Latest reports – Page 3393
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PropertyEU Archive
Savills issues profit warning for 2008
Property adviser Savills said in a trading update on Wednesday that it expects underlying profit before tax for 2008 will be significantly below analyst forecasts as the company had to contend with increasingly challenging markets in the past few months.
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PropertyEU Archive
Metrovacesa cuts project pipeline
Spanish property firm Metrovacesa has reduced its development pipeline to just 12 projects from 19 at the beginning of the year as part of a programme to reduce its gearing. The company said it has halted development on three shopping centres located in the Spanish cities of Valdebebas-Madrid, Cieza-Murcia and ...
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PropertyEU Archive
Evans Randall in $500m finance JV with Bank of Abu Dhabi
London-based investment banking and private equity group Evans Randall is joining forces with the National Bank of Abu Dhabi (NBAD) to provide mezzanine financing in European real estate. The partnership, which will have a target size of $500 mln, will focus on the UK and German markets, and will seek ...
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PropertyEU Archive
Valad sells NZ and Australian assets for EUR 68m
Valad has announced that the AUD$138.7 mln (EUR 67.7 mln) raised from the sale of a large number of assets in New Zealand and Australia will be used to reduce the company's debt.
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PropertyEU Archive
HSH Nordbank to sharpen German focus
Regional German bank HSH Nordbank will in future concentrate its real estate activities more strongly on northern Germany and the domestic market as part of a strategic reorientation, the bank said this week.
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PropertyEU Archive
Fimit closes EUR 850m deal with Intesa San Paolo
Italian banking group Intesa San Paolo has received the green light from the Bank of Italy for the sale of its real estate portfolio for EUR 850 mln to the Omega real estate fund managed by Italian fund manager Fimit. The bank will realise net profits of EUR 79 mln ...
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PropertyEU Archive
Finance director to take helm at Lend Lease
Lend Lease has named its finance director Steve McCann as the new CEO of the Australian-based property group. McCann will formally take over as group managing director from current CEO Greg Clarke in early 2009 following a transition period.
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PropertyEU Archive
IVG forward funds TK's retail park project in Sweden
German property group IVG has acquired a retail park project in the Swedish city of Uppsala from TK Development in a forward funding deal. An institutional fund of the IVG Funds is paying SEK 200 mln (EUR 17 mln) for the scheme.
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PropertyEU Archive
Qatari Diar provides finance for London's Shard
Qatari Diar Real Estate Investment Company, the property arm of Qatar's sovereign wealth fund, is providing much needed finance to enable the development of the Shard tower in London to proceed. The 72-storey Shard, designed by Renzo Piano, will be the tallest building in the UK when completed, but the ...
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PropertyEU Archive
Multi offers 'marketing contributions' to Turkish tenants
Struggling retailers are tightening the thumbscrews on developers in the wake of the global financial crisis. In Turkey, where the local lira has dropped against both the US dollar and the euro, developers are being forced to give discounts of up to 20%.
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PropertyEU Archive
Unite completes EUR 190m asset sale to fund
Unite, the largest provider of student accommodation in the UK, has announced the completion of the sale of 13 properties in key student markets across the UK for just over £171 mln (EUR 190 mln). The buyer was Unite's UK Student Accommodation Fund (USAF).
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PropertyEU Archive
Tishman Speyer boss in UK moves on
Mark Kingston is leaving his post as managing director of the UK operations of developer Tishman Speyer to 'pursue new opportunities and challenges'. In an international note, the company management informed staff: 'Mark has been a trusted partner and has had a true impact on and played an integral part ...
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PropertyEU Archive
Hahn places new Pluswert vehicle
German retail property firm Hahn Group has announced that it has placed its new Pluswert fund 145 within seven weeks of starting the marketing campaign. The closed-end fund tailored to wealthy private investors invests in a 16,000 -m[sup]2[/sup] property comprising a hypermarket and DIY store in Landstuhl, Germany. The ...
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PropertyEU Archive
Aldi signs up for £150 mln Wolverhampton regeneration
German discount retailer Aldi is to open a food store in the £150 mln scheme being developed by UK regeneration specialist St Modwen in Wolverhampton in the British West Midlands. Aldi has signed an agreement to lease 1,600 m[sup]2[/sup] of space in the scheme.
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PropertyEU Archive
Acciona receives 20 bids for parking portfolio
Spanish infrastructure group Acciona has reportedly received around 20 non-binding offers for its parking business worth some EUR 200 mln. Spanish papers reported on Tuesday that the company is now to shortlist five parties to pass to the second round of the bidding process, which is being coordinated by Dutch ...
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PropertyEU Archive
European investment down 55% year-on-year - JLL
Direct investment in commercial real estate in Europe for 2008 will likely come to EUR 105-110 bn, down 55% on volumes recorded for 2007. The lower figure for 2008 is partially due to a decline in capital values and volatile foreign exchange rates, Jones Lang LaSalle has said.
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PropertyEU Archive
O Twelve Estates puts faith in Olympics
O Twelve Estates, the Guernsey-registered closed-ended investment company, has reported a net loss for the six months to end-September 2008 of £16.9 mln (EUR18.7 mln), or 13.77 pence per ordinary share, compared to a loss of £10.6 mln, 8.69 pence, in the same period last year.
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PropertyEU Archive
Goldman, Eurohypo buy stakes in FCC, SFL for EUR 382m
Spain's troubled property company Colonial said on Tuesday that US investment bank Goldman Sachs and German commercial lender Eurohypo are exercising their call options to buy part of Colonial's stake in units Fomento de Construcciones y Contratas (FCC) and Societe Fonciere Lyonnaise (SFL). Goldman Sachs has bought a 3.4% stake ...
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PropertyEU Archive
Prologis offers to buy back $500m in loan notes
Prologis, the New York-listed global developer of distribution facilities, has launched a tender offer to buy back up to $500 mln (EUR 366 mln) worth of loan notes due for repayment on 15 November 2010. The notes carry an interest of 5.25% and Prologis is offering to buy them back ...
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PropertyEU Archive
Spazio fund falls 50% short of disposal target for 2008
Spazio Investment, the Amsterdam-based industrial real estate firm managed by Italy's Pirelli RE, said that its Spazio Industriale fund is likely to miss its full-year disposal target. The company said in September it planned to dispose of up to EUR 140 mln of assets by the end of 2008, but ...
