Frankfurt, 8 March 2017 − Kintyre Investments GmbH, the Frankfurt-based retail and office-focused real estate manager and investor, continued its impressive growth trajectory in 2016, boosting assets under management by 22% to exceed a year-end volume of EUR 700m managed across 110 properties in Germany.
Supporting the AUM expansion, Kintyre added 7 new staff members, a 33% rise, and taking its team up to 28 members in all, working from offices in Frankfurt, Berlin, Hamburg and London.
Most notable in 2016 was Kintyre’s asset management success in leasing up more than 23,300 sqm. In all, the group secured 37 new or upgraded leases across seven projects during the year. Significant lettings included the 1,679 sqm Rewe anchor lease at Forum Landesberger Allee in Berlin, the BUW Office lease extension of 2,640 sqm in Wismar, and the 991 sqm Octapharma bloodbank lease in Oberhausen.
Regarding transaction volumes, strong yield compression in the German property investment market meant that Kintyre was a net seller during 2016. In the joint ventures that Kintyre manages, the group sold three separate assets with a total volume of ca. EUR 70m, and acquired one for ca. EUR 15m. The most notable transaction was the Walle Centre in Bremen which, after a full repositioning of the asset, brought a sale to Deka, generating an exceptional return for Kintyre and its investment partners of more than 2x equity.
At a corporate level, Kintyre last year completed the acquisition and integration of the Hamburg-based property management firm Aquam.
Kintyre Partner Adam Pearce commented: “We are pleased to have been able to successfully support our long-term partners and clients during 2016, and to see this reflected in the strong growth in the assets Kintyre manages on their behalf.”
He added: “In 2017, Kintyre will continue to focus on supporting existing partners and clients with their management requirements and transaction ambitions. With several acquisitions well advanced – and new mandate discussions already in the pipeline – we anticipate that our business expansion in 2017 should at least match the strong performance that we achieved in 2016.”