Latest reports – Page 3366
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PropertyEU Archive
Aareal taps rescue fund for EUR 525m
Property financier Aareal Bank is tapping the German bank rescue fund SoFFin for EUR 525 mln to strengthen the company's balance sheet, even though it announced an unaudited pre-tax profit of EUR 117 mln for 2008.
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PropertyEU Archive
Cofinimmo sees modest valuations decline
Cofinimmo, the largest real estate investment trust in Belgium, has said its diversified portfolio recorded a drop in fair value of 1.96% in 2008. The valuation decline coupled with changes in the IAS 39 valuation of interest rate hedging instruments led to a net loss of EUR 14.85 mln ...
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PropertyEU Archive
UK commercial property capital value falls ease in January
The pace of UK commercial property capital value falls eased in January to a decline of -3.01%, according to the IPD UK Monthly Index. After three successive record monthly capital value declines over the final quarter of last year, peaking at -5.84% in the month of December, the tempered decline ...
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PropertyEU Archive
De Ponga steps down as CEO of Metrovacesa
Spanish leading property company Metrovacesa said on Monday that Jesus Garcia de Ponga has stepped down as CEO and a member of the management board, with immediate effect. The company did not say if it has launched a search for a successor.
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PropertyEU Archive
France Telecom/Orange agrees to pre-let 32,000-m[sup]2[/sup] Paris project
Private equity real estate investor MGPA and French investor-developer Generale Continentale Investissements (GCI) have pre-let the Balthazar building in Paris to France Telecom/Orange.
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PropertyEU Archive
Land Securities mulls major rights issue
Land Securities has confirmed that it is considering launching a rights issue. The announcement follows media reports suggesting the company intended to raise up to £750 mln (about EUR 836 mln) from investors to pay down debt.
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PropertyEU Archive
Pfandbrief market shows signs of 'sweeping recovery', German association says
There are 'signs of sweeping recovery' in the volumes of pfandbrief covered bonds being issued despite the financial market crisis, according to the Association of German Pfandbrief banks (VDP). A survey conducted by the VDP indicates that the aggregate volume for pfandbrief issuance in January this year was more than ...
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PropertyEU Archive
HSH sees loss of EUR 2.8 bn in 2008
German commercial bank HSH Nordbank expects to report a net loss of EUR 2.8 bn before tax and one-off charges for 2008. In a statement on its preliminary results, the state-owned bank said the figure compares to net profit of EUR 285 mln a year ago. The EUR 2.8 bn ...
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News
Tough year sees CPP investments fall 13%
CANADA – The Canadian Pension Plan fund declined by C$13.8bn (€15.42bn) in the nine months to 31 December 2008, its investment board has revealed in its latest financial results.
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News
OMERS steps up infrastructure holding
CANADA – Ontario Municipal Employees Retirement System (OMERS) has purchased a new asset management business as part of its plans to expand into the energy sector in Western Canada.
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News
Kalsi’s 'leave' shakes up MS Asian real estate team
ASIA – Morgan Stanley has reshuffled its Asian real estate team after putting Sonny Kalsi, global head of real estate investments, on administrative leave.
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News
Geni to pull magic from property bottleneck
MIDDLE EAST – Geni Capital LLP (Geni), the London-based asset manager, has teamed up with AREIT Management Limited to launch a commercial property opportunities fund to take advantage of recently-adjusted property values in the Middle East.
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News
Hypo Real financing keeps climbing
GERMANY – Hypo Real Estate was granted an additional €10bn by the German Financial Markets Stabilisation Fund (SoFFin) last week, bringing the total bailout to €52bn.
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PropertyEU Archive
Moody's downgrades CB Richard Ellis
Moody's Investors Service, citing strained credit metrics, has downgraded the ratings of CB Richard Ellis' senior debt to Ba2 from Ba1. The credit rating agency said the action reflects its view that improving these metrics over the intermediate term will be difficult given the deep economic downturn and ongoing challenges ...
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PropertyEU Archive
Architecture firms feel the pain
Leading UK architectural firm Foster + Partners is to lay off hundreds of its employees due to the weakening property development market. The company, which has designed some of the most famous buildings in the world including London's Gherkin tower, is understood to be making 300-400 staff redundant, about 25% ...
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PropertyEU Archive
Property sector set to recover first
The property sector will take a further beating in the next two years as the current financial crisis deepens, but it will rebound from before the rest of the economy, according to Roger Bootle, managing director Capital Economics. 'Rents for commercial property will fall and we will see further falls ...
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PropertyEU Archive
Atisreal predicts recovery in 2012
Europe's capital values are forecast to fall by a further 12.3% in 2009 but will eventually bounce back in 2010, booking growth of 3.3%, according to Atisreal's new Economic Forecast research report. The real jump in capital values, however, is not expected to take place until 2011, the report concludes, ...
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PropertyEU Archive
Top executive Morgan Stanley suspended - report
Morgan Stanley has suspended its global head of real estate investing after an investigation revealed that actions by an employee believed to be the former China property head 'appear to have violated' the foreign corrupt practices act, a US law that prohibits corporate bribery, the Financial Times reported.
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PropertyEU Archive
KPP Retail acquires Galeria Sandomierz
Keen Property Partners Retail has expanded its portfolio of regional shopping centres in Poland with the acquisition of Galeria Sandomierz and a new retail development planned for Gniezno. The acquisition of Galeria Sandomierz follows the recent takeover by KPP Retail of Park Handlowy Eden in Zgorzelec and the Graf centre ...
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PropertyEU Archive
Mirax seals $200m refinancing deal
Russian property development giant Mirax Group has reached an agreement to restructure a $200 mln loan with Credit Suisse. The company said the credit facility, which was due for repayment this week, has been extended for another two years.
