Top 5 deals, Week 3 (12 - 16 January 2009)

The largest real estate investment transaction reported by PropertyEU between 12 - 16 January 2009 was the acquisition by French fund manager BNP Paribas REIM of logistics and office properties in France for a total of EUR 229 mln.

Top 5 deals* for Week 2 (12-16 January 2009)

1. BNP Paribas spends EUR 229m in France

2. ING RE acquires largest mall in Northern Bohemia for EUR 125m

3. IVG fund buys high-street asset in Hamburg for EUR 94m

4. AEW Europe's value-added fund makes third investment for EUR 68m

5. Gazeley sells logistics portfolio for EUR 58m

* Deals for which the investment volume was given

Scroll down for the news on the deals

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1) BNP Paribas spends EUR 229m in France
Date: 14 January 2009
Category: Mixed

French fund manager BNP Paribas REIM has made two acquisitions in France for a total of EUR 229 mln. The transactions were completed on behalf of BNP Paribas' new OPCI funds, TPF1 (Technical Property Fund 1) and TPF2 (Technical Property Fund 2). These unlisted investment vehicles are intended for institutional parties and were launched in July and December 2008.

TPF2 signed an agreement at end 2008 for the acquisition of a portfolio of six logistics sites leased to La Poste, for a total of EUR 128.7 mln. This deal was financed by 40% of debt provided by HSBC. The equity share has been provided by two French institutional investors and the real estate arm of La Poste, Poste Immo. BNP Paribas REIM was advised by law firms Thibierge (Maître Fremeaux) and Bird & Bird.

In addition, BNP Paribas REIM, on behalf of TFP1, purchased a portfolio of 29 office buildings leased to France Télécom from Foncière des Régions for a total of EUR 100 mln. This operation was financed by 30% of debt, and 70% of equity provided by French institutional investors and international investment funds. BNP Paribas REIM was advised by Baker & McKenzie and Thibierge (Maître Fremeaux).

Jacqueline Faisant, president of BNP Paribas REIM, said that 'the launch of these OPCIs confirm the company's ability in bringing value to investors despite the difficult market climate'. 'The new year will be an opportunity for us to confirm our commitment to the OPCI sector with the launch of new institutional products and with the launch of our first OPCI retail fund.'

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2) ING RE acquires largest mall in Northern Bohemia for EUR 125m
Date: 13 January 2009
Category: Retail

ING Real Estate has acquired the Nisa Liberec Shopping Centre, valued at EUR 125 mln, in the Czech Republic. Following an extensive refurbishing and expansion, the property has been added to the ING Property Fund Central Europe.

The shopping centre is located in the North Bohemian city of Liberec. The property was first built in 1999 and has doubled in size to over 50,000 m² of retail area. The number of retail units at Nisa Liberec Shopping Centre has been increased from 70 to over 160, attracting numerous new retailers. The car park was extended to offer 1,800 places, ING Real Estate said.

As a result, Nisa Liberec is the largest shopping centre in Northern Bohemia. The mall boasts a new multiplex cinema with eight theatres and 1,200 seats. In total, 4,000 m² of leisure space was added.

Will Rowson, chief investment officer ING Real Estate Investment Management Europe, said: 'We are delighted with the completion of this project. It shows the added value ING Real Estate can deliver based on its cross-division capabilities. The refurbishment and expansion of Nisa Liberec is a perfect example of how we put our expertise to work for investors.'

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3) IVG fund buys high-street asset in Hamburg for EUR 94m
Date: 14 January 2009
Category: Retail

AEW Europe said on Tuesday that its European Property Investors fund has sold Karstadt's flagship store in Hamburg to a fund managed by IVG Institutional Funds in Germany for just over EUR 94 mln. The Alsterhaus property is a long-leased, landmark asset which consists of approximately 31,000 m² of space over five trading floors in the prime shopping street of Hamburg.

'This sale transaction shows that despite the economic upheaval, there is still demand for quality property assets,' remarked Rui Tereso, managing director at AEW Europe and head of Portfolio Management.

Ric Lewis, outgoing chief investment officer of AEW Europe said, 'We are very pleased about the completion of this sale, its pricing and what its consummation does for our clients' investment results. We are particularly proud to have been able to accomplish this at a time when there exists so much economic uncertainty and turmoil.'

CB Richard Ellis acted for the seller.

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4) AEW Europe's value-added fund makes third investment
Date: 13 January 2009
Category: Distribution

AEW Europe has announced that it has contracted to purchase a distribution facility in the UK for EUR 68 mln on behalf of its value-added fund, European Property Investors Special Opportunities (EPISO). The 62,500-m² distribution facility, known as the Bridge, is located in Dartford, Kent. The property was developed by Prologis in 2007 and is leased to Sainsbury's for a remaining term of 18.5 years.

Rob Reiskin, head of Investments for Europe commented, 'The combination of limited liquidity and the presence of motivated sellers is creating an interesting dynamic for those with access to capital and strong relationships. In this instance, we were able to buy a prime property at an attractive yield. Importantly, we were also able to secure debt finance on highly competitive terms.'

This is the third acquisition for the fund since it was launched in 2008. In the fourth quarter of 2008 EPISO teamed up with Mountgrange Investment Management to acquire a diversified retail, office and logistics portfolio of 28 properties in the UK for £126.2 mln (about EUR 140 mln). Around the same time the fund and Cleaveland Asset Management completed the acquisition of a mixed property portfolio in Paris for EUR 145.6 mln.


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5) Gazeley sells logistics portfolio for EUR 58m
Date: 14 January 2009
Category: Logistics

Gazeley has sold four of its six properties in France to investors AXA and Fortis for a total of EUR 58 mln. French investment manager AXA, on behalf of a German fund, has purchased three logistics properties in Valence d'Agen, Montauban and Beaulieu-sur-Layon for some EUR 37 mln, The properties comprise a total 75,000 m² of logistics space currently leased to ID logistics, MGF logistique and Kuehne Nagel. Fortis has bought a logistics scheme of 29,000 m² located in Chaponay for EUR 21 mln. The property is fully leased to Geodis.


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