Latest reports – Page 3151
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PropertyEU Archive
IVG swings back into the black
German property giant IVG Immobilien swung back into the black in in the first quarter of 2010 for the first time since Q2 2008 with a net profit of EUR 10.2 mln. This compares to a net loss of EUR 44.8 mln in the year-earlier period. The profit reflected a ...
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PropertyEU Archive
Corio sees portfolio increase in value in Q1
Listed retail specialist Corio booked a direct result of EUR 56 mln in the first quarter of this year, an increase of 12.7% compared to the same year-earlier period. The indirect result came to - EUR 12.8 mln compared to -EUR 154.8 mln in Q1 2009. The portfolio rose EUR ...
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PropertyEU Archive
Capital & Regional sells Manchester concert arena
Capital & Regional, the co-investing property asset manager, confirmed that it has, together with its joint venture partner, acquired the companies that own the Manchester Evening News Arena (M.E.N. Arena). The group holds a 30% interest in the property.
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PropertyEU Archive
Aberdeen fund acquires shopping centre in the Netherlands
Aberdeen European Balanced Property Fund has acquired the Arena shopping centre and adjacent Stoa shopping gallery in the centre of the Dutch city of Den Bosch.
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PropertyEU Archive
Greece weighs sale of state-owned assets
The Greek government has appointed investment bank Lazard to advise on its public finances including the sale of a number of state-owned assets. The state is also weighing the launch of a real estate investment trust to which it would transfer a large part of its real estate portfolio.
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PropertyEU Archive
Pan-European IPD Index shows modest capital depreciation,
European commercial property delivered a much improved euro-denominated total return of 3.7% last year, according to the IPD Pan-European Annual Property Index compared to -11.4% in 2008. Stripping out the modest currency adjustments of the year left the 2009 return still just in positive territory, at 1.4% (-4.4% in 2008).
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PropertyEU Archive
Redevco jv brings first BREEAM project in China
Netherlands-based Redevco and Shui On Land, are the first to register a development in China for assessment under BREEAM, a leading rating tool for sustainable buildings. The partnership began working with BRE Global towards the end of 2009 and is nearing the final stages of development of suitable criteria for ...
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PropertyEU Archive
Orco Germany sells EUR 40m healthcare portfolio
Frankfurt-listed Orco Germany has announced the sale of a healthcare portfolio consisting of four properties in Germany for a total of EUR 40 mln.
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PropertyEU Archive
Park Plaza buys Holiday Inn in Amsterdam
Park Plaza has acquired the 342-room Holiday Inn at Amsterdam's Schiphol Airport for over EUR 30 mln, according to a report in local paper Het Parool. The hotel was declared bankrupt last year and has since been operated by the hotel's main lender Germany's Areaal Bank. Areaal is also financing ...
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PropertyEU Archive
Italy's Aedes sells in London for EUR 20m
Italian property developer Aedes Immobiliare said that it has sold the Wilton 18 company, the owner of an office building located at 18 Wilton Crescent in London, to Grosvenor Street Trust Company. The transaction price amounted to £17.3 mln (EUR 20 mln) and is in line with the property's market ...
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PropertyEU Archive
FdM, Fonciere Massena buy and sell in France
Foncière des Murs, the hospitality unit of Foncière des Régions, has sold four budget hotel properties in the French cities of Montpellier, Lille, Courbevoie and Nantes to different private investors for a total of EUR 24 mln. The disposal prices are in line with appraisal values, the company said.
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PropertyEU Archive
AXA REIM hires Realty Lab to sell Milan complex
Realty Lab, the new real estate brokerage firm founded by Pirelli RE's former director Roberto Nicosia and GE RE Italy's former CEO Alessandro Manetti, has been mandated by AXA REIM's European Office Income Venture (EOIV) to sell a 30,000 m[sup]2[/sup] office complex in Milan.
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PropertyEU Archive
Morgan Stanley extends freeze at P2 Value fund
Morgan Stanley has extended the freeze on redemptions from its EUR 2 bn P2 Value German open-ended real estate fund, warning of possible further writedowns amid ongoing market uncertainty.
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PropertyEU Archive
AEW fund sells retail building in Cologne for EUR 25m
An AEW Europe fund has sold a retail property in the German city of Cologne for EUR 25 mln, representing a 4.7% yield. EPI Walkabout Köln, an entity of the EPI fund co-advised by AEW Europe and Tristan Capital Partners, sold the redeveloped high street retail property in Cologne to ...
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PropertyEU Archive
Genesta acquires two assets from API in Central Olso for EUR 67m
Nordic real estate investor Genesta has acquired two properties in central Oslo for a total of EUR 67 mln. The vendor is Aberdeen Property Investors’ fund Sameiet Aberdeen Eiendomsfond Norge I (Norge I). The assets are Karl Johans gate 14 and Kirkegata 23-25.
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News
Premature redemptions point to nervous German investors
GERMANY – Redemptions in open-ended real estate funds, sparked by a German ministerial report proposing a 10% cut in property valuations, have caused some managers to re-freeze funds. But fund managers have blamed the latest spate of redemptions on market nervousness rather than a sensible reaction to talk of reform.
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News
BarCap to sell stake in university housing arm
UK – Barclays Capital is to sell part of University Partnerships Programme (UPP), its on-campus student accommodation manager, in a bid to raise £800m (€933m) for projects that will double the size of its portfolio.
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News
APG acquires Nice shopping centre in three-way deal
FRANCE/NETHERLANDS - A three-way joint venture involving Dutch pension fund ABP has acquired Cap 3000, a Nice shopping centre, for €450m.
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News
EC slates ‘disproportionate’ German tax test
GERMANY – Pension funds will shun German property companies unless the government lifts “disproportionate” tests that allow overseas companies relief on 26% withholding tax, according Ernst & Young.
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PropertyEU Archive
Hines sells landmark office building in Barcelona
US privately held developer and investor Hines has sold a landmark office building at Barcelona's central Avenida Diagonal for an undisclosed amount to BFO, the investment holding of the Bernat family.
