Signature makes €9.5m profit on sale
The Dublin-based investment company has sold a shopping centre in Germany, which it had owned for just over a year, for €52m, making a €9.5m profit for its clients in the process.
The 12,300sq m Zeilgalerie centre in Frankfurt was bought by Signature in early 2007 for €42.5m.
Signature’s managing director Ciaran McNamara said that achieving such a good return on investment was all the more pleasing given the current challenging economic environment, adding that there remained plenty of scope for more investments in the region.
“The German market has continued to perform relatively well. We are confident that the current market conditions will create a number of attractive investment opportunities, which we will actively pursue in Germany and our other markets,” he said.
Enda Woods, one of Signature Capital’s directors, added: “We have actively managed the asset to let vacant space, grow the rents and improve the tenant mix.”
Signature, which was only established by McNamara and Woods in 2004, has a property portfolio under management which is worth more than €400m — made up of two projects in the Boston area of the US and numerous properties — across the commercial, retail and residential spectrums — in both Britain and Germany.
