Latest reports – Page 3149
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News
East Riding gains indirect exposure to healthcare development
UK – A listed healthcare property fund that has the £1.6bn (€1.86bn) East Riding local authority pension scheme as its third largest investor last week acquired a primary care health centre development for £5.7m.
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News
BVI issues open-ended counter-proposal
GERMANY - The German Investment and Asset Management Association (BVI) has weighed into the debate over mooted restrictions on open-ended funds, sparked by a federal ministry proposal that would require property valuations to be cut by 10%.
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News
Illinois State doubles ING Clarion account
UNITED STATES – Illinois State Board of Investment has allocated an extra $200m (€155m) to its existing separate account mandate with ING Clarion Partners as it seeks to increase its real estate exposure.
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News
Banks will ‘drip feed, not dump’ property assets
UK – More banks will offload their real estate assets via joint ventures with property companies – then drip-feed those left over, according to John Danes, Aberdeen’s head of UK research and investment strategy.
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News
VR Pension buys Tampere hotel development
FINLAND – VR Pension, the €920m Finnish state railway workers pension scheme, has agreed a joint venture with Stockholm-based hotel firm Scandic to build a hotel in the centre of Tampere, Finland’s second largest city.
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News
German nursing home fund targets smaller pension investors
GERMANY – Small pension funds from outside Germany will invest in a fund dedicated to German nursing homes, according to fund manager Felix von Braun, a former managing director of Savills.
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PropertyEU Archive
Invista acquires retail warehouse in Guildford for EUR 21m
Invista Real Estate Investment Management (Invista) has committed to the forward funding of a retail warehouse development in Guildford on behalf of a client. The site is being developed by builders' merchant Travis Perkins and has been pre-let to a TP group company, Wickes Building Supplies for 25 years.
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PropertyEU Archive
Union Investment brings London trophy asset to market
German fund manager Union Investment has put a trophy office asset in the City of London up for sale within a year of acquiring it. Property adviser Savills has been instructed to bring 10 Gresham Street, London EC2 to the market for a price in the region of £180 mln ...
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PropertyEU Archive
Paris and London lead recovery in European banking take-up
The European banking sector has mounted a notable recovery based on its office leasing activity in the last six months, according to the new European Banking Briefing from global real estate adviser Cushman & Wakefield.
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PropertyEU Archive
Commerz Real acquires logistics property for EUR 11m
Commerz Real has acquired the WEG Logistics Centre in Kerpen, Germany, for one of its specialised funds. The total investment volume for the property, which extends over a gross lettable area of about 14,500 m2, comes to about EUR 11.3 mln. The property was sold by M.H. Zweite Grundinvest Gesellschaft, ...
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PropertyEU Archive
Gecina shareholders reject Spanish deal, makes EUR 80m buy in France
The vast majority of Gecina's shareholders has voted against the acquisition of part of Bami, a Spanish company founded in 2009 under former chairman Joaquin Rivero. Around 83% of shareholders voted against last year's EUR 108 mln acquisition of 49% of the firm.
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PropertyEU Archive
Valad appoints new CFO
Valad Property Group, the pan-European multi-let investment manager, has appointed Fraser Kennedy as Chief Financial Officer, Europe. He takes responsibility for the company’s EUR 4.5 bn of assets in 14 funds under management in Europe, plus all corporate finance functions across the company’s European platform of 20 offices in 12 ...
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PropertyEU Archive
Wragge & Co opens office in Paris
A group of Lefevre Pelletier partners have left the law firm to open the first large Continental European office of Wragge & Co, the UK law firm specialised in real estate. Opened last month, Wragge's new Paris office comprises 50 staff including 35 lawyers with plans to recruit five more ...
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PropertyEU Archive
Acron buys Swiss retail centre for EUR 24m
German closed-end fund manager Acron AG has acquired a retail centre in Näfels/Glarus, south of Zurich from Austrian developer Zima for CHF 34 mln (EUR 24 mln). The property, which was completed in March 2010, has been transferred to the Acron Helvetia IX Immobilien vehicle which is planned to open ...
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PropertyEU Archive
UK monthly capital growth sinks to 10-month low, says IPD
Capital appreciation in the UK commercial property market has softened to the shallowest levels since positive growth returned last August, at 0.8%, according to the IPD UK Monthly Index. April also turned in the second consecutive month of negative rental value growth, which measures underlying movements in estimated rental levels. ...
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PropertyEU Archive
Carrefour Property to invest EUR 350m in Spain
Carrefour Property has unveiled plans to invest over EUR 350 mln in the development of 20 new retail projects in Spain. Pascal Duhamel, president of Carrefour Property España, said that the company intends to add a further 350,000 m[sup]2[/sup] of retail space to its portfolio over the next three years.
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PropertyEU Archive
Pasal pulls the plug on sale of Athens mall
Greek property company Pasal Development said last week that it is withdrawing its Athen Heart shopping centre from the market due to 'difficult market conditions'. The company mandated Savills in December last year to divest a 50% interest in the mall, which is valued at nearly EUR 90 mln. Pasal ...
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PropertyEU Archive
Tengelmann takes control of 162 Woolworth stores
The privately held Tengelmann Group and its North Rhine-Westphalia-based subsidiary HH Holding are set to take over the 162 stores of insolvent department store chain Woolworth, administrator Ottmar Hermann announced last week. The sale comes just over a year after the Woolworth group filed for administration in early 2009. The ...
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PropertyEU Archive
Carphathian agrees refinancing of EUR 109m Riga mall
AIM-listed CEE commercial property investor Carpathian has been granted refinancing to complete construction of its landmark retail development project in the Latvian capital of Riga. 'Following extensive negotiations, a revised agreement has been finalised with the co-owner and development partner, Titan Invest and the senior lender, Nordea,' the company said ...
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PropertyEU Archive
MSREF sells stake in French IBM portfolio at 20% discount
Morgan Stanley Real Estate Fund (MSREF) has sold its 75% interest in a 115,000 m[sup]2[/sup] office portfolio in France at a discount of around 20% to market value. The transaction will see MSREF's 25% joint venture partner, Fonciere des Regions (FdR) take full control of the properties, which are worth ...
