Latest reports – Page 3465
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MagazineSizzling Asia feels the heat
The statistics are still impressive and prospects are good. But the effects of the credit crunch are being felt in Asia with the added sting of inflation, as delegates to REIW Asia, among them Richard Lowe, found out
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News
PBGC eyes move into real estate
UNITED STATES – The Pension Benefit Guaranty Corporation (PBGC) is looking at investing in real estate for the first time and is therefore seeking strategic partnerships so it may allocate up to $2.5bn (€1.6bn) in the sector.
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News
European office still seen as positive space
EUROPE - Rents will fall but much of the European office market is likely to remain positive in the near future, even though at least 20% of the tenant base in major cities is in financial services, suggests Pramerica.
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News
European focus shifts to air and rail operators
EUROPE – Infrastructure asset managers say new investment opportunities could be emerging for institutional investors as a flurry of new deals are expected to come to the market in the management of air and rail operators.
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News
Real estate teams sign expertise
EUROPE – Asset managers Prupim and First State Investments have made changes to their real estate teams which they hope will improve their positions in the retail and infrastructure markets.
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News
Cost of fraud triples for Philips fund
NETHERLANDS – The €13.4bn Dutch pension fund of electronics major Philips has executed several sequestrations in relation to its involvement in the recent property fraud, which is now estimated to have cost the fund €150m.
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News
Talking Point: Moving into the distressed debt gap
News has slowly emerged over recent months of plans by US pension funds in particular to allocate some of their real estate assets to distressed debt opportunities, in light of the credit crunch. But just open is the market to new investors, and are there the opportunities.
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PropertyEU Archive
CBRE arrange financing for Italian hotel owner
CB Richard Ellis said its EMEA debt advisory and hotels teams have arranged EUR 60mln financing for a portfolio of NH hotels in Italy owned by Framon Real Estate. In a statement, CBRE said the final terms of the financing were agreed with WestLB, Westdeutsche ImmobilienBank and UniCredit.
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PropertyEU Archive
CBRE, JLL mauled by credit crunch
CB Richard Ellis and Jones Lang LaSalle, the top two global property services firms, have revealed dramatic declines in profit during the second quarter of 2008 as the credit crunch continues to slow transaction activity.
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PropertyEU Archive
Hotel sales plummet in H1 2008
The volume of global hotel sales plummeted in the first six months of this year, declining 76% on the bumper period a year ago. Yet $13.9bn (just under EUR 9bn worth) of hotel properties were traded in the first half of this year despite the continuing credit crunch, according to ...
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PropertyEU Archive
Aberdeen clients invest in Sierra Portugal Fund
Two clients of Aberdeen Property Investors have invested in an additional closing of the Sierra Portugal Fund (SPF). Portuguese shopping centre group Sonae Sierra said that following the two investments with a combined gross commitment of more than EUR 55mln correspond to an 18% interest in SPF and bring the ...
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PropertyEU Archive
Immoeast shareholders approve Constantia's deal
The shareholders of Immoeast, the Austrian-based property investor focused on Central and Eastern Europe, have approved a management motion to acquire a majority stake of the real estate activities of Constantia Privatbank. The takeover is being carried out with Immoeast's parent company Immofinanz.
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PropertyEU Archive
MGPA acquires Milan office development for EUR 53m
Private equity real estate firm MGPA has agreed to acquire a Grade A office scheme in Milan for EUR 53mln when it is completed. The property is being acquired for MGPA Europe Fund III, part of the larger MGPA Fund III which closed in June 2008 with commitments of EUR ...
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PropertyEU Archive
Eurohypo arranges EUR 147.5m for Prague development
German real estate bank Eurohypo, acting as sole arranger, is providing EUR 147.5mln financing to a new Galerie Harfa shopping and office centre development in Prague. The centre being developed by Lighthouse Group will comprise 39,000 m[sup]2[/sup] of retail floor space and just under 15,000 m[sup]2[/sup] office floor space. Eurohypo ...
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PropertyEU Archive
ING Real Estate launches global fund of funds
ING Real Estate Select has announced that the London Pensions Fund Authority (LPFA) is putting up £150mln (EUR 191mln) as the seed investor in the global multi-manager's Orisis Property fund. ING Real Estate Select, the multi-manager business of ING Real Estate, said that Global Oisiris is one of the first ...
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PropertyEU Archive
UK All-Property returns at 30-year low
The UK real estate sector stayed in negative territory in the second quarter of 2008. Jones Lang LaSalle's UK Property Index recorded an All-Property total return for the period of -1.3%. This translated into annual total returns of -15.1%, which the property services company said was the lowest annual figure ...
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PropertyEU Archive
RREEF-Pirelli consortium completes EUR 800m Highstreet deal
A consortium consisting of RREEF, Pirelli Real Estate, Luxembourg-based Borletti Group and Generali Group has completed its acquisition of a 49% stake in Highstreet, a joint venture between Goldman Sachs and Arcandor, the investment company that owns the majority of the German department stores operated by Karstadt, for EUR 800mln.
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PropertyEU Archive
Depfa signs EUR 1bn loan with Spanish airport operator
Depfa, the infrastructure bank, has signed a EUR 1bn public finance loan with Spanish state-owned airport operator Aena that will be used to help pay for the expansion of Barcelona, Alicante and Malaga airports. The agreement was signed on 2 July and AENA has up to two years to drawn ...
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PropertyEU Archive
European real estate futures cleared for US trading
The way has been cleared for US investors to use future contracts based on the benchmark FTSE EPRA/NAREIT Europe and FTSE/EPRA Euro Zone indices to get exposure to European real estate stocks. The Washington-based Commodity Futures Trading Commission (CFTC) ruled recently that the futures traded on NYSE Euronext's Liffe derivative ...
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PropertyEU Archive
Cedilec leases 25,000 m[sup]2[/sup] near Le Havre from Prologis
Cedilec, a French provider of third-party logistics for the food retail industry, has leased 25,000 m[sup]2[/sup] of space at Prologis' 150,000 Park du Hode park near the French port of le Havre. Cedilec is already leasing just over 19,000 m[sup]2[/sup] of space in the same park. Prologis said Cedilec has ...
