Two sentenced in bribery case
The German bribery probe, which commenced in 2003, produced 96 cases involving 231 suspects. Today, 33 cases involving 84 suspects remain, a spokeswoman for the public prosecutor in Frankfurt told Immobilien Zeitung. Broker Lutz Aengevelt and ex-Jones Lang LaSalle Germany manager Douglas Holoch have each received one-year suspended prison sentences. The cases against former DB Real Estate manager Hans-Günter Seckerdieck, architect Dieter Köhler, project developers Gernot Gaulke and Jürg Köllmann are ongoing. Fines are totalling €3.5m.
Klémurs buys French portfolio
Klémurs has spent €104m on a 77-outlet retail portfolio in France. The company finalised the purchase six months after it first agreed the deal with Foncière Montel and Vivarte. The deal reflected a net yield of 5.9%.
GE to invest in property loans
GE Real Estate plans to invest €1.5bn in the German property loan market by the end of 2009. The company will also consider shareholdings in undervalued publicly listed property companies. In April, GE bought a €1.3bn portfolio of European commercial property loans from Capmark Europe as well as £2bn (€2.5bn) worth of loans from Bradford & Bingley.
HSH Nordbank in City deal
HSH Nordbank has provided a £122m (€154m) development loan for Rothschild’s 13,000m2 headquarters in the City of London. The asset will house the investment bank’s London-based staff and is expected to complete in 2011.
