Investors cannot avoid the European sovereign debt crisis by simply turning to other locations, Michael Cooper, vice-chair and CEO of Canada’s Dundee REIT, said during a conference at the Expo Real property fair in Munich.

The Canadian listed group said concerns over the possibility to solve the Greek crisis have translated into strong financial turmoil in global markets including the US and Canada. ‘If you want to avoid the turmoil by investing elsewhere, it is not going to work,’ Cooper said. ‘We invested in a large portfolio in Germany earlier this year and since then we have experienced a major devaluation of the euro, but also an even larger depreciation of the Canadian dollar, due to concerns over the state of the global economy,’ he noted. 'This means we eventually gained on the exchange rate.'

Dundee REIT - which before the summer launched Dundee REIT International to take advantage of opportunities in foreign markets - has recently acquired a portfolio of nearly 300 logistics and commercial properties across Germany, largely leased to Deutsche Post. The company financed the purchase with bank loan as well as the launch of an initial public offering on the Canadian stock exchange.