More significant German commercial real estate purchases will soon be undertaken by Dundee International Real Estate Investment Trust, according to Businessweek.
The firm, while based in Toronto, does a significant amount of its business in Germany, and now plans to buy as much as €300 million (USD $373 million) per year. The company has said that the German market is so attractive due to its continued strengthening, along with low loan interest rates, the news source said.
"We have a lot of confidence in the German economy," Jane Gavan, president and chief executive officer of Dundee, told the news source. "We're seeing some really interesting product on the market."
Dundee has invested nearly $970 million into the German market, the news source explained. Much of this is due to purchases of many mutual funds that failed due to the economic downturn. The company also purchased an office property in Nuremberg for €48 million, as well as another large property for €26 million already this year.
The news source added that Dundee purchased nearly 300 German post offices last year for €740 million, which was the largest transaction in the country during that period.