All Real Assets articles in Web Issue – Page 128
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PropertyEU Archive
Rugby Estates makes EUR 25m bid for City Lands
AIM-listed UK property company Rugby Estates Investment Trust has said it has made a £ 17.2 mln (EUR 25.3 mln) conditional offer to acquire City Lands Investment Corporation (CLIC). The company says its offer has been recommended by the directors of CLIC and that, if successful, this will be ...
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PropertyEU Archive
Pirelli RE, Fintecna get green light for EUR 250 m project in Milan
Pirelli Real Estate said its 50-50 Quadrifoglio Milano joint venture has received the go-ahead to refurbish and develop the former headquarters of the state-owned cigarette producer Manifattura Tabacchi in Milan. Pirelli RE, in partnership with Fintecna Immobiliare, will begin demolition of the 83,000 m[sup]2[/sup] historical site this September and construction ...
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PropertyEU Archive
Summit acquires control of Deutsche RE for EUR 35m
UK-based commercial property investment firm Summit Germany has announced that it has completed the acquisition of a 76% controlling stake in Deutsche Real Estate. Reports in May suggested the company would be buying the stake at EUR 2.61 per share, valuing it at around EUR 40 mln, but this week’s ...
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PropertyEU Archive
ING RE closes EUR 400 m loan facility for Foncière Europe Logistique
ING Real Estate has closed a EUR 400 mln loan facility for Foncière Europe Logistique. The borrower will use the loan to fund the acquisition of a logistics portfolio from Prologis, comprising 49 warehouses in various French cities such as Aulnay, Sénart and Vitrolles.
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PropertyEU Archive
IGD buys EUR 80m retail gallery near Milan
Italy's Immobiliare Grande Distribuzione (IGD) has signed a preliminary agreement to acquire a commercial gallery in Peschiera Borromeo, near Milan, for EUR 80 mln. The gallery, currently under development, will provide some 17,000 m[sup]2[/sup] of commercial space as part of a shopping centre scheduled for opening in 2010. The mall ...
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PropertyEU Archive
Cordea Savills seals three new deals in Benelux
Cordea Savills has completed the acquisition of two distribution warehouses and an office building for a combined price of EUR 48 mln in Belgium and the Netherlands. The acquisitions are in Eindhoven and Rotterdam in the Netherlands, and in Houthalen, Belgium, and were purchased on behalf of the Cordea Savills ...
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PropertyEU Archive
Orion Capital sells Paris office
Orion Capital Managers has sold the Antony Park II office building to the Iceland-based investment bank Askar Capital for an undisclosed amount. The building, which was bought by Orion in 2005 for EUR 84 mln, is being sold to Askar Capital in partnership with Bear Stearns. The nine-storey office was ...
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PropertyEU Archive
Stratford City project gets go-ahead
The London borough of Newham and the Olympic Delivery Authority have approved Westfield's development next to the London 2012 Olympic site. Stratford City is one of the largest regeneration projects in London, including 175,000 m[sup]2[/sup] of retail and leisure space, 106,000 m[sup]2[/sup] of offices, 35,000 m[sup]2[/sup] of hotel space as ...
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PropertyEU Archive
JLL sees two-speed market emerging in Europe
A two-speed market is emerging in Europe, with a slower pace of investment activity expected in the UK compared to continental Europe, according to a report by global adviser Jones Lang LaSalle. 'Diminishing yield spreads in Europe's heartland will lead to greater interest and activity in the smaller and less ...
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PropertyEU Archive
Greek shipping tycoon snaps up Telegraph HQ
The Barclay brothers have sold the Telegraph Newspaper headquarters in London's West End to Greek businessman Achilleas Kallakis' investment vehicle Pacific Group, for £ 218 mln (EUR 320 mln). The building, located at 111 Buckingham Palace Road, was formerly known as Victoria Plaza and provides some 12,400 m[sup]2[/sup] of office ...
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PropertyEU Archive
Union Investment shops in Luxembourg
Union Investment Real Estate has acquired the Leonardo da Vinci office building in Luxembourg for an undisclosed amount. The 11,200-m[sup]2[/sup] asset is leased to the European Investment Bank (EIB), Union Investment said in a statement. Leonardo da Vinci is located in the Findel Golf office park, near the airport of ...
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PropertyEU Archive
IVG Immobilien posts record earnings for 1H 2007
IVG Immobilien's net earnings rose from EUR 116.8 mln to EUR 188.5 mln in the first half of 2007, surpassing the company's performance for the full 2006 year, IVG said in a statement on Thursday. Net asset value increased from EUR 23.56 per share at the end of 2006 to ...
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PropertyEU Archive
TVC consortium acquires 11 Comfort Inn hotels
TVC Holdings, a publicly-quoted investment holding company, said it is teaming up with several investors to acquire 11 Comfort Inn and Quality Hotels in Ireland, from Kasterlee for EUR 41.5 mln. The deal represents a total investment of EUR 46.5 mln, including EUR 3 mln of development capital.
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PropertyEU Archive
UK property fund outflows double in Q2 2007
Outflows from unlisted UK real estate funds doubled in the second quarter of 2007, according to new research released on Thursday by the Association of Real Estate Funds (AREF). Redemptions rose from £324 mln (EUR 478 mln) in the first quarter to £ 631 mln in the second quarter of ...
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PropertyEU Archive
Duke Street, Europa Capital take over CI Traders in £401m deal
A joint venture between private equity firm Duke Street Capital and real estate manager Europa Capital has bought CI Traders, an AIM-listed property, retail and hospitality group, for £ 401 mln (EUR 592 mln). The two partners, through their Sandpiper investment vehicle, offered 100 pence per share for the company ...
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PropertyEU Archive
ZBI sells mixed-use portfolio for EUR 420m
Erlagen-based Zentral Boden Immobilien (ZBI), through its real estate funds Wohnungsfonds I, II and III, has sold about 6,000 houses and 400 commercial units to Citcor Residential Holding, which is a joint venture between Citigroup Property Investors (90%) and CorpusSireo (10%). The transaction price is between EUR 420 mln and ...
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PropertyEU Archive
SEB fund acquires logistics property in Venlo
SEB Immobilien-Investment, on behalf of its SEB ImmoPortfolio Target Return Fund, has acquired a logistics property in Venlo, Southern Netherlands, for EUR 21.3 mln. The asset provides some 21,600 m[sup]2[/sup] of warehouse space and 900 m[sup]2[/sup] of office space. The property is leased until the end of 2013 to Amway, ...
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PropertyEU Archive
BNP Paribas suspends three of its funds blaming US market crisis
Paris-based bank BNP Paribas announced on Thursday it has closed three of its asset-backed securities funds because of 'the complete evaporation of liquidity' in the market. The French lender claimed that the US securisation market 'has made it impossible to value fairly certain assets' and added that the valuation will ...
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PropertyEU Archive
Ikea's first Russian office building leased
The first building in Ikea's Russian venture, Khimki Business Park, has been leased out by co-exclusive leasing agent Colliers International Russia. Among the tenants in the Class A office building are Ford Motor Company, DHL, IKEA Property and Renault.
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PropertyEU Archive
GPT Halverton buys into logistics in the Netherlands
GPT Halverton, on behalf of its logistics fund EB8, has bought a logistics building in Etten Leur, the Netherlands, for an undisclosed amount. The property includes some 15.570 m[sup]2[/sup] of logistics space and is fully leased to TNT. The seller is a private investor, Halverton said in a statement.
