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- German Property Breakfast
14 February 2012
Stockholm
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22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
UK's PMM Partners sell Berlin asset at 100% return
The UK boutique real estate fund manager PMM Partners has completed the sale of a Berlin property, St Clemens Höfe, to an Spanish property fund, saying that the deal generated a 101% pre-tax return on investment for sterling based investors. No sale price was provided, but PMM said the historic 5,500 sq.m. property in central Berlin was identified in 2006 when the church, its then owner, needed funds for renovation work on other sites. PMM purchased it in 2007, actively managed the asset, adding significant capital and refurbishment investment and improving the tenant structure so that the annual rental income rose by 65%. (see upcoming issues for full story)