AllanSaundersonis managing editor of Property Finance Europe and acontributor to GlobeSt.com.

DOUGLAS, ISLE OF MAN-The AIM-listed Deutsche Land, which has aportfolio of some €560 million in office, retail and hotels inGermany, is to make a placing and subscription of ordinary sharesthat will, subject to approval of shareholders and the UK TakeoverCommission, bring in the Romanian company Black Sea GlobalProperties as majority shareholder with 54% of its equity.

Deutsche Land CEO David Maxwell told PFE that the investment, ifit goes through in full, will cut loan to value on the portfolio toaround 75% from the current 87%. "Even if all each financing isring-fenced I feel that it is best if you are managing real estateassets in the current climate to have a bit more money around you,"he said. Maxwell, who co-founded the company with the late KlausFassbender, will remain CEO even after BSGP takes control.