AG, DAB bank AG as well as flatex Online broker will take over the role as selling agents.

“We see the IPO as the next logical step in our growth strategy,” comments Heinz H. Meermann, founder and Chairman of the Supervisory Board at CMI AG. “With a project volume of about EUR 600 million and a developing space of more than 200,000 sqm, Chamartín Meermann Immobilien has achieved a size that requires greater financing flexibility, broadening the shareholder base and corresponding transparency.”

Chamartín Meermann Group can look back on more than 30 years of experience in project development and has realised more than 50 high-end renovations of old buildings as well as numerous new constructions in the German capital. CMI AG emerged from the cooperation between Meermann Bau- und Invest GmbH and the Spanish real estate group Inmobiliaria Chamartín S.A., Madrid, which currently holds an ownership stake of about 90%. Together, the two partners formed CMI AG, the market leading real estate developer in Berlin, and pooled both their investment activities and development endeavours in the company in 2009. In the 2009 financial year Chamartín Meermann Immobilien generated revenues of €73.6 million on a pro forma basis (including full consolidation of the Group’s managed and consolidated project subsidiaries) and earnings before taxes (EBT) of €15.1 million.

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AMB Property Corporation today announced it has leased approximately 149,000 square feet (13,840 square meters) in its Europe development portfolio and stabilized its Hamburg development pipeline during the second quarter.

Development leasing activity includes:
- 86,000 square feet (7,990 square meters) leased to a leading European transport and logistics company with a global customer base. The customer renewed its existing lease and expanded into this additional space at AMB Hausbruch Industrial Center. This development is proximate to the Altenwerder Terminals of the Port of Hamburg and approximately 10 kilometers from the Hamburg city center . Following this transaction, the 426,552 square foot (39,630 square meters) Hamburg development portfolio is fully stabilized.

- 63,000 square feet (5,850 square meters) in its AMB Fokker Logistics Center 3A to UTi Nederland BV, a subsidiary of UTi Worldwide Inc., a global company specializing in client-specific supply chain solutions . This lease expands UTi's global footprint with AMB into the Amsterdam market, in addition to 12 leases in the U.S. The facility is adjacent to Amsterdam Airport Schiphol.

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The real estate industry is as confident as it was before the onset of the economic and financial crisis. The poll-based Real Estate Climate of the King Sturge Real Estate Economy Index, which is determined monthly, rose by 4.9 percent in June. At 104.0 index points (up from 99.2 the previous month), it reached its first record peak since March 2008. The crossing of the 100-point threshold suggests that the majority of the 1000 market players participating in the poll take a positive view of the real estate market. The growth of the real estate climate is rooted in the development of its sub-components Investment Climate and Rental Income. While the Investment Climate – indicating the inclination to buy or invest – has stabilised in the three-digit range since March of this year and just reached a new high-water mark at 117.0 points (up from 111.9 in May), the user demand and rental growth reflected in the Rental Income sub-index still draws a slightly negative majority vote. That said, the market players did return a higher score for it in June, causing it to perk up by 5.3 percent (from 87.0 points in May to 91.6 points in June).

“The real estate economy currently benefits from the noticeable, if reticent, general economic recovery,” elaborated Sascha Hettrich, Managing Partner of King Sturge Deutschland. “Despite the persistent risks on the currency and financial markets, the signs – at least in Germany – are pointing toward an upturn again. It is now of the essence to sustain this confidence and not to have the waters muddied by yet another loss of faith.”

Industry and Logistics Real Estate Captured as Additional Asset Class
Starting with the June survey, the King Sturge Real Estate Economy Index will also cover estimates of the situation in industrial and logistics real estate while excluding the heavy industry segment. This segment, in US parlance referred to as “light industrial,” has a market value of 1.1 trillion Euros in Germany, and includes specifically transformation, production and logistics real estate, multi-tenant properties/ trading estates as well as the research and development sector. “The idea behind capturing the industrial climate is to face up to the significance of this asset class and to contribute to the ongoing push for more market transparency in the real estate industry,” said Hettrich. In June, the Industrial Climate weighed in at 96.7 index points, that is, halfway between the Office Climate and the Retail Climate. At 83.5 points (81.5 last month) still considered the riskiest segment, office real estate did score a modest 2.5 percent gain. The Retail and Residential Climates manifested a bullish growth of 6.9 and 6.1 percent, respectively, as they continued their positive performance at 109.9 (up from 102.8) and 146.4 (up from 137.9) index points, respectively.

Macroeconomic Indicators Continue to Deteriorate
Notwithstanding the recent optimism, it is too early to close the book on the economic crisis, or so the Real Estate Economy Situation index suggests, which is based on the macroeconomic data of DAX, ifo, DIMAX, interest rates and government bonds. In face of the lingering national crises and the Euro crisis, it has slipped for the second month in a row and reported a score of 178.0 points (compared to 180.4 last month). Commented Hettrich: “There is ample cause to be doubtful about the thrust of the economic development even in the second semester. Yet I am actually convinced that the real estate industry’s optimism is justified. For, unless outside calamities blur the picture, the current status quo does offer a sound basis for a sustained growth of the industry.

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Real Estate Investors announces the appointment of John Crabtree OBE, DL, D.Univ, as non executive Chairman and William Wyatt as non executive director of the Board, both with effect from 28 June 2010. Mr Crabtree replaces Peter Lewin who is standing down as Chairman, but will remain on the Board as a non executive director.

John Rawcliffe Airey Crabtree OBE (aged 60) has a very wide variety of business, community and charitable interests, predominantly in the West Midlands. Until 2003, he was senior partner of Wragge & Co, the leading Birmingham based national firm of solicitors and, until recently, he was Chairman of both Metalrax Group plc and Claimar Care Group plc. He is currently Chairman of SLR Management Limited, TruckEast, Birmingham Hippodrome Theatre Trust and the charity, Sense. He is also senior independent director of Staffline Holdings plc and a director of Advantage West Midlands (the regional development authority). He is a former President of Birmingham Chamber of Commerce & Industry, was High Sheriff of the West Midlands and is currently Deputy Lieutenant.

In 2003, he was awarded UK’s ‘Lawyer of the Year’ and Birmingham Law Society’s ‘Lifetime Achievement Award’.

William Penfold Wyatt (aged 41) is an executive director of Caledonia Investments Plc, the FTSE 250 listed Investment Trust which owns 28.17% of REI. He is due to take over as CEO of Caledonia in July this year. Mr Wyatt is a director of a number of listed businesses on behalf of Caledonia including Melrose Resources Plc, Avanti Communications Plc, Terrace Hill Plc and Bristow Group Inc.

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pbb Deutsche Pfandbriefbank and Bank of Scotland have renewed a €204 million (£171 million)investment facility to V+UK a fund managed by Valad Property Group. The transaction was successfully completed as a club deal, with pbb Deutsche Pfandbriefbank providing €133 million (£111 million) as Senior Lender and Bank of Scotland providing €72 million (£60 million) as Junior Lender and Facility Agent.

V+UK has a portfolio of 81 commercial properties, which are located across the UK. The portfolio is equally split by value into office, light industrial sector and retail sector.

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Henderson Global Investors, on behalf of its Henderson Caspar Property Fund, has completed the sale of the Nokia UK ltd. building in Fleet to a syndicated middle eastern purchaser for £8.15 million. The price reflects a net initial yield of 8.52%.

The virtual freehold property comprises 51,924 sq ft of high spec office/production accommodation. The property was purpose built in 2002 for the tenant - Nokia UK ltd - who has a lease on the entire building until 24 May 2024, subject to tenant only breaks in 2015 and 2020 (5 years term certain). The passing rent is £735,000 per annum with clauses in place to set it as the higher of either the market rent or RPI, capped at 2.5% at review in 2014 and 2019.

Drivers Jonas Deloitte advised Henderson on the disposal. The buyer was unrepresented.

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Residential and mixed use developer Native Land has been granted planning consent for the conversion of 10,000 sq ft of office space in Old Church Street, Chelsea into eight luxury one-to-three bedroom apartments and additional car parking.

The new apartments, designed by MSMR architects, will complement the existing residential at Waldron House of five duplex apartments and ten mews houses located at the rear of the development. The west elevation will overlook a new landscaped private courtyard.

This prime residential development will be launched to the market in 2011.

Native Land bought the freehold of Waldron House, a 37,000 sq ft building in June 2009 for £4.98m from Warner (Music) Group, in a deal that underlined the company’s view that the time was right for selective acquisitions.

Alasdair Nicholls, Chief Executive of Native Land said: “It was important to seize this opportunity last year particularly as the market favoured the buyer. Once complete, Waldron House will respond positively to the high demand for prime residential apartments in prime central London locations. We are still in a strong cash position and remain open to acquiring further opportunities in the capital.”

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As from the 1st of July 2010 the Monaco based Catella Financial Office will be owned by the Managing Director Mr Jonathan Dudman. Catella Monaco SAM is a wealth management advisory firm, operating as a multi-family office serving high-net-worth clients and their families. The company has currently 8 employees. Catella acquired Catella Monaco SAM from IMG in 2005. Catella has earlier this year sold Catella Financial Office UK Ltd to the management.

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This year Hochtief Development Hungary, the Hungarian subsidiary company of Hochtief Projektentwicklung, has already let 8,000 square meters of space at the Capital Square office building. A total of eight new tenants will be moving in this year. This means that over 70 percent of the 38,300 square meter gross floor space is already occupied. The complex was sold off-plan to CA Immo International and was completed in August 2009.

The office and service building on the corner of Vácí út and Dráva utca is made up of six independent sections which share common stairways. The building has 3,100 square meters of green space in the shape of inner courtyards and roof terraces. The majority of tenants at Capital Square are service providers, while the ground floor is being used by various bank branches and a restaurant.

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In May 2010, DTZ was appointed by Resolution Property to provide property management services, including day-to-day management, corporate accounting and short term leasing for its first property in Poland - Galeria Pomorska in Bydgoszcz.

Galeria Pomorska comprises a 35,000 sq m (29,800 sq m GLA) shopping centre with over 100 tenants and a number of short lease-term tenants in the corridors who additionally expand the offer. The complex includes a Carrefour hypermarket which occupies part of the building.

Galeria Pomorska has a convenient location along Fordoñska Street, with very good public access by trams and buses. Additionally, the complex offers over 1,300 parking spaces to its customers.

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