Latest reports – Page 3336
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PropertyEU Archive
Vinci names new management boss
French property and construction group Vinci has appointed Harve Reminiac as new Chief Executive of its Vinci Gestion and CDB Gestion property management unit. Reminiac, aged 41, was formerly the CEO of Nexity Saggel Property Management.
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PropertyEU Archive
AXA REIM creates new transactions department in France
AXA REIM has decided to bring together its activities on the French property market under a new transactions department with the aim to increase flexibility and adapt the business to the new market environment.
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PropertyEU Archive
Beni Stabili launches redevelopment of Milan towers
Italy's Beni Stabili has started the redevelopment of the two Garibaldi tower projects in Milan, which the company bought in 2004 from the public railway group Ferrovie dello Stato for EUR 113 mln. The Milan-based developer and investor, which is controlled by France's Fonciere des Regions, will invest up to ...
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PropertyEU Archive
Eurocastle refinances corporate loan facility
Frankfurt and Amsterdam-listed Eurocastle Investment has refinanced its EUR 175 mln corporate loan facility which is now to mature in its entirity by 30 June 2011. The company said that the interest rate on the loan has increased from 2% to 8% over three-month Euribor and financial covenants have been ...
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PropertyEU Archive
Norwegian oil fund puts brakes on spending plans
Norway's ministry of finance has signalled its intention to delay its real estate investment plans as global market conditions continue to deteriorate.
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PropertyEU Archive
Colonia Real Estate agrees capital increase
Colonia Real Estate has raised EUR3.6 mln from a new capital increase without subscription rights for shareholders. The revenues will be used to optimise existing financing and to strengthen equity, the company said in a press release.
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PropertyEU Archive
Swiss property insulated from credit crunch woes: IPD
Switzerland has become Europe's first real estate market to produce positive capital growth for 2008, at 1.2%, according to the IPD Switzerland Annual Property Index. Switzerland has also produced the Continent's highest nominal total returns for 2008, at 6.1%, a full percentage point down on 2007 but surpassing the 5.9% ...
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PropertyEU Archive
Pirelli RE chief Puri Negri steps down
Pirelli RE announced on Thursday that Carlo A. Puri Negri is leaving the company after being in charge of the Milan-based company for almost 20 years. Giulio Malfatto is joining the group as new Managing Director, the group added. Malfatto is returning to the group having worked in Pirelli RE ...
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PropertyEU Archive
Fitch, Moody's mull further rating cuts on European CMBS
Fitch Ratings echoed peer credit rating agency Moody's on Thursday to warn of a risk of further deterioration in the market for commercial real estate-backed debt, the Financial Times reported. Fitch Ratings said that deteriorating loan credit quality is creating downward pressure on ratings and highlighted uncertainty over whether loans ...
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PropertyEU Archive
ING restructures real estate business
ING Real Estate Investment Management is to be placed under a new global investment management organisation which Dutch financial giant ING is creating as part of a major restructuring of the entire group.
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PropertyEU Archive
Icade in exclusive talks to sell management business
French property company Icade said it has entered into 'exclusive negotiations' with Procivis Immobilier regarding the sale of its property management arm, Icade Administrations de Biens. In a statement on Thursday, Icade said the decision comes after weeks of discussions with different candidates regarding the disposal.
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PropertyEU Archive
German government in bid to buy Hypo Real Estate
The German Federal government is finally moving to fully nationalise struggling German real estate financier Hypo Real Estate. Soffin, the German bank stabilisation fund, confirmed on Thursday that it is making a voluntary public takeover offer for HRE at a price of EUR 1.39 per share.
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PropertyEU Archive
Multi chosen to develop Ijmuiden city centre
Multi Vastgoed, the Dutch subsidiary of Multi Corporation, was chosen by the municipality of Velsen, in competition with three other developers, to develop the inner-city of IJmuiden in the Netherlands. In May the company will consult the city council about the project. Multi's plan offers the opportunity to significantly accelerate ...
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PropertyEU Archive
GPT Halverton appoints new senior fund manager
GPT Halverton, a pan-European fund and asset management business, has appointed David King to the new role of senior fund director. The firm said the appointment continued GPT Halverton's strategy of establishing a 'best-in-class' pan-European real estate investment management platform.
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PropertyEU Archive
Grainger's fund in £32m asset sale
UK property company Grainger said its 21.6%-owned and managed fund G:res is negotiating the sale of £32 mln (EUR 37 mln) of assets as it struggles to meet loan to value covenants. The company added that it is to revise certain elements of the fund's business plan to increase the ...
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PropertyEU Archive
MGPA tipped to buy half of British Land's £2.5 bn Broadgate estate - report
British Land is in talks to sell half of its £2.5 bn (EUR2.8 bn) Broadgate office estate in the City of London to private equity investors, the Financial Times has reported. The company is locked in negotiations with Macquarie-backed Australian fund manager MGPA about a partial sale of the office ...
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PropertyEU Archive
Union Investment to spend EUR 138m on Emporio extension
Germany's Hochtief Construction has been awarded the development of the new Emporio district in Hamburg from its owner Union Investment. The project, which will extend the multy-storey building previously occupied by Unilever, will require an investment of EUR 138 mln. Construction work will begin in the spring 2009 with completion ...
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PropertyEU Archive
VTB Bank takes 20% stake in Sistema-Hals
VTB Bank has bought a 19.5% stake for 30 roubles a share in Russian property developer Sistema-Hals, the company said on Wednesday. The stake was sold by the group's major shareholder, Sistema, which previously owned a 69.4% stake in the company. VTB also received a call option to acquire a ...
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PropertyEU Archive
British Land signs major pre-lets for Ropemaker
British Land, the UK's second largest REIT, said that the Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International have signed a pre-letting agreement for up to 38% of its new 586,000 sq ft Ropemaker office development in the City of London, EC2. The 20-storey office building will achieve practical ...
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PropertyEU Archive
'New' Orco to ditch secondary stock exchange listings
Troubled Central and Eastern European real estate group Orco said on Wednesday that its full-year net loss of EUR 390 mln in 2008 was largely due to a devaluation of its investment portfolio and impairments reflecting deteriorating economic conditions and the downturn in real estate markets.
