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ING RE buys Brussels office tower from Union Investment for EUR 142m
Date published: 1 November 2007

Dutch property giant ING Real Estate said on Thursday it had acquired the Bastion Tower in Brussels from Hamburg-based Union Investment Real Estate for EUR 142 mln. ING said the property was jointly acquired on a 50/50 basis by its ING Real Estate European Office Fund and the Australia-based ING Office Fund.

The Bastion tower 26 floors and comprises 31,484 m2 of office space and 510 parking spaces. Tenants include law firm Freshfields, Suez, Société Generale, RBB, Schneider and King Sturge. The property is almost fully let.

'The building's location and design make it unique in the Brussels market, one of the steadiest global real estate markets with excellent forecasts based on a strong Belgian economy,' said Leo Weidenaar, Fund Manager of ING Real Estate European Office Fund.

Bastion Tower will be partly be added to the ING Real Estate European Office Fund portfolio, which is almost fully committed. ING said it had upped the fund's target size to EUR 1 bn from EUR 700 mln and will admit more investors, adding Germany to the group of investment countries. The Fund was launched as a semi-closed-end fund in late 2005.

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2)

Fabege buys and sells in Stockholm
Date published: 30 October 2007

Swedish property company Fabege has signed an agreement with the City of Stockholm to acquire the Apotekaren 22 block in Norrmalm for EUR 85 mln. The property comprises almost 30,000 m2 of lettable space and a 3,000 m2 car park. In addition, Fabege is buying out the freehold of Bocken 46 from the City of Stockholm for just over EUR 7 mln At the same time, the company is selling the leaseholds of Visthusboden 1, 2 and 3 in Eskede, as well as the leasehold of Orgelpipan 5 on Norrmalm to the City of Stockholm for over 35 mln.

Fabege said the acquisition of Orgelpipan 5 by the City of Stockholm guarantees implementation of a new commuter train exit to street level for the planned Citybanan line. The deals with the City of Stockholm are conditional on approval by the local government council. Fabege also sold Kurland 18 (Norrmalm), comprising 890 m2 of lettable space, to Anders Ivarsson for almost EUR 4 mln.

'The deal with the City of Stockholm strengthens our presence is what is a priority sub-market for us. There is also interesting improvement potential at Apotekaren 22,' Christian Hermelin, CEO of Fabege, commented.

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3)

X5 Retail Group buys Korzinka chain
for EUR 80m
Date published: 26 October 2007

Russian food retailer X5 Retail Group has agreed to buy the Korzinka retail chain of 22 stores for $115 mln (EUR 80 mln), including debt. X5 said 15 of Korzinka's stores will be integrated into its discount format and six into the supermarket format while one store will be added to its hypermarket network. The total area of the Korzinka outlets is 38,007 m2, X5 noted, of which 12,352 m2 are owned, while the average lease length for the remaining space is 10 years. The net selling space represented by the outlets is 19,966 m2.

Korzinka, a fast-growing retail chain in Russia's Lipetsk region, is expected to post sales of $190 mln, excluding VAT, for 2007. X5 Retail Group, whose stock is listed in London, is Russia's largest food retailer in terms of sales.

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4)

Sjaelso Gruppen sells top Stockholm location for EUR 63.7m
Date published: 29 October 2007

Danish real estate company Sjaelso Gruppen has concluded a deal to sell a combined office, storage and retail property in Stockholm to Property Group for EUR 63.7 mln. The transfer should be finalised by the middle of 2008.

The property, Sjaelso's largest project in Sweden to date, comprises 37,000 m2 and has been created by revamping and developing properties acquired by Sjaelso Gruppen earlier in the year. It is located in the Alvsjö area in the south of Stockholm, close to the Stockholm International Fairs, the largest rentable facility in Northern Europe. Alvsjö is currently undergoing a transformation, particularly in the retail sector. The property is fully let; tenants include the IT company TietoEnator, which accounts for some two-thirds of the project, and a large Swedish grocery concern.

The agreement with Property Group supports the Danish company's profit expectations; it still expects to meet its pre-tax profit for 2007 of EUR 107 mln to EUR 120 mln.

Copenhagen-based Property Group was incorporated on 1 January 2006 and focuses on acquisitions of retail, office, residential and hotel real estate in Denmark, Sweden, Norway, Finland, Germany and Eastern Europe.

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5)

Fabege in further Stockholm acquisition
Date published: 31 October 2007

Listed Swedish real estate company Fabege is paying about EUR 56 mln for the 23,000 m2 Getingen 15 office property in central Stockholm. Fabege said on Wednesday that the acquisition is being carried out by the purchase of the property holding company from Swedish peer Linco Fastighets. The building contains eight floors above ground and three levels of car parking below. Some 13,000 m2 of Getingen 15 consists of offices. The cost of refurbishment of the three top floors ia being borne by the seller.

'The property offers interesting potential in the form of around 7,000 m2 of vacant space, which we regard as a great opportunity. We have been very successful with lettings in this area in the past year,' commented Christian Hermelin, CEO of Fabege. Following the acquisition which is to close in the second week of January next year, Fabege will own five properties totalling around 79,000 m2 at Norrtull: Getingen 13,14,15, Ormträsket 10 (Wenner-Gren Center) and Mimer 5.

'The acquisition enables us to create an even stronger, administratively efficient cluster in the Norrtull/Norra Station development area. The area is about to undergo major remodelling and modernisation, and we are delighted to be able to strengthen our market position there,' Hermelin said.

On Tuesday, Fabege announced it had signed an agreement with the City of Stockholm to acquire the Apotekaren 22 block in Norrmalm for EUR 85 mln. The property comprises almost 30,000 m2 of lettable space and a 3,000 m2 car park. In addition, Fabege is buying out the freehold of Bocken 46 from the City of Stockholm for just over EUR 7 mln At the same time, the company is selling the leaseholds of Visthusboden 1, 2 and 3 in Eskede, as well as the leasehold of Orgelpipan 5 on Norrmalm to the City of Stockholm for over 35 mln.

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A full analysis of the top deals carried out in October features in the November edition of PropertyEU Magazine.