DePfa, Germany’s largest mortgage bank, has bought the French property bank Banque Mansart, acquiring the 90% it did not already own from Comptoir des Entrepeneurs. The move establishes DePfa in the French market; since it was freed to lend outside Germany four years ago, the bank has been expanding in Europe, with branches in Rome, Amsterdam and Kiel and a representative office in London. The new acquisition will be renamed DePfa-Bank France and will follow the group’s policy of lending on good-quality commercial and retail property, supported by viable cash flows, with the accent on the larger deal.
Reports that Bradford Property Trust had bought a £21m portfolio of houses from companies in the Link Assured Scheme were incorrect, because of an unauthorised press release issued by the vendor’s agents. Though the purchase was agreed, the vendors withdrew £6m worth and only £14.4m have been completed, with a further £0.3m proceeding to contract. The sales required shareholders’ and insurers’ approval, which were not forthcoming on some of the transaction.
Central London house prices are rising, according to John D Wood. The agent – who serves the higher-priced end of the market – saw turnover rise 7.8% to £7.2m in the year ended April. Sales volumes were 4% up, with Chelsea and Kensington showing the strongest activity. However, the firm’s profits shaded down 25% to £503,000 – a fall which chairman George Pope says is due to expansion into new offices in Belgravia and St John’s Wood. In contrast to London, the country house market has been stuck in the doldrums, especially at the lower end of the range. However, with the farmland market recovering, the agricultural department increased turnover 8%.
