A Toronto-based real estate investment trust (REIT) has announced plans to spend $373 million on the purchase of commercial real estate in Germany.
According to a Bloomberg News report, Dundee International Real Estate Investment Trust is among the most active non-German investors purchasing commercial real estate from the portfolios of eight German real-estate mutual funds that went into liquidation during the past two years. Among the REIT's most prominent acquisitions to date are the Hanover-based former headquarters of Deutsche Grammophon GmbH and the acquisition of 292 German post offices for $929 million, which was the largest commercial property transaction in Germany last year.
‘We have a lot of confidence in the German economy,’ says Jane Gavan, president and CEO of Dundee International. ‘We're seeing some really interesting product on the market.’
