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Numbers and figures
Numbers and figures on iPad
The Frankfurt-based residential investor and fund manager Industria Wohnen transacted €475m of deals in Germany throughtout 2015, a rise of 40% on the previous year. The group has set asid €300m for investment on forward deals on developments for 2016.
Of last year's figure, €424m of this was in new acquisitions. Assets under management increased by 45% from €925m to €1.35bn at the end of the year, with the number of apartments the group manages rising 20% to 15,000. Staff numbers at the group rose by 15 to a total of 80.
Industria, a subsidiary of Degussa Bank in association with Hamburg private bank M.M. Warburg, manages five property Special AIF Funds, mainly underwritten by pension schemes, with assets worth €1.16bn. The €700m in committed equity are 95% invested and further commitments are already agreed.
According to Klaus Niewöhner-Pape, Industria Wohnen's managing director, "We have greatly expanded the business with institutional and private investors in about equal proportions."
With an eye on the many competitors looking for exposure to German residential, Niewöhner-Pape said Industria plans to intensify its co-operation with developers – existing partners and new ones – to secure projects in forward deals. “With the acquisition of project developments at an early stage, including taking a minority share and helping to secure financing, we are offering an attractive partnership for developers,” he said.
The key issue will be the ability to secure assets at sustainable pricing, he added, given that demand for good assets significantly outstrips supply.
In its privatisation business, Industria sold 588 units last year. It also launched an open-end property mutual fund, Fokus Wohnen Deutschland, which is open to private and semi-professional investors and collected over €26m equity since launch in August. It has already invested €36m towards its ultimate target of €500m.
