Top 5 deals (2-6 February 2009)

The largest real estate investment transaction reported by PropertyEU between 2 - 6 February 2009 was the acquisition by OPCI funds managed by AEW Europe of a portfolio of 45 properties in France for EUR 360 mln.

Top 5 deals* in 2-6 February 2009

1. AEW Europe OPCIs in EUR 360m spending spree

2. London & Stamford closes purchase of London's One Fleet for EUR 80m

3. Deka fund buys Sainsbury depot for EUR 73m

4. Aberdeen acquires EUR 65m Danish property portfolio

5. Private investor buys Madrid office building for EUR 23m

* Deals for which the investment volume was given

Scroll down for the news on the deals

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1) AEW Europe OPCIs in EUR 360m spending spree
Date: 30 January 2009
Category: Mixed

French fund manager AEW Europe, on behalf of its Foncière Ecureuil OPCI investment vehicle, has acquired a portfolio consisting of 45 retail, office, and logistics properties for around EUR 280 mln. The assets were sold by French banking giant Caisses d’Epargne at the end of December. The Ecureuil OPCI is managed by Nami, an independent portfolio management company licensed by the French financial market watchdog AMF.

Additionally, AEW Europe's Immocommercial OPCI has completed the acquisition of 42 supermarkets and retail stores branded Casino, Leader Price and Franprix from the French retailer Casino for a total of EUR 80 mln. The properties will continue to be operated under long-term, variable-rent leases based on a percentage of revenue. The transaction was financed by banks BNP Paribas and ING.

'In line with its asset turnover strategy, Casino is continuing to divest its mature properties,' Casino said in a statement. The retailer also sold four additional Casino supermarket properties to another partner. It said the transactions will provide the group with nearly EUR 100 mln in proceeds in 2008.

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2) London & Stamford closes purchase of London's One Fleet
Date: 30 January 2009
Category: Office

AIM-listed property investment company London & Stamford (L&S) said on Thursday it has completed the acquisition of One Fleet Place, EC4, London from Legal & General Assurance for £74 mln (EUR 80 mln). The deal was first announced at the beginning of January.

The 170,000 sq ft (16,000 m2) prime City of London office building is mainly let to Denton Wilde Sapte until 2025, at a rent of some £36 per sq ft, representing a yield of 7.75%.The purchase is expected to complete shortly after conditions have been satisfied, L&S said.

King Sturge acted for L&S while Jones Lang LaSalle acted for Legal & General Assurance Society.

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3) Deka fund buys Sainsbury depot for EUR 73m
Date: 2 February 2009
Category: Logistics

Deka Immobilien has announced the acquisition of a logistics facility in the UK from retailer Sainsbury's for around EUR 73 mln. The property located in Enfield, about 25 km from London, comprises 58,000 m² of warehousing space and around 6,300 m² of office space. Deka said the asset was purchased for the Deka-ImmobilienEuropa mutual fund, which has a total fund volume of EUR 7.3 bn.

The DekaBank Group is the biggest provider of open-ended property funds in Germany. The two investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, together manage fund assets of over EUR 18 bn.

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4 ) Aberdeen acquires EUR 65m Danish property portfolio
Date: 5 February 2009
Category: Fund News

Aberdeen Property Investors Denmark, through its Aberdeen Property Fund Denmark, has acquired the commercial property portfolio of the Danish Pension Fund for Engineers DIP. The acquisition is valued at EUR 65 mln, reflecting a net initial yield of 6%.

Under the deal, DIP will receive 40% of the acquisition price in shares in the fund and will become a new shareholder alongside existing institutional and professional investors. The remaining 60% will be paid for in cash.

The portfolio comprises seven office properties (measuring some 40,000 m² in total) in addition to DKK 487.5 mln (EUR 65 mln) of assets under management. As most of the rental income from the properties comes from public tenants, the fund carries a low tenant risk, Aberdeen said. The company expects to be able to increase the value of the assets through active management.

Tonny Nielsen, CEO of Aberdeen Property Investors Denmark, said: 'This acquisition expands and strengthens the fund's portfolio and we are also pleased to welcome DIP as a shareholder to the fund.'

Soren Kolbye Sorensen, CEO of DIP, commented: 'Being a shareholder in the property fund instead of direct owner of fewer single properties makes strategic sense to DIP. This is because we get higher potential returns through Aberdeen's active management while also increasing the diversification of our exposure to property.'

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5) Private investor buys Madrid office building for EUR 23m
Date: 5 February 2009
Category: Office

An unnamed private investor has purchased an office building in Madrid's Cristalia Business Park for EUR 23 mln from Spanish real estate agent Inmoseguros, broker Savills, who advised the buyer, said on Wednesday. The deal reflects an initial yield of 6.5% triple net.

The 5,148 m² building is located at 3 Vía de los Poblados and is let to Iberdrola Renovables on a 2.5 year lease at EUR 21 per m². It has 110 parking spaces.

Cristalia constitutes one of the biggest business parks in the Campo de las Naciones area. Other tenants at the park include Bouygues RE, Banesto and Crédit Suisse.

Manuel Santos, director of Savills investment in Madrid, said: 'In 2009 we expect private investors to represent the majority of the buyers for this type of property. With the institutional funds standing back, deals will be closed where good opportunities for quality buildings arise.'

The vendor was unrepresented.

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