All Real Assets articles in Web Issue – Page 144
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PropertyEU Archive
Cordea Savills completes acquisition of German retail portfolio
Cordea Savills, the European property fund manager, has completed the acquisition of a city centre retail portfolio for a combined price of EUR 54 mln in Southern Germany. As reported in PropertyEU last week, the portfolio comprises six assets located in the mid-sized cities Giengen, Offenburg, Tuttlingen, Weinstadt and ...
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PropertyEU Archive
Savills sees credit crunch affecting investment market
International property consultant Savills has added its voice to a growing chorus of warnings about the impact of the credit crunch on the real estate sector. Tightening credit markets are affecting transaction volumes in the commercial investment markets, primarily in the UK, the property advisor said.
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PropertyEU Archive
Beni Stabili launches SIIC conversion plan
The board of Italian real estate company Beni Stabili has approved a plan to facilitate the company's adoption of SIIQ status, the Italian equivalent of a real estate investment trust. As part of the plan, Beni Stabili has approved a series of mergers with its subsidiaries Sviluppi Immobiliari, Beni Stabili ...
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PropertyEU Archive
F&C buys London office property
F&C Property Asset Management has purchased the freehold of 140-144 Leadenhall Street in London on behalf of Friends Provident Life Assurance. The grade 2 listed building was acquired from Navon Properties for £32 mln (EUR 47 mln), reflecting an equivalent yield of 4.9%.
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PropertyEU Archive
Joint venture buys into Russian logistics
A consortium of Deutsche Bank, AIG Global Real Estate, and the Redwood Group has completed the acquisition of a massive logistics portfolio in the greater-Moscow region from private property company Capital Partners for an undisclosed amount. The portfolio encompasses more than 200,000 m[sup]2[/sup] of existing space, as well as development ...
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PropertyEU Archive
ICSC introduces Europe to US-style deal making
The International Council of Shopping Centers (ICSC) has said it will stage the first ever pan-European event early next year designed to bring retailers and developers together to make deals. ‘Retail Connections’, to be held at ExCel in London on 29 January 2008, is described as a meeting space facilitated ...
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PropertyEU Archive
Pirelli RE outperforming its growth and expansion forecasts
Pirelli Real Estate has reported revenues of EUR 812 mln for the first half of 2007, up 21% on the same period last year. Pre-tax earnings including net income from investments performed even better, up 36% to EUR 125 mln. Consolidated net income rose by 14% to EUR 80 mln, ...
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PropertyEU Archive
Magnat makes first investment in Georgia
Magnat Real Estate Opportunities, the German property developer focused on Eastern Europe, has made its first investment in Georgia. Together with a local partner and another co-investor, it has acquired a 20,136 m[sup]2[/sup] plot of land in the Georgian capital Tblisi. Magnat and its partners plan to construct a speciality ...
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PropertyEU Archive
Inrev fund index outperforms IPD
The growing number of value-added and opportunistic investment-style institutional non-listed real estate funds launched in Europe combined with the influence of these two styles has resulted in the industry increasing its out-performance relative to the underlying direct property market, according to the latest Inrev Quarterly Research Report.
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PropertyEU Archive
French portfolio deals almost double in H1 2007
France saw some EUR 13 bn invested in commercial real estate in the first half of 2007, the highest figure ever, according to data from CB Richard Ellis. A total of 47 portfolio transactions were recorded during the first six months of the year, compared to 27 in the same ...
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PropertyEU Archive
Regulator to look at EUR 1.4bn David Lloyd deal
The Office of Fair Trading (OFT) in the UK is to consider whether the proposed merger of the David Lloyd Health and Racquet Club portfolio with Next Generation Clubs should be referred to the Competition Commission. The regulator has invited comment on the acquisition of the David Lloyd business by ...
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PropertyEU Archive
SIIC de Paris spends EUR 118m at La Defense
SIIC de Paris, the French subsidiary of Spain's Realia, has bought the Guynemer office building in La Defense in Paris from German real estate investment manager Degi for close to EUR 118 mln. The office provides some 12,000 m[sup]2[/sup] of office space as well as 188 parking spaces. The building ...
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PropertyEU Archive
Boundary expands into EUR 750m Dublin regeneration scheme
Irish investment company Boundary Capital is acquiring 45% of Ireland's largest department store, Arnotts, for EUR 65 mln. Brunner, a vehicle controlled by Boundary, will invest EUR 45 mln for an 28% indirect stake in Arnotts, while Anglo Irish Private Bank will co-invest EUR 25 mln with Boundary.
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PropertyEU Archive
GE RE, Endurance Land acquire Soho asset
GE Real Estate UK and Endurance Land (EL) have bought an office building in the heart of London's Soho district. The two investment partners purchased the 4,370 m[sup]2[/sup] asset from Coronation for £51 mln (EUR 75 mln). The office, located at 10 Great Pulteney St, comprises seven floors of offices ...
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PropertyEU Archive
Sponda to build HQ for Evli bank in Helsinki
Finnish real estate investment company Sponda has entirely pre-let an office development at its City-Centre complex in Helsinki as the new headquarters for Finnish bank Evli. Construction of the 4,200 m[sup]2[/sup] office block will start at the beginning of 2009. The City-Center project has an estimated total investment value of ...
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PropertyEU Archive
Sonae Sierra mall opens in Berlin
Sonae Sierra and Fonciere Euris have announced that their Alexa shopping and leisure centre opened its doors in central Berlin on Wednesday. The ceremony was attended by Berlin's mayor Klaus Wowereit. The development, owned in equal shares by the partners, represents an investment of EUR 290 mln.
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PropertyEU Archive
British Land secures London lettings
British Land said on Wednesday that it has secured 22,000 m[sup]2[/sup] of new London office lettings since it published its first quarter financial results in mid August. Sempra Energy, a Fortune 500 energy services company based in San Diego, has signed a contract for the entire 3,500 m[sup]2[/sup] of the ...
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PropertyEU Archive
UBS buys office portfolio near Paris
A fund managed by UBS Real Estate Europe has completed the acquisition of a portfolio of three office buildings in France for EUR 200 mln. The entirely let properties provide some 50,000 m[sup]2[/sup] of space and are located in Hauts-de-Seine, Val-de-Marne and Essonne in the Paris region. Tenants include Deloitte ...
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PropertyEU Archive
New job for ex-Multi CEO
Arnold de Haan, the former CEO of Dutch property developer Multi Development and German open-ended fund CGI, has been appointed vice president of London-based Meyer Bergman. Meyer Bergman is the private development arm of the Dutch Meyer family which founded MAB. With developments in France, Germany, the UK and the ...
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PropertyEU Archive
Italian REIT gets final go-ahead
Italian Economics minister Tommaso Padoa-Schioppa has signed a decree facilitating the creation of SIIQs, the Italian equivalent of real estate investment trusts. Securities watchdog Consob will oversee the new real estate investment vehicles, while the Bank of Italy will have a supervisory role.
