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Oct. 21 (Bloomberg) -- Investors spent 6.2 billion euros ($8.5 billion) on German real-estate in the third quarter, a 50 percent increase from a year earlier, according to property adviser Savills Plc.
About 17.2 billion euros were invested in German real estate in the first three quarters, up 44 percent from last year, the London-based broker said today. The total for 2011 is expected to reflect “marked growth” over last year’s 19.7 billion euros, Savills said in a statement.
The three-month period was “very strong and as in preceding quarters the investment market was clearly dominated by retail transactions,” Lars-Oliver Breur, head of investment at Savills Germany, said in the statement.
Retail investment rose 89 percent to 8.9 billion euros and money going into office developments increased 96 percent to 2.9 billion euros. Hotel investment fell 43 percent to 2.7 billion euros, according to Savills.
The largest amount of overseas investment by value came from North America, accounting for about 15 percent. German investors accounted for 58 percent, according to Savills.
The largest deals in the quarter included the sale of a mixed-use Deutsche Post portfolio for about 740 million euro to Dundee International REIT by Lone Star’s Lorac Investment Fund and Allianz’s purchase of an 80 percent stake in the Skyline Plaza shopping centre from ECE Projektmanagement GmbH and an affiliate of CA Immobilien Anlagen AG.
--Editors: Jeff St.Onge, Andrew Blackman
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