Latest reports – Page 3347
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PropertyEU Archive
Quintain amends terms of £620m banking facility
Quintain Estates & Development has announced it has renegotiated a £620 mln (EUR 658 mln) medium-term facility with Barclays Bank. The facility now matures on 30 April 2011 replacing the current right for Barclays to require repayment by 30 April 2010. The commitment has been reduced from £95 mln to ...
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PropertyEU Archive
Mirland plunges in the red, slashes dividend
Mirland Development swung to a loss of $104 mln (EUR 76 mln) in 2008 from a profit of $70 mln a year earlier, mainly due to currency devaluation and a negative fair value adjustment to its property portfolio. The Russian property developer said Net Asset Value fell 60% in 2008 ...
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PropertyEU Archive
Sonae Sierra sees NAV drop by 18%
Portuguese shopping centre developer Sonae Sierra recorded a net loss of EUR 198 mln in 2008 compared with a profit of EUR 300 mln in 2007. The losses were mostly due to 'successive increases in market capitalisation yields in Europe, particularly in Portugal and Spain,' the company said.
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PropertyEU Archive
Corpus Sireo buys 3 nursing homes for EUR 30m
Corpus Sireo has acquired three KerVita nursing home projects in Hamburg-Barmbek, Reppenstedt bei Lüneburg and Rostock-Lütten-Klein for a total of EUR 29 mln, according to reports in several German papers. Hamburg-based private group KerVita will manage the centres whose development will start in the spring of 2009. The centres are ...
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PropertyEU Archive
Portela to step down as CEO of Sonae Sierra
Alvaro Portela has confirmed his intention to step down as CEO of Sonae Sierra at the end of March 2010. Portela has worked at Sonae Sierra for 20 years, leading the team from before the opening of its first significant shopping centre to the development of the internationally recognized company ...
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PropertyEU Archive
Derwent London sells office property for EUR 18m
UK's Derwent London has exchanged contracts on the sale of its freehold interest in 28 Dorset Square, London NW1 to a private UK investor for £17 mln (EUR 18 mln). The sale price reflects a net initial yield of 6.1% and represents a 5% premium over the valuation at end-2008.
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PropertyEU Archive
Colonia RE reaches refinancing agreement for residential portfolio
Germany's Colonia Real Estate said on Tuesday that it has finalised debt restructuring of its 1,600-asset portfolio in Schleswig-Holstein. Under the refinancing, new contracts with a total volume of EUR 34 mln have been signed with a state-owned development bank, as well as an additional credit line of EUR 8 ...
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PropertyEU Archive
Germany closer to nationalisation of Hypo RE
German lawmakers have agreed key parts of a bill to allow an expropriation of shareholders in Hypo Real Estate, paving the way for parliament to approve the controversial plans on Friday.
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PropertyEU Archive
Record shopping centre development across Europe in 2008, says JLL
2008 was a record year for development growth with the focus on medium-sized schemes in secondary towns and cities, according to Jones Lang LaSalle's new report 'Shopping Centre Development - Boom or Bust?'.
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PropertyEU Archive
Ikea opens EUR 65m store in Cologne
Swedish home furnishings giant Ikea has opened a store, offering 25,500 m[sup]2[/sup] of commercial space, in Köln-Ossendorf, a district in west Cologne. The EUR 65 mln store is Ikea's second in Cologne.
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PropertyEU Archive
CBRE appoints new head of valuation in Germany
Stefan Gunkel has been appointed head of valuation at property consultant CB Richard Ellis in Germany, replacing Ulf Buhlemann who is leaving the company for personal reasons. Gunkel, 42, has worked for CBRE for the past 14 years, most recently as head of office and logistics valuation.
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PropertyEU Archive
EPISO makes second logistics purchase
AEW Europe has announced its fourth investment on behalf of its value-added fund, European Property Investors Special Opportunities (EPISO). The latest acquisition is a prime logistics unit in Central Park, in the UK city of Rugby. The asset totals 41,722 m[sup]2[/sup] and is let to Pearson Shared Services (guaranteed by ...
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PropertyEU Archive
Quintain confirms it is mulling equity raising
Quintain Estates and Development has confirmed it is considering embarking on an equity raising. The London-listed property company was responding to media speculation that it would seek to raise £100 mln (EUR 106 mln)
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PropertyEU Archive
DeKaBank appoints new COO of property
Burkhard Dallosch has been appointed chief operating officer of the property asset management activities of DeKaBank effective 15 April. He replaces Josef Schultheis, who has held the position since March 2007.
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PropertyEU Archive
Aareal secures EUR 4bn guarantee facility from Soffin
Property financier Aareal Bank has secured a guarantee facility of up to EUR 4 bn from the German Financial Markets Stabilisation Fund (Soffin). The guarantees are in addition to a definite agreement reached on a EUR 525 mln silent participation by SoffIn in Aareal.
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PropertyEU Archive
Summit Germany confirms LTV breach of EUR 96m facility
Summit Germany has confirmed subsidiaries of the AIM-listed German commercial property investment group have breached the loan-to-value covenant of 85% on a EUR 96 mln loan facility.
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PropertyEU Archive
Quantum to invest EUR 300m in the next 2 years
Hamburg-based Quantum Immobilien plans to invest some EUR 300 mln for its Habitare residential real estate fund in the next two years. The company said on Tuesday that the fund has generated a payout of 5% during 2008, with the same payout targeted for 2009. Since its launch Habitare has ...
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PropertyEU Archive
Investors set to target student accommodation in Germany and France, says Savills
With development sites lying vacant and student accommodation in scarce supply, land sites as well as refurbishment opportunities are set to be a target for investors, according to Savills.
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PropertyEU Archive
Goodman leases 15,000 m[sup]2[/sup] in Dortmund logistics centre
Goodman has announced the leasing of 15,163 m[sup]2[/sup] of space within its Dortmund logistics centre in central Germany. The company said it has reached an agreement with the German service provider Hölscher's Pallettenservice for the leasing of three of the four units of its multi-storage facility as from 1 March, ...
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PropertyEU Archive
Sovereign Land to raise £300m for UK shopping centre fund
Sovereign Land and Strutt & Parker Real Estate Financial Services (SPREFS) are teaming up to launch a £300 mln (EUR 3017 mln) fund which will be investing in UK shopping centres, according to a report by news agency Reuters. The companies, which are raising the amount from financial institutions, said ...
