October 16, 2008
ESTAMA Real Estate Management, has signed up The Amethyst Property Fund Gmbh to its growing client list. The company, established in 2005, provides a dedicated property and asset management service, particularly to UK investors operating in Germany.
The fund is run by Rowan Asset Management based in London (operating through Rowan Asset Management Europe). Nick Jacobs MD of Rowan comments: “We are pleased to be working with a very professional and focused team, who instil a sense of confidence. They are an asset to our strategic management.”
Rowan Asset Management last year beefed up its presence in Europe by launching its second German property fund. Amethyst has since targeted retail, office and industrial property across Germany, and having been seeded with a €42m portfolio, that includes a retail park in Kiel, shopping centres in Magdeburg and Hamburg, and a retail outlet in Gifhorn. Among the anchor tenants are H&M, C&A, Rewe and Edeka.
ESTAMA believes that this appointment reflects the growing need for an institutional quality management service in Germany. As investors can no longer rely on yield shift alone to secure sufficient returns, there is an increasing need for specialist management services.
The hallmark of ESTAMA’s service is the combination of UK management standards with an in-depth knowledge of the German property market.
ESTAMA currently manages a portfolio of over €1.3 billion, comprising 165 properties and around 1500 tenancies. With a headquarters in Berlin and regional offices in Wuppertal and Zwickau, the company now employs around 40 staff in Germany.
Ben Tolhurst, Managing Director of ESTAMA, adds: “This recent instruction by The Amethyst Fund highlights the continuing need for high quality property management advice in Germany. With our rigorous management standards and detailed knowledge of the German market, we hope that ESTAMA will soon become the first port of call for other property owners.”
