GERMANY - Deutsche Gesellschaft fur Immobilienfonds mbH (DEGI) has sold its commercial building in East London, bought as an investment for its open-ended real estate fund Grundwert-fonds, for an undisclosed amount.
DEGI, the largest German real estate fund management company, said the sale would further rejuvenate the holdings according to the fund’s portfolio strategy.
“With this sale we take advantage of the favourable current market conditions and take profit of the building’s capital gains,” said Malcolm R. Morgan, managing director and portfolio manager at DEGI.
“In the medium-term, will substantially increase the ratio of foreign investments of Grundwert-fonds.”
DEGI bought the Lloyds Chambers building in 1991, making it the first open-ended fund to invest in London.
As a result of the recent transaction, Grundwert-fonds holds 7.5% of its net assets in London.
In October, the firm made its first investment in Belgium with the purchase of an office building in Brussels.
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