Latest reports – Page 3375
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PropertyEU Archive
Workspace in rights issue to bolster financial position
Workspace has became the first real estate investment trust (REIT) in the UK to announce a rights issue to ease its debt burden. The provider of rental space to small and medium sized businesses said it aimed to raise £87.2 mln (EUR 94 mln) in a fully underwritten 5-for-1 rights ...
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PropertyEU Archive
Hochtief finds new tenant for Budapest's Capital Square
The Hungarian subsidiary of German construction group Hochtief Projektentwicklung has concluded a new lease contract for 1,200 m[sup]2[/sup] of space in the Capital Square project in Budapest with consultancy firm AAM Vezetoi Informatikai Tanacsado.
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PropertyEU Archive
Germany ponders nationalisation of Hypo RE
Germany's finance minister Peer Steinbrück is considering nationalising Hypo Real Estate Holding, the Munich-based commercial property lender which has been bailed out twice by the government over the past four months, several German media reported on Wednesday. According to reports, the German state is considering buying a 70% stake in ...
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PropertyEU Archive
KPN sells property for EUR 180m
Dutch communication services group KPN sold property assets for a total of EUR 180 mln in 2008, of which around EUR 140 mln during the fourth quarter of the year. During the presentation of its fourth-quarter results on Tuesday the groups said that real estate disposals fell short of the ...
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PropertyEU Archive
German funds extend ban on redemptions
Germany's open-ended funds are opting to keep the hatches battened down a while longer as the financial market turbulence rages on. At end-January, half the dozen fund managers which imposed a temporary freeze on redemptions last October said they were extending the ban for a further nine months. Crédit Suisse ...
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PropertyEU Archive
Catella unlocks Focus Nordic Cities fund
Catella Real Estate announced on Wednesday that it is lifting the suspension on withdrawals from its German open-ended property fund Focus Nordic Cities. Catella board spokesman Andreas Kneip said it was possible to end the three-month lockdown because the fund's clients had shown a willingness to hold on to or ...
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PropertyEU Archive
Hertie to close stores as it struggles to stay afloat
Germany's troubled department store chain Hertie said on Wednesday that it plans to close 19 of its 73 German branches throughout Germany by the end of March. The slimdown will affect 520 fulltime jobs.
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PropertyEU Archive
STE signs up tenants at Le Domino in Paris
Paris-listed Societe de la Tour Eiffel (STE) has signed several leases in Le Domino, the HQE-labelled office and retail development situated at Porte des Lilas overlooking the Boulevard Peripherique northeast of Paris.
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PropertyEU Archive
Helical Bar raises EUR 30m for acquisitions warchest
Helical Bar has raised almost EUR 30 mln from a share issue to give the London-listed firm extra firepower to 'pursue additional compelling opportunities' in the UK real estate sector.
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PropertyEU Archive
Grosvenor and UBS funds join UK's Aref
Grosvenor Festival Place Fund and UBS Secure Income Property Fund have become members of the Association of Real Estate Funds (Aref) in the UK. This brings Aref's membership to a total of 68 funds, representing GBP 26 bn in net asset value.
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PropertyEU Archive
Hilton to open new Waldorf Astoria in Berlin
Hilton Hotels Corporation (HHC) said it has entered into a management agreement with UK firm Primrose Capital to open the first purpose-built Waldorf Astoria hotel in Europe. The Waldorf Astoria Berlin in Germany is scheduled to open towards the end of 2011 and will feature 242 luxury guest rooms and ...
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PropertyEU Archive
Governments must stand firm on emission targets - King Sturge
International real estate broker King Sturge has urged European governments not to soften energy emission targets despite the difficult economic conditions and concerns about energy security. However, King Sturge admits notes in the 2009 edition of its European Property Sustainability Matters report that implementation of the green agenda faces significant ...
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PropertyEU Archive
UK property funds hit by redemption freeze
Standard Life Investments has become the latest UK asset manager to restrict withdrawals from unit-linked real estate funds to maintain liquidity and prevent forced asset sales in a falling market.
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PropertyEU Archive
Real I.S. shops in Stuttgart
German investor Real I.S. has acquired an office building in Stuttgart for an undisclosed amount. The four-storey property, which was bought for the group's institutional vehicle BGV Bayerische Grundvermögen III SICAV FIS, is leased on a long-term basis to the publishing house Georg Thieme Verlag. It provides around 9,400 m[sup]2[/sup] ...
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PropertyEU Archive
Unilever pension fund to dispose of EUR 600m of property
Progress, the pension fund of soap-to-soup manufacturer Unilever, has instructed CB Richard Ellis to market its Dutch direct property portfolio worth about EUR 600 mln.
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PropertyEU Archive
RICS creates new post to champion green agenda
The Royal Institute of Chartered Surveyors (RICS) has appointed Arlette Anderson to the newly created position of head of sustainability. RICS said Anderson is developing a framework strategy to coordinate sustainability activity and projects across the organisation. RICS is undertaking over 100 different projects with a relevance to the sustainability ...
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PropertyEU Archive
AIG Global RE to sell fund management business
AIG Global Real Estate, announced on Tuesday that it plans to divest its fund management business, which operates 15 real estate funds with over $12.4 bn in assets under management in Europe, Japan, Latin America and Asia. The vehicles had $5.2 bn in equity capital commitments at end-September 2008, AIG ...
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PropertyEU Archive
Dutch investor sells EUR 14m of real estate
Dutch investor Naftali Elburg has sold a mixed portfolio of properties to various private investors for EUR 14 mln. The transactions involved two hotels, office space, residential units and retail properties.
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PropertyEU Archive
Kardan Israel writes off EUR 45m due to merger
Kardan Israel, a 73.6% subsidiary of Dutch-registered international investment company Kardan, has announced it is to write off about EUR 45 mln as a result of the merger with its GTC Real Estate unit.
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PropertyEU Archive
Paref to launch two new OPCIs
Paref, the Paris-listed property fund investment and management group, said on Tuesday that it plans to launch two new OPCI investment vehicles this year, in addition to its Polypierre OPCI vehicle launched in January 2009 for institutional investors.
