All Real Assets articles in Web Issue – Page 146
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PropertyEU Archive
Orchid secures Carrefour as anchor tenant in Varna mall
Bulgarian property developer Orchid Developments has reached an agreement with Carrefour that will see the international retailer as an anchor tenant in the Grand Mall Varna, the shopping centre element of a multi-use complex development in the Bulgarian city of Varna. The deal involves a total 9,300 m[sup]2[/sup] for a ...
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PropertyEU Archive
Prem Group buys hotel portfolio in France and Belgium
The Prem Group has bought a portfolio of three and four-star hotels under the Holiday Inn, Holiday Inn Express and Crowne Plaza brands in France and Belgium for about EUR 65 mln. Prem, the hospitality group of real estate developer Paddy Kelly, has acquired the nine assets in a joint ...
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PropertyEU Archive
Institutional buyers fill gap left by leveraged players
The current credit crisis may be squeezing out some of the leveraged players, but institutional buyers are filling the gap, according to Will Rowson, head of Continental European Acquisitions at ING Real Estate Investment Management. 'The playground for arbitrage has shrunk dramatically - we will see the return of the ...
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PropertyEU Archive
Development Secs buys Hammersmith Grove site
London-listed development and investment company Development Securities has agreed to purchase an initial 39% stake in a site at Hammersmith Grove from London Underground for £19 mln (EUR 28 mln) in cash and debt. The site is a surface car park, but Development Securities said that it has applied to ...
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PropertyEU Archive
Sonae Sierra to refurbish Centro Colombo
Sonae Sierra said on Friday it is to refurbish Lisbon's Centro Colombo, a shopping and leisure centre which was developed in a 50/50 joint venture with ING RE. Representing an investment of EUR 31 mln, the refurbishment project will continue through to November 2008. The centre, which opened in September ...
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PropertyEU Archive
Citycon completes purchase of Iso Omena
Citycon announced on Friday that it has completed the purchase of the Iso Omena shopping centre for approximately EUR 329 mln. The deal reflects an initial net yield of 4.5%. Following redevelopment and other commercial improvements the company estimates that the net yield will increase in the future. 'As a ...
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PropertyEU Archive
Colonial delays sale of SFL's stake
Inmobiliaria Colonial is postponing the sale of 10% of its majority stake in the French SIIC Societe Fonciere Lyonnaise (SFL) until the credit market stabilises. 'We will sell the stake as soon as the market situation improves,' Colonial's Mariano Miguel told newspaper El Pais.
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PropertyEU Archive
ING Real Estate: credit crunch will be short-lived
The credit crisis will likely be short-lived, according to Ian Whittock, managing director of research and strategy at ING Real Estate. 'Short term there will be some bad news as bad debts reveal themselves. An inflationary threat is also definitely out there. But the Fed estimates that about $100 bn ...
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PropertyEU Archive
King Sturge: good prospects for Polish logistics market
Prospects for development in the Polish logistics market are promising, according to research published by King Sturge. The international property consultant pointed to a good level of land supply and cost-effective rents (from EUR 2.90 to EUR 5 per m2) that have made Poland an attractive location for many occupiers.
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PropertyEU Archive
Multi opens La Vache Noir in Paris
Dutch retail specialist Multi Development inaugurated La Vache Noir shopping centre on the southern outskirts of Paris last week. The 51.1 million m[sup]2[/sup] space is part of one of the region's largest regeneration projects, which includes new housing, a hotel and a cinema in the down-at-heel town of Arcueil.
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PropertyEU Archive
Metrovacesa to invest EUR 1.4 bn in City of London property
Spanish real estate company Metrovacesa will invest up to EUR 1.4 bn to 2015 to acquire and redevelop a 88,000 m[sup]2[/sup] office complex in the central financial district of the City of London. Metrovacesa said in a statement that it has agreed to buy the Walbrook Square complex from London ...
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PropertyEU Archive
Aberdeen fund spends EUR 140m in Gothenburg
Aberdeen Property Funds Pan-Nordic has agreed to acquire a 100,000 m[sup]2[/sup] real estate portfolio in Sweden for EUR 140 mln. The portfolio in Gothenburg and Mölndal consists largely of offices, but includes some residential units and retail space.
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PropertyEU Archive
IPD reports 15-year low for UK property returns
According to the latest UK Monthly Index from the Investment Property Databank (IPD), the country's commercial property delivered no monthly return in August for the first time in almost 15 years. While the year-to-date total remains at 4.6%, the income return of 0.4% was cancelled out last month by a ...
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PropertyEU Archive
Babcock, GPT sell EUR 230m German portfolio
A joint venture of Babcock & Brown and the Australian GPT Group has sold a mixed-use portfolio including 37 retail and office assets across Germany. The acquisition price comes to some EUR 230 mln. The properties have been bought from two Luxembourg-based real estate companies owned by UBS. Colliers Schauer ...
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PropertyEU Archive
Grainger acquires EUR 69m London portfolio
UK residential property owner Grainger has announced the acquisition of all the shares of The Tilt Estate Company, which owns over 300 residential units in London, for £48 mln (EUR 69 mln). The company was purchased from Wainford Holdings, and the transaction was funded from existing facilities.
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PropertyEU Archive
Norwegian Property, Aberdeen wrestle for Norgani
Oslo-based Norwegian Properties has increased its offer for Norgani Hotels to NOK 91 (EUR 11.60) per share, valuing the fifth largest hotel owner in Europe at EUR 462 mln. The enhanced offer for the Oslo-based hotel company is being tabled through single-purpose vehicle Oslo Properties. The new bid represents a ...
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PropertyEU Archive
Meag's recent Paris office acquisition now fully let
German asset management firm Meag Munich Ergo says that the Mineralis office property in Montrouge near Paris is fully let as of 1 August. A lease contract for the building's total floor space of 15,000 m[sup]2[/sup] and 300 underground parking spaces has been closed with the French publisher Bayard Presse. ...
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PropertyEU Archive
Chagala buys more land in Atyrau
Kazakh real estate developer and operator Chagala Group has announced that it has acquired 8,000 m[sup]2[/sup] of land in Atyrau, completing the land purchase phase for a mixed-use complex planned by the company in the heart of this major city in western Kazakhstan. The planned complex will consist of apartments ...
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PropertyEU Archive
Collier's Kirinda development lined up for new award
Following on from the award it received at MIPIM last March, property consultants Colliers International's reconstruction of the Sri Lankan village of Kirinda has been selected as a finalist for the 2007 CNBC International Property Awards in Las Vegas. Colliers created the project to restore the village in a sustainable ...
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PropertyEU Archive
Edinburgh House buys retail portfolio in Germany
British real estate company Edinburgh House has bought a 14-asset retail portfolio in Germany for about EUR 30 mln. The properties are leased to tenants including Edeka, Peek & Cloppenburg, Vodafone and Reno. The investment boosts the company's portfolio in the country to EUR 1 bn, newspaper Immobilien Zeitung reported.
