Latest reports – Page 3732
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News
Michael Koch found guilty of corruption in Frankfurt court
REAL ESTATE – Michael Koch, the central figure in the 2004 bribery scandal that engulfed German real estate fund provider Deka, was found guilty of corruption by a Frankfurt court but will not go to jail. Instead, the Frankfurt court sentenc...
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News
Aberdeen settles REO split cap lawsuit
REAL ESTATE - Fund management firm Aberdeen is to pay Real Estate Opportunities (REO) £30m (€44m) to settle a lawsuit brought by the split capital trust. Aberdeen and Swiss bank UBS, which REO also sued, advised REO on a 2001 listing i...
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News
Washington State approves over $800m in real estate
REAL ESTATE- The Washington State Investment Board has taken action to place more than $800m (€601.4m) into new real estate investments. The pension fund made these investment decisions at its board meeting recently. One decion was a follow...
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News
LA Fire & Police is looking hard at Stratford fund
REAL ESTATE - Los Angeles Fire & Police Pension System is looking into making a commitment to a new commingled fund, Stratford Land Fund III. But the pension fund will not be making a final decision until its gets a report on the commingled...
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PropertyEU Archive
LSR to raise £160m in London IPO
Local Shopping REIT (LSR) is planning to raise up to £160 mln through a listing on the London Stock Exchange in May, after which LSR will elect to become a real estate investment trust (REIT). The proceeds will be used to fund LSR's future acquisitions.
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PropertyEU Archive
HSBC gets 15 bids for £1bn Canary Wharf HQ
HSBC has reportedly received 15 offers for its £1 bn Canary Wharf head office. The bidders include Evans Randall, German IVG Immobilien, Active Asset Investment Management, as well as a number of billionaire Gulf investors and Far East property tycoons, The Times newspaper reported in its online edition.
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PropertyEU Archive
Matrix to list £300m portfolio in London
The Matrix Group is planning to list its £300 mln European portfolio on the London stock exchange in May 2007. The Guernsey-registered open-ended fund aims to raise about £150 mln by selling shares prior to the listing. Its investment unit Matrix European Real Estate Investment Trust (MEREIT) is expected to ...
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PropertyEU Archive
Orco, Morgan Stanley to acquire Berlin commercial landlord
The Berlin Senate gave approval on 20 March for the sale of the city's publicly-owned commercial landlord, Gewerbesiedlungs-Gesellschaft mbH (GSG), Berlin, to a joint venture between ORCO Property Group and a fund managed by Morgan Stanley Real Estate. The sale is stil subject to the approval of the Berlin Parliament ...
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PropertyEU Archive
Schibsted sells Oslo office
Norwegian publishing company Schibsted is currently in talks for the sale of an office building on Apotekergaten in Oslo, for EUR 41.15 mln. The deal has been conducted as a sale-and-lease-back transaction through Schibsted's fully-owned subsidiary, Schibsted Eiendom, with an unnamed client represented by Aberdeen Property Investors Norway. The company ...
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PropertyEU Archive
GTC starts construction of Krakov office
Polish developer Globe Trade Center has started the construction of the Edison building, part of an office complex located at a major intersection in Poland's third-largest city Krakow. The building will provide 10,000 m[sup]2[/sup] of office space as well as a 400 m[sup]2[/sup] retail area. Completion is scheduled for the ...
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PropertyEU Archive
RGI raises EUR 178m in share sale
Moscow-based RGI International has raised $237 mln (EUR 178 mln) in a second share offering of almost 23 million new shares at $10.44 each. RGI is planning to use $140 mln to fund the acquisition of the Chelsea and Victory Park developments in Moscow. RGI raised $192 mln in its ...
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PropertyEU Archive
Africa-Israel to float Russian unit
Africa-Israel Group, the Tel-Aviv listed conglomerate headed by Israeli billionaire Lev Leviev, has confirmed it intends to press ahead with the flotation of its Russian unit, AFI Development unit, on London's main market. The details for the offering to international institutional and professional investors have yet to be finalised.
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PropertyEU Archive
Zhukovsky set to house mall by 2009
Construction will start this year on a 45,000 m[sup]2[/sup] shopping and entertainment centre in the Moscow satellite town of Zhukovsky. The project, involving a total investment of $40 mln, will be developed by SVA Torgovy Tsentr. Completion is expected for 2009. The Zhuk mall will be located in the ...
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PropertyEU Archive
Liberty International shops in Covent Garden
Liberty International's subsidiary Capital & Counties has acquired five shops under London's Royal Opera House from the Irish consortium Clarendon Properties and Anglo Irish Bank for £127.5 mln. The deal, involving some 3,158 m[sup]2[/sup] of retail space, makes Liberty International the largest landlord in the Covent Garden district. The company ...
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PropertyEU Archive
Tax reforms 'may slow G-REIT momentum'
German companies may postpone conversion to real estate investment trust (G-REIT) status or put off launching new G-REITs until the SPD and CDU/CSU coalition government introduces corporate tax reforms that will lower the effective tax rate from 2008, according to an analyst familiar with the German property sector.
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PropertyEU Archive
XXI Century Investments Public develops Kiev office
Ukrainian XXI Century Investments Public is to develop an office centre at Melnykova street in Kiev, next to its Kvadrat Lukaynivka shopping mall. The Ukrainian real estate company reached a lease agreement with local authorities for a 0.23 hectare site where it will develop its 25,000 m[sup]2[/sup] office complex. The ...
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PropertyEU Archive
Unibail, Whitehall sell EUR 2.1bn Coeur Defense tower
French property firm Unibail and the Whitehall Fund have sold the Coeur Defense office tower west of Paris in a deal that values one of Europe's biggest office blocks at EUR 2.11 bn. Unibail and Whitehall, with a 49% and a 51% stake respectively in SCI Karanis, the company owning ...
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PropertyEU Archive
Nexity, Credit Foncier agree on share swap
Caisses d'Epargne's real estate lending arm Credit Foncier and property developer Nexity have agreed on a share swap of 3.5 Nexity's shares for every two Credit Focier shares. This is an alternative to Caisse D'Epargne's original takeover plan, which has been abandoned in the face of regulatory and financial obstacles. ...
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PropertyEU Archive
GE sells London offices to ING fund for EUR 76m
GE Real Estate UK has sold an office property in the West End of London to ING Central London Fund for £51.4 mln (EUR 76 mln). The transaction reflected a net initial yield of 4.15% after expiry of rent-free periods. The property comprises 32,170 square feet (2,900 m2) of newly ...
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PropertyEU Archive
Pension fund casts doubt on Sainsbury buy-out
Plans by private equity groups to buy Sainsbury to profit from its freehold property worth an estimated £7.5 bn (EUR 11bn) have been overshadowed by a warning from the UK retailer's pension fund that it could face a £3 bn shortfall if the takeover goes ahead.
