Auction.com Completes Second Online Sale of German Properties
IRVINE, CA, FRANKFURT/MAIN, GERMANY-Auction.com, the leading online real estate marketplace in the United States, completed its second auction of German commercial real estate properties at the end of June. The online event lasted three days, and offered 31 properties on behalf of nine motivated institutional sellers.
The properties included office, retail, and logistics properties.
“We are very pleased with the results of our second online commercial real estate auction in Germany,” said Ken Rivkin, EVP and managing director of global commercial real estate. “Auction.com has been successful in driving an industry shift to online transactions that benefit buyers and sellers alike.
“Bidder registration and auction bidding activity both increased by over 20% compared to our first event in December which highlights the increasing interest in our transaction model. We remain confident that Europe is ready to accept our innovative and transparent marketplace.”
The properties in the June auction had a combined value of more than $98 million (€75M) and were located across Germany, with a focus on North Rhine-Westphalia, Hesse, and Saxony. Starting bids ranged from $130,000 (€100,000) to $4.6 million (€3.5M), and included office, supermarket, retail, and distribution sectors.
The highest bid in the auction was $6.7 million (€5.1M).
“In line with our first auction, most of the asset specific interest was from local investors and regional developers however our geographical reach was broader in June,” said Rivkin. “Most of the registered site visits and bidders were from Germany but we also had investor activity from the UK, Italy, France, the Netherlands, Switzerland as well as the United States.”
Additional highlights from Auction.com’s second German online auction are as follows:
Assets Auctioned: 31
Overall Website Visits: 79,180
Unique Visitors: 71,705
NDAs signed: 396
Auction.com is planning to extend its offering with broader asset classes by conducting back-to-back residential (multi-family) and commercial auctions in November. Planning for these auctions is ongoing and marketing activities will commence in September, leading up to EXPO Real in October, Rivkin said.
“We fully expect the trend of increased bidding activity to continue in our upcoming auctions as more market participants recognize the efficiency and effectiveness of our unique platform. We will increase our auction frequency to the point of having several a month in the long term as we become a major source of investment opportunities for German real estate sellers and buyers.”
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