Latest reports – Page 3745
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PropertyEU Archive
Pirelli RE becomes Italy's leading facility management firm
Pirelli RE has announced the closing of the purchase of Ingest Facility, a facility management company formerly part of Fiat Group and mainly active in Italy and Poland. The deal, which has got the green light by Italian and Polish antitrust authorities, is worth a total of EUR 50.3 mln.
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PropertyEU Archive
Hochtief to develop Hamburg concert hall
German construction company Hochtief has been awarded a EUR 241.3 mln contract to develop and operate the Elbphilharmonie concert hall and hotel complex in the German city of Hamburg. Hochtief added that it is heading a syndicate which also includes Commerzleasing and Immobilien AG. The complex will include a ...
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PropertyEU Archive
Electra buys 70% of office building in Frankfurt
Electra Real Estate has acquired 70% of an office building in Frankfurt for EUR 66.5 mln. The 22-storey building provides some 18,400 m[sup]2[/sup] of office space and is fully leased to business services company Ernst & Young at EUR 4.1 mln per annum until 2015.
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PropertyEU Archive
Tishman Speyer buys German property company
Tishman Speyer, a major US-based real estate company, has purchased a 90% stake in Gerrman property investment and management company Aktiengesellschaft Allgemeine Anlageverwaltung vorm. Seilwolff von 1890 (AAA) from its majority shareholders Gunter Rothenberger. The price for share was set at EUR 2.91 each. Tishman Speyer said it plans ...
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PropertyEU Archive
Fimit buys Europe's largest holiday resort
Fondi Immobiliari Italiani (Fimit) is acquiring Europe's largest holiday resort complex - the Forte Village - near Cagliari, Italy. The financial details of the transaction have not been disclosed but market sources said the centre is worth EUR 300 mln. Reached for comment by PropertyEU, Fimit said it would reveal ...
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PropertyEU Archive
Metrovacesa's net profit trebles in 2006
Spanish property giant Metrovacesa said it net profit rose 192.8% to EUR 1.79 bn in 2006, a three-fold increase year-on-year. The figure is well above the forecast of EUR 1.1 bn made by Spain's largest property firm following the release of its third quarter results, and higher than analyst estimates ...
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PropertyEU Archive
Pramerica shops in Prague
FHA Czech, a subsidiary of US investment fund Pramerica Financial, has acquired the office and retail section of the A7 Arena Holesovice project in Prague from ING Real Estate Development. The transaction value comes to about EUR 37 mln, providing a yield of about 6.6%.
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PropertyEU Archive
Helical Bar sells Garden mall for EUR 55m
Property development and investment company Helical Bar has sold its leasehold interest at the Garden shopping centre in Letchworth, south-east England, to a joint venture between Vale Retail and Tyburn Lane Private Equity for £37.55 mln (EUR 55.68 mln). The transaction value reflects a net initial yield of 4.3%.
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PropertyEU Archive
EUR 4bn barrack handover begins in Italy
Italy's ministry of defence has handed over 201 former military barracks, worth over EUR 1 bn, to the Government Property Agency (Agenzia del Demanio). The operation is part of an agreement to transform barracks located in city centres into 'buildings of public utility'.
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PropertyEU Archive
Immoeast purchases Bucharest business park
Austria property investment company Immoeast has acquired the S. Park business park developed by Primavera Development close to Piata Presei in northern Bucharest, Romanian newspaper Ziarul Financiar reported. The transaction value stands at a value of about EUR 90 mln, including EUR 60 mln of transaction costs. The deal was ...
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PropertyEU Archive
M&S rules out bid for Sainsbury
Marks & Spencer has ruled out launching a bid for Britain's third largest supermarket chain Sainsbury at this stage. M&S, Britain's largest clothing retailer, said in response to recent speculation that it 'has been considering its position in relation to a possible combination with Sainsbury', but it has decided to ...
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PropertyEU Archive
Westcore enters Austria with EUR 81m purchase
San Diego-based Westcore Properties has strengthened its presence in Europe with the purchase of a three-building portfolio in Vienna from Philips Electronics for $108 mln (EUR 81.7 mln). The portfolio includes over 120,773 m[sup]2[/sup] of lettable space on a 250,905 m[sup]2[/sup] site. The project consists of Green park centre, a ...
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PropertyEU Archive
Cordea Savills launches Pan European property fund in Italy
Property fund manager Cordea Savills is launching the Pan European Property Fund, with lender Mediobanca acting as sole underwriter. The fund's placing, which will close on March 30, 2007, is aimed exclusively at qualified investors in Italy.
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PropertyEU Archive
Hansteen announces share placing
UK property company Hansteen has announced a conditional placing of 53,435,115 new ordinary shares in order to raise £70 mln (EUR 104 mln) proceeds 'to be used to accelerate the assembly of property portfolios, particularly in Continental Europe'. The placing, at a price of 131 pence per share, is dedicated ...
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PropertyEU Archive
Israeli investor shops in Germany
Israeli investor Igal Ahouvi has purchased a portfolio of six conference hotels across Germany from the telecommunication company Deutsche Telekom. The portfolio includes hotel sites in Bad Honnef and Neuss, eastern Germany, Konigs Wusterhausen in Brandenburg, Hamburg, Leipzig and Ismaning in Bavaria. The properties provide some 80,000 m[sup]2[/sup] of hotel ...
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PropertyEU Archive
Aareal purchases Finnish office
Aareal Nordic Fund, managed by a 100% subsidiary of Aareal Asset Management, has acquired its fifth property in Finland, bringing its portfolio in the country close to the EUR 100 mln mark. The 10,000 m[sup]2[/sup] office building is leased to Shell Oil and serves as their headquarters in Finland.
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PropertyEU Archive
Bouygues recruits 18,500 workers 'to keep pace with development'
Paris-based Bouygues has reported a sharp rise in order intakes in 2006 for its construction and real estate units. Construction order volume rose by 38% last year, surpassing the 31% increase by Bouygues Immobilier, the company said as it announced its 2006 results on Wednesday. Net profit jumped 50% to ...
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PropertyEU Archive
Morgan Stanley buys office near Paris
Morgan Stanley's open investment fund P2 Value has acquired an office development in Arcueil, a southern suburb of Paris, for EUR 81.13 mln. The property will provide some 13,774 m[sup]2[/sup] of offices and 580 parking spaces, French newspaper Business Immo reported. Let to France telecom on a 9-year leasing contract, ...
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PropertyEU Archive
WP Carey International purchases French logistics portfolio
W.P. Carey International, a subsidiary of investment firm W. P. Carey & Co. has acquired a portfolio of 61 French logistics properties through a sale and leaseback transaction with the Fraikin Group for $68 mln (EUR 51.5 mln).
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PropertyEU Archive
Norway's pension fund may plough $28 bn into real estate
Norway's $287 bn (EUR 217 bn) global pension fund may invest as much as 15% of its assets in property and leveraged buyout funds in a major move to boost returns, Knut Kjaer, head of the fund, said in an interview with website PropertyInvesting.
