More Top Stories – Page 1120
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GE venture bags Italy business
REAL ESTATE - GE Real Estate is to buy part of Italian bank Unicredit’s non-performing loans business as part of a joint venture with ABN AMRO. In the recently concluded first tranche of the €1.8bn deal, the partners paid €269m ...
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German association aims to restore confidence
REAL ESTATE – Fund industry association BVI has unveiled a set of sweeping measures aimed at shoring up German open-ended property funds, which have been battered by panic-selling and unprecedented fund closures. Chief among the measures is ...
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Canadian pension’s $2bn push into global real estate
US: The Ontario Municipal Employees Retirement System (OMERS) wants to invest around US$2bn (EUR 1.66bn) in global real estate. The first stage will be an investment of US $750m in the US market. The pension fund will work via a real estate operating...
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Hypo sells more debt but holds out for best deal on the rest
HypoVereinsbank has sold some of its non-performing real estate loans to Goldman Sachs for €2.17bn. But the German bank claims it’s in no hurry to hive off the remaining 50% of a portfolio that no longer fits its strategy. “We&#...
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Mapely to issue more shares and buy more offices
Mapeley, the Fortress-backed firm set up to bid for privatised UK public-sector property, says it will raise £100m from a share issue at the end of January. The firm, which floated last year, will use the proceeds of the new sale to buy more...
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Invesco poaches Rodamco’s Monge for Spanish acquisition
Invesco Real Estate has appointed Alejandro Monge to head its Spanish acquisitions. He joins from Rodamco, where he was head of investment responsible for the acquisition and sale of real estate assets. Having built a Spanish portfolio worth ...
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JER Partners buys hotel portfolio in Colorado
US: Real estate fund manager JER Partners has acquired a 785-room hotel portfolio in Colorado for US$53m (EUR 43.8m). Branded as TownePlace Suites by Marriott hotels, the portfolio is based on six properties in the greater Denver area and one in Colo...
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SWIP buys City offices, sells shops
Scottish Widows Investment Partnership (SWIP) is to acquire Halsbury House, a central London office property, for £35m. SWIP spokeswoman Beth Cameron said the current tenant, Reed Elsevier subsidiary Lexis Nexis, would continue as the building&#...
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RREEF buys AMB industrial portfolio
US: RREEF has acquired the AMB Institutional Alliance Fund I industrial portfolio for $618 million. The investment manager made the purchase on behalf of its commingled fund RREEF America II. Industry experts have indicated that the cap rate on...
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JPMorgan Fleming seeks meaningful relationships
US: JPMorgan Fleming Asset Management has established relationships with operating partners in senior housing, hotels and shopping centres to acquire assets for its commingled fund, the Special Situation Property Fund. The move is reflective of ...
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Investors scramble for London assets
Real Estate investors are showing no loss of appetite for London-based assets, according to a Jones Lang LaSalle market report. Last year exceeded all records with £15.38 billion of real estate traded – a 41% increase on 2004’s figur...
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Tricon Capital invests in senior housing
US: Tricon Capital Group has established a joint venture with Lakemont Homes to develop a 289-unit for seniors at Eskaton Village, Roseville, California. These “homes in the community” will range from around $350,000 to $450,000. I...
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High vacancies persist in European office buildings
Seven major European cities will continue to face high vacancy rates in office buildings over the next two years despite a more robust European market, a new study claims. The study, compiled by German real estate fund provider Oppenheim Immobilie...
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Viva España – but Brits don't buy it
UK investors are overcoming their reluctance to invest in continental European real estate – but not quickly enough, according to Ian Hally, head of real estate research at Scottish Widows Investment Partnership (SWIP). The potential for hig...
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More risk for little extra return
Real estate investors will have to take on more risk to secure only marginally higher returns, according to Investment Strategy Annual, a survey of global real estate markets by LaSalle Investment Management. But the report believes European off...
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Protego taps PGGM exec for Dutch push
NETHERLANDS – Protego Real Estate Investors has hired Peter de Haas, senior portfolio strategist for real estate at Dutch healthcare fund PGGM, to head its new Dutch office. He is to join the firm founded by Iain Reid, the former head of Abe...
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UBS eyes Paris, buys in Munich
UBS has acquired a €50m Munich office block for its recently-launched European office real estate fund, and expects to buy two more offices in Paris. The net initial yield from the German property is 8%. The UBS (Lux) Euro Value-Added Real ...
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Irish reserve fund plans €2bn real estate move
IRELAND – Ireland’s €15.3bn National Pensions Reserve Fund is to divert 8% of its equity holding into real estate over the next five years after a strategic review revealed its cautious asset allocation formula was failing to maximi...
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LaSalle names Lyon as European finance head
EUROPE - LaSalle Investment Management has appointed Jamie Lyon to head its European finance and operations as it gears up for another year of expansion via increasingly complex deals. Lyon, former finance director of developers ProLogis, will br...
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Colonia names Aareal’s Krauss as CIO
GERMANY – Colonia Real Estate has nabbed Edgar Krauss from Aareal as chief investment officer in a move it hopes will boost its ambitious acquisitions strategy. Stephan Rind, CEO of the Cologne-based firm, said Krauss’s appointment wo...
