Latest reports – Page 3351
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PropertyEU Archive
DIC Asset predicts 2009 operating profit of EUR 34-36m
German property company DIC Asset said it expects operating profit in 2009 to amount to between EUR 34 mln and EUR 36 mln, assuming that market conditions do not deteriorate further. The Frankfurt-based company this week reported rental income of EUR 134.5 mln in 2008, up 44% on the year-earlier ...
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PropertyEU Archive
Hermitage signs financing for tower at La Defense
Hermitage, the French property arm of Russian group Stroimontage, reached an agreement on Wednesday with an undisclosed pool of banks for the financing of the Hermitage Plaza tower project located at La Défense business district in Paris. A Hermitage spokesperson would not reveal the amount of the financing, but the ...
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PropertyEU Archive
Italian defence ministry to close first property sales by end-2009
Italy's ministry of defence expects to carry out its first property disposals over the next six months as part of a major sell-off programme, spokesperson Riccardo Cristoni said at the Mipim fair in Cannes. The disposal programme, which involves around 50% of the ministry's total portfolio, consists of thousands of ...
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PropertyEU Archive
Balkimo introduces first SEE distressed property fund
Balkimo Property Partners launched its first vulture fund targeting South Eastern Europe at Mipim this week in a move aimed at capitalising on distressed and foreclosed properties in the region.
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PropertyEU Archive
East Capital launches special situations fund
Eastern European asset manager East Capital is to launch a new fund targeting investment opportunities that arise in the current market downturn. The Special Opportunities Fund is due to be launched in the second quarter of 2009 and is mandated to invest in Russia and the rest of Eastern Europe.
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PropertyEU Archive
CAAM RE buys in Lyon at 7.5%
Credit Agricole Asset Management Real Estate has bought two office buildings in Lyon for a price of just over EUR 30 mln. The properties were acquired from Fonciere des Regions and provide total space of 11,000 m[sup]2[/sup]. The buildings were bought at a net initial yield of 7.2% and 7.5% ...
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News
INREV uncovers concerns over secondary market
EUROPE – Approximately €1.1bn of secondary trades were executed in the past 12 months by 18 INREV member funds, with a further €230m of trades in the pipeline, but the prospect of an efficient secondary market for European non-listed real estate funds remains uncertain, INREV members discovered at this week’s ...
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News
New York CRF takes a dip in Lake fund
US - The New York State Common Retirement Fund (NYSCRF) has committed $300m (€239m) to the Lake Montauk Real Estate Fund, a fund of fund managed by Franklin Templeton Real Estate Advisors.
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News
CBRE buys on Broadway
US – CB Richard Ellis Investors, the international real estate investment management firm, has purchased a 44-storey office building in New York for a partnership of institutional investors, making it the largest transaction in the state this year.
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News
Campaign pushes for US-style infra tax scheme
UK – The British Property Federation (BPF) is backing developers’ calls for UK trials of a scheme for infrastructure funding, modelled on a strategy in the United States which borrows against future tax revenue.
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News
Illinois State pursues FoF strategy
UNITED STATES - State Universities Retirement System of Illinois has approved a $75m (€60m) commitment to AVP Advisors for a fund-of-funds real estate investment strategy.
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News
Downturn to focus buyers on Western Europe
EUROPE – Jones Lang LaSalle’s latest report on direct commercial real estate investment in Europe predicts investors will primarily focus on core Western markets in 2009.
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News
Kansas PERS commits to debt fund
UNITED STATES - Kansas Public Employees Retirement System has approved a $25m (€19.5m) commitment to the Square Mile Partners III structured finance commingled fund.
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News
Natixis closes €420m fund
US – Natixis Capital Partners (NCP), the international property investment firm, has closed its third private equity real estate fund with €420m raised from European institutional investors.
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News
Dawnay Day property bought by institutional investors
UK – AREA Property Partners and F&C REIT Asset Management have bought struggling investment firm Dawnay Day’s UK property portfolio for approximately £600m (€647m).
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News
IVG saw profits plunge on market drop
GERMANY – IVG Immobilien AG earlier this week announced it suffered a €471m loss in 2008 as a result of the severe fall in market values, though officials argue the firm remains robust.
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News
Savills slips into a loss
UK – UK property firm Savills has announced a £7.7m (€8.3m) loss for 2008 and is adopting a “cautious outlook” for 2009 as it expects challenging times ahead.
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PropertyEU Archive
UK development downturn bottoming out - Savills
The decline in commercial development activity in the UK showed further signs of slowing in February, according to the Commercial Development Activity report published on Wednesday by property consultant Savills. Although the decline was still sharp, activity levels dropped at the slowest rate since May 2008, the report showed.
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PropertyEU Archive
2009 set to be 'worst year ever' for London take-up - JLL
2009 is likely to be the worst year ever in terms of take-up in London, with recovery in the occupational market not expected before 2012-2013, Neil Prime, head of office agency England at Jones Lang LaSalle, said during the Occupational Markets Briefing held in Cannes on Wednesdqy. 'Ooccupiers in London ...
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PropertyEU Archive
Real estate heads 'back to basics' - CBRE
The future European real estate market will be much more traditional than in recent years, according to the latest research from CB Richard Ellis. The financial engineering, high levels of gearing and reliance on yield compression to generate returns that were such a feature of the last four years are ...
