C&W Germany Takes Over Major Real Estate Management Mandate
2 Dec, 2008, Frankfurt
International real estate advisor Cushman & Wakefield (C&W), is taking over the management of 450 primarily retail properties of the AIM-listed Dawnay, Day Treveria PLC with immediate effect. The portfolio comprises some 1.5 million sq m of lettable area in some 250 locations throughout Germany and was previously managed by a Dawnay, Day German subsidiary. As a result of this mandate, C&W Germany’s property and facility management team has expanded to over 80.
Cushman & Wakefield now manages numerous major portfolios in Germany comprising approximately 600 properties including the recently acquired mandate to manage 23 shopping centres for a British private investor.
This expansion is led by two experienced property managers: Michael Amann has 18 years of professional experience and has held various leadership positions with institutional real estate investors including DEGI and Aareal Asset Management. Ellen Lackner has been in the real estate industry for 20, latterly with Dawnay, Day Property Investment as Managing Director COO and previously as a Manager with Metro Group Asset Management.
Paul Bacon, Senior Partner and CEO of C&W EMEA stated "This move underlines our commitment to diversify our German business and shows we are determined to take advantage of opportunities that will help grow the firm in areas of strategic importance."
"The times in which the profitability of real estate investments resulted predominantly from yield compression are long gone." added Martin Brühl, Managing Partner of C&W in Germany, "Property performance at this stage of the cycle is determined by working the asset and by caring for tenants. We are breaking new ground with the Treveria mandate, this is just the beginning."
The successful transaction, in which C&W were advised by Lovell’s, brings C&W Germany to a total of around 200 employees operating out of the Frankfurt headquarters as well as offices in Dusseldorf, Hamburg, Munich and Berlin.