France's Groupe Fonciere des Regions has purchased shares in three German property companies from Immeo, a subsidiary of a fund jointly managed by Morgan Stanley Real Estate and Corpus.The three companies own 5,300 housing units in the Dusseldorf area that have an estimated value of 275 million euros (about $322 million). The properties, which were originally built for the steel group Thyssen, "are compatible with Groupe Fonciere des Regions' experience and expertise in managing assets of industrial origin," the French company said. To carry out the transaction, Groupe Fonciere des Regions has created a German subsidiary that will have 80 million euros (approximately $94 million) in capital. Shares in the subsidiary may be offered to other investors in the long term, with Groupe Fonciere de Regions remaining the majority shareholder.
