All Real Assets articles in Web Issue – Page 139
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PropertyEU Archive
Orco's NAV per share jumps 65%
Orco Property Group has reported that its net asset value per share for the first half of 2007 rose 65% year-on-year and over 16% since 31 December last year. First-half net profit was up 106% to EUR 55 mln as revenues climbed 270% to EUR 125 mln from EUR 34 ...
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PropertyEU Archive
Befimmo completes largest capital increase
Brussels-based Befimmo has raised EUR 261 mln in the largest capital increase by a listed real estate company in Belgium in order to reduce debt and build up its reserves for further acquisitions. The operation in early June followed the coup late last year when Befimmo beat off stiff competition ...
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PropertyEU Archive
Peel sells Bristol hotel
UK hotel operator Peel Hotels has reached agreement on the sale of the Avon Gorge Hotel in Bristol for £15.5 mln (EUR 23 mln) and an unspecified Bradford property for an additional £2 mln (EUR 3 mln). The firm said it will be totally debt-free after completion of the transactions. ...
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PropertyEU Archive
Polis Immobilien buys nine offices in Germany
Berlin-based Polis Immobilien has acquired nine office properties in Germany. The real estate company bought eight buildings from Stuttgarter Versicherung and one property from a subsidiary of Hypo Real Estate Bank Group. The properties have a total rental area of around 19,600 m2, 86% of which is currently let. The ...
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PropertyEU Archive
Metrovacesa launches share swap with Gecina
Spanish real estate giant Metrovacesa has informed the country's securities watchdog CNMV that it is to mount a share swap with its French subsidiary Gecina. The move is part of Metrovacesa's separation plan agreed last February and which is aimed at ending a year-long battle for control between Metrovacesa's main ...
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PropertyEU Archive
AFI Development signs $280m loan with Sberbank
AFI Development said on Monday it has signed a $280-mln (EUR 205 mln) loan agreement with Sberbank, the commercial savings bank of the Russian Federation, to fund part of the Tverskaya Zastava development project in Moscow.
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PropertyEU Archive
GPT Halverton spends EUR 289m on Dutch assets
GPT Halverton has completed the purchase of a 230,000 m[sup]2[/sup] mixed portfolio in the Netherlands for EUR 269 mln. The portfolio comprises 21 office properties (87,000 m2) and 18 industrial complexes (143,000 m2) sold by IEF Capital, a joint venture between Bouwfonds Asset Management and the Inflation Exchange Fund (IEF).
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PropertyEU Archive
OVG, MDG to develop EUR 400m mall in Tilburg
OVG Projectontwikkeling and MDG Europe Management signed an agreement with the local government of Tilburg on Monday for a new 100,000 m[sup]2[/sup] 'mega mall' in the southern Dutch city. It is estimated the investment volume will be in the region of EUR 400 mln.
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PropertyEU Archive
PIK acquires Russian commercial developer
Russian residential property developer PIK Group has taken a controlling stake in Storm Properties, a real estate company in the commercial sector, for an undisclosed sum. The terms of the transaction also allow PIK an option to purchase a further 25% of Storm in three to five years´ time. Storm ...
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PropertyEU Archive
Carlyle's acquisition of Freeport nears completion
The on-again, off-again saga of the takeover of UK factory outlet developer Freeport by CEREP Investment, the Carlyle subsidiary, seems to be on again. Two weeks ago 54% of Freeport shareholders had accepted Carlyle’s offer, and the Takeover Panel gave the rest of them until 31 August to accept. When ...
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PropertyEU Archive
Hypo arranges financing for LaSalle IM
Hypo Real Estate Bank International has arranged a EUR 26.7 mln investment financing and payment guarantee facility to a fund managed by LaSalle Investment Management. The fund will use the facility to guarantee and finance the acquisition of an eight-storey office building located at 46 rue la Boétie in the ...
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PropertyEU Archive
Eurobank Properties shops in Romania, Athens
Greek Eurobank Properties REIC has agreed to purchase a Romanian company that owns a 9,000 m[sup]2[/sup] retail building development. The property is located in Iasi, north-eastern Romania, and is pre-let to SC Praktiker Romania on a guaranteed 15-year lease agreement. The acquisition price comes to EUR 15 mln. Eurobank Properties ...
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PropertyEU Archive
Glitnir to take over property investor BSA
Icelandic back Glitnir said on Monday it is buying BSA, a property investment manager in Norway and Germany, and will combine it with its own real estate unit. The merged group will have EUR 2.7 bn worth of property under management.
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PropertyEU Archive
Metrovacesa HQ deal creates problems for HSBC
Having sold its headquarters building in London's Canary Wharf to Metrovacesa for £1.1 bn (EUR 1.6 bn) early this summer, HSBC bank is still burdened with an £800 mln (EUR 1.2 bn) short-term loan that it made to the Spanish property company to enable them to complete the deal. HSBC ...
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PropertyEU Archive
De Pauw family increases stake in WDP
The Jos De Pauw family has said it increased its shareholding in the Belgian semi-industrial property investment company Warehouses De Pauw to 30.02% on 31 August, confirming the family's position as the company's reference shareholder. In doing so, the De Pauw family increased their share in WDP to over 30% ...
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PropertyEU Archive
Redevco Europe, EMCT join forces in Romania
Redevco Europe is setting up a joint venture with EMCT Romania, a developer in the Romanian real estate market. The new company, to be named Romanian Retail Developments (RRD) will begin operations at the end of this month. Redevco plans to invest more than EUR 500 mln in the country ...
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PropertyEU Archive
Kungsleden invests in German retirement homes
Sweden's Kungsleden is collaborating with Residenz Gruppe of Germany on the construction of eight retirement home properties in Germany. The first is due to be completed by the end of this year, with the remainder completing during the course of 2008. The investment will total around Skr 490 mln (EUR ...
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PropertyEU Archive
Goodman strengthens position in logistics 'hotspot'
Goodman has signed an agreement to purchase 22 hectares of land in the logistics 'hotspot' of Venlo in the Netherlands. In a statement, the integrated industrial real estate group said the plot at Venlo Trade Port Noord will be purchased in three stages from the municipality of the south-eastern Dutch ...
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PropertyEU Archive
Four bidders for stakes in EUR 1.78 bn London airport property
US industrial property firm AMB and Australian business park developer Goodman are competing with UK real estate developers Segro and Brixton in bids to control a portfolio of warehouses and office properties around Heathrow and Gatwick airports said to be worth around £1.2 bn (EUR 1.78 bn). Canadian pension fund ...
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PropertyEU Archive
Metrovacesa's net profit up 65% in H1
Spanish property giant Metrovacesa saw its net profit jump 65% year-on-year to close to just over EUR 1 bn in the first half of 2007, mainly due to a revaluation of assets as well as the contribution from its French arm Gecina. Metrovacesa said in a statement that net profit ...
