Latest reports – Page 3341
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PropertyEU Archive
Russian billionaire buys 25% stake in Pik
Nafta Moskva, the Russian oil and bank group controlled by billionaire Suleiman Kerimov, has acquired a 25% stake in Russian property developer Pik Group. In a statement on Wednesday, the company said the stake was sold by its main shareholders, Chief Executive, Kirill Pisarev and Chairman Yury Zhukov. There will ...
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PropertyEU Archive
Warner Estate sells Birmingham mall for £91m
Birmingham City Council has completed the purchase of the long lease of Pallasades shopping centre above New Street Station in the city. The municipality said the purchase of the Pallasades is 'a major milestone on the road to delivering the transformation of the £600 mln New Street Gateway ...
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PropertyEU Archive
Henderson appoints new manager for Herald fund
Henderson Global Investors has appointed David Turner as the new manager of its EUR 900 mln Herald fund which invests in pan-European retail property. Turner was previously head of investment Europe at Protego Real Estate Investors where he was responsible for managing the Nordic Retail Fund, a closed-end fund focusing ...
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PropertyEU Archive
Rutley receives takeover bid approach
Knight Frank's private equity unit Rutley Capital Partners has received a takeover offer for its listed fund, Rutley European Property. In a statement on Monday, the company's board announced that it has received approaches from third parties which 'may or may not lead to an offer being made for the ...
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PropertyEU Archive
Alstria swings to EUR 56m loss in 2008
Germany's Alstria Office REIT swung to a loss of EUR 56 mln in 2008 from a profit of EUR 52 mln a year before. Net Asset Value (NAV) amounted to EUR 729 mln, down 16% on 2007's levels of EUR 870 mln. The decrease mainly reflected the revaluation of its ...
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PropertyEU Archive
Raven Russia posts $189m loss in 2008
AIM-listed Raven Russia posted a pre-tax loss of $189 mln in 2008, mostly due to the sharp revaluation of its warehousing property portfolio. Net Asset Value (NAV) per share amounted to $1.47 at the end of the year, down by 37% on 2007's level of $2.32.
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PropertyEU Archive
Aedes' banks give go-ahead to Vi-Ba, Isoldi bid
Italy's troubled property company Aedes Immobiliare said that over three quarters (83%) of its creditor banks have given the green light to its new strategic plan for 2009-2013. Under the plan, the company plans to raise equity of EUR 150 mln through a capital increase which will be largely subscribed ...
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PropertyEU Archive
SEB acquires Osborne Clarke's HQ in Bristol
SEB Asset Management has acquired the headquarters of international law firm Osborne Clarke in Bristol, UK, for £28 mln (EUR 30 mln) including transaction costs. The 8,130 m[sup]2[/sup] class A office building was purchased for one of SEB's open-ended special real estate funds and is located in Temple Quay, Bristol's ...
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PropertyEU Archive
Metrovacesa sells stake in Madrid asset for EUR 36m
Spanish property company Metrovacesa has sold a 57% stake in the Aresbank headquarters in Madrid to the Spanish family García Baquero for around EUR 36 mln, newspaper Cinco Dias reported on Tuesday. The property is located on the famous Paseo de la Castellana. Metrovacesa had bought the asset from Rodamco ...
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PropertyEU Archive
Lebanese firm buys in London's West End
Lebanese property investment company M1 Group has acquired the freehold of Times Place at 45 Pall Mall in London's West End from Legal & General. Located in St James's, Times Place covers a total area of 60,000 sq ft (5,500 m2) and was completed as a new development by City ...
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PropertyEU Archive
Townsend hires former C&W partner to head new European office
US asset manager the Townsend Group has announced the opening of its European office in London. Townsend currently provides real estate, real asset and infrastructure advisory and investment services for institutional clients in North America, Asia and Europe. The allocations that Townsend advises on total more than $100 bn.
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PropertyEU Archive
Plaza Centers sees profits plunge, scraps dividend
CEE developer Plaza Centers saw its profits drop by 70% in 2008 from EUR 227 mln in 2007 to EUR 68 mln in 2008. Net Asset Value was down by 35% to EUR 0.7 bn at end-2008 from EUR 1.06 bn in 2007. The company said that its board has ...
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News
CPP to invest in real estate through bonds issuance
CANADA - The Canada Pension Plan Investment (CPPIB) Board is planning to issue up to C$5bn (€3bn) in fixed income paper over the next two years to help the pension fund invest in real estate and infrastructure.
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News
Dallas Police & Fire strengthen infrastructure
US –The Dallas Police and Fire Pension System has invested in a $4bn (€3.01bn) state of the art highway infrastructure system in Dallas, bolstering domestic investments.
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News
Real estate position to double for Jacksonville PF
US – The Jacksonville Police and Fire pension fund plans to double its real estate allocation once it gets the all-clear from the state legislator.
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News
New York PF hedges its bets on real estate
US – The New York State Common Retirement Fund (CRF) announced on Friday it closed $238.2m (€178.8m) of real estate hedge fund transactions last month.
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News
Asia more willing to embrace sustainability - study
ASIA PACIFIC – Corporate real estate professionals in Asia Pacific are more eager to continue investing in sustainability than their global peers, according to a survey by Jones Lang LaSalle (JLL) and CoreNet Global.
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News
Hypo RE falls under state control
GERMANY – The German government has taken an 8.7% stake in Hypo Real Estate in its first step to taking full control and bringing stability to the Group.
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PropertyEU Archive
Spanish Cajas get EUR 9bn state injection - report
The Spanish government and the Bank of Spain have unveiled plans to provide up to EUR 9 bn in liquidity to troubled lender Caja Castilla La Mancha in what will become the country's first bank rescue in this financial crisis, the Financial Times has reported. The bank's directors are being ...
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PropertyEU Archive
Kenmore completes sale of portfolio in Paris
Kenmore European Industrial Fund has sold the Villas Portfolio, comprising six multi-let buildings in the Paris region, to a private investor for a total of EUR 14.5 mln. The transaction volume was just under 5% below the December 2008 fund valuation.
