All Real Assets articles in Web Issue – Page 149
-
PropertyEU Archive
MWB hotel sale held up by 'market uncertainties'
British property investment company Marylebone Warwick Balfour (MWB) issued a short statement on Thursday to announce that the sale of its Malmaison and Hotel du Vin property portfolios is being put on hold 'as a result of the current uncertainties in the markets'.
-
PropertyEU Archive
ING RE to open Romanian office
ING Real Estate said on Thursday that it is to open an office in Romania next month. Siep Hoeksma will be responsible for the start up of the new office in Bucharest and the establishment of a new organisation. Hoeksma has been working for ING Real Estate since 1980. He ...
-
PropertyEU Archive
Sainsbury's rules out property sell-off
Sainsbury's has given permission to the Qatari-backed Delta Two group to undertake due diligence of the UK retail chain's business in preparation of a possible takeover. But Sainsbury's ruled out the divestment of its substantial property holdings in a sale and leaseback operation.
-
PropertyEU Archive
Pearl buys 50% stake in EUR 1.4 bn Tesco portfolio
Private property investment company Topland said on Friday that it has completed the sale of its 50% stake in a portfolio of 33 Tesco supermarkets and two distribution units to Axial Investment Management, an investment unit of the insurance firm Pearl Group. The company would not disclose the value of ...
-
PropertyEU Archive
Gardens Group invests EUR 400m in Bulgarian scheme
Israeli property developer Gardens Group said it plans to invest EUR 400 mln in a mixed-use complex known as Garden City to be constructed near the village of Lozen in the district of Sofia. The complex will include houses, apartments, offices, a sports centre and schools. Gardens Group said that ...
-
PropertyEU Archive
Ballymore to invest EUR 450m in Berlin mall development
Ballymore Properties is investing EUR 450 mln to develop what the Irish company claims will be the most prestigious and one of the largest shopping centres in Germany. The mall will be developed on a 2-hectare site around the Kudamm Karree building in central Berlin. Ballymore acquired the 62,000 m[sup]2[/sup] ...
-
PropertyEU Archive
Rewe set to acquire Italian peer Esselunga
German food retailer Rewe is set to acquire Italian peer Esselunga, newspaper Handelsblatt reported, citing company sources. Esselunga owns 129 stores across Italy and has about 17,000 employees. The acquisition would boost Rewe's revenues by about EUR 5 bn to EUR 36 bn. Rewe plans to buy Esselunga, which has ...
-
PropertyEU Archive
Standard Life acquires retail warehouses in Sweden
Standard Life Investments (SLI) announced on Friday that it has completed the purchase of three prime retail warehouses at Kungens Kurva, Sweden on behalf of its European Property Growth Fund (EPGF). Kungens Kurva is an out-of-town retail warehouse park located just 15 minutes drive from central Stockholm. The park has ...
-
PropertyEU Archive
GE bids for Santander properties - Expansion
GE Real Estate has reportedly offered EUR 4 bn for the properties being sold off by Spanish bank Santander in a sale and leaseback construction to fund its part of the EUR 71 bn consortium bid for Dutch bank ABN Amro.
-
PropertyEU Archive
Westbury completes merger with Eddie Stobart
Westbury Property Fund, a Guernsey-registered commercial property and ports company, said it has completed a merger with well-known UK road haulage group Eddie Stobart Holdings. Shares of the new company have been admitted to the London Stock Exchange and will trade under the symbol STOB once the company name is ...
-
PropertyEU Archive
Llanera feels grip of the credit squeeze
Valencia-based property company Llanera risks falling victim to the combination of the global credit crisis and the current slowdown in the Spanish real estate market. The company's board held an emergency meeting on Friday to discuss the problems it is facing as it attempts to refinance EUR 304 mln of ...
-
PropertyEU Archive
RREFF enters Cypriot real estate market
RREEF has made its first investment in the Cypriot real estate market with the acquisition of Lanitis Development, a publicly-listed real estate development company, whose main asset is the Aphrodite Hills resort. RREEF, the real estate fund of Deutsche Bank, is making the purchase through a joint venture with the ...
-
PropertyEU Archive
Hypo finances Moscow logistics joint venture
Hypo Real Estate Bank International has completed a EUR 32 mln financing for a joint venture between Brack Capital and Apollo Real Estate Advisors for the development of a 41,000 m[sup]2[/sup] logistics complex in Lobnia, near Moscow. The property is fully pre-let to an international tenant for a period of ...
-
PropertyEU Archive
Icade to merge with subsidiaries, gain SIIC status
French property developer Icade said it plans to merge with its four majority-owned property subsidiaries to allow it to acquire SIIC status, the French equivalent of a real estate investment trust, already enjoyed by those subsidiaries. The new SIIC status would be backdated to 1 January 2007, allowing Icade to ...
-
PropertyEU Archive
Klepierre secures EUR 1bn loan
Klepierre, the French shopping centre manager, has signed a EUR 1 bn line of credit to be syndicated among five banks. The loan, initially launched for EUR 800 mln, features a seven-year term and financing covenants identical to those for the January 2006 syndicated loan agreement. It has a margin ...
-
PropertyEU Archive
Prologis European Properties to purchase EUR 4m of stock
Euronext-listed Prologis European Properties (PEPR) said last week it would purchase some EUR 4 mln of its stock over the following 10 trading days. Of the total, EUR 400,000 will be used for part of the remuneration package of non-executive directors. The remaining EUR 3.6 mln will be used to ...
-
PropertyEU Archive
Development Secs raises EUR 47m
Development Securities has raised EUR 47 mln through the issue of a 20-year unsecured subordinated loan note. The UK-listed property development and investment company said that the notes, quoted on the Channel Islands Stock Exchange, are redeemable anytime after five years at no additional cost. The company said it ...
-
PropertyEU Archive
Depfa shareholders back EUR 5bn Hypo takeover
Germany's Hypo Real Estate Group has said that the approval of Depfa Bank's shareholders for a EUR 5 bn takeover is an important step in the creation of a large-scale provider of financing for commercial real estate and the public sector.
-
PropertyEU Archive
Chrysalis tenders 61% of Italy's office fund Beta
Lehman Brothers' investment vehicle Chrysalis has tendered about 61.33% of the quotas of the closed-end investment fund Beta Immobiliare which is managed by Fimit. The offer, which run until 21 September, was launched for about 268,000 units, or 100% of the issued units; and was conditional on the tendering of ...
-
PropertyEU Archive
TCN acquires majority stake in UK developer
Dutch real estate company TCN Property Projects has expanded its European network by acquiring a majority stake in UK development company Express Park Group, to form TCN Express Park UK. The newly merged company will be managed jointly by Richard Pearce, currently managing director of TCN UK, and Paul Knell, ...
