All Real Assets articles in Web Issue – Page 150
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PropertyEU Archive
Conwert to become a Societas Europa
Central European residential property developer Conwert Immobilien Invest plans to change its corporate structure into a Societas Europa (SE). It will request approval from shareholders at a special meeting in October. The company, which IPOed in November 2002, plans to set up a SE with a one-tier board system. After ...
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PropertyEU Archive
ULI book urges 'smart-growth development'
A new book published by the Urban Land Institute underlines how key changes in property development could positively impact climate change. The book entitled Growing Cooler: The Evidence on Urban Development and Climate Change is written by top urban planning professionals and warns that if sprawling development continues to force ...
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PropertyEU Archive
Erinaceous in emergency talks over covenant breaches
UK-listed property services company Erinaceous has confirmed press reports that it is in discussions with its banks regarding breaches of the covenants in its credit agreement. 'Good progress towards reaching agreement with lenders on relevant waivers and facility amendments has been made. Discussions are continuing, the lenders have been supportive ...
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PropertyEU Archive
VastNed Retail completes share buyback programme
Dutch property fund VastNed Retail has completed the share buyback programme it announced in August this year. The company, active in six countries, has repurchased a total of 500,000 shares at an average of EUR 55.79. In transactions finalised between 17 and 21 September it bought back a total of ...
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PropertyEU Archive
Dawnay Day Treveria sees opportunities in credit crunch
Dawnay Day Treveria, a UK investor in German retail property, have reported adjusted profits after tax of EUR 20 mln, up from EUR 11 mln for the same period last year. New property assets over the period were valued at EUR 326 mln, with revenues of EUR 67.8 ...
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PropertyEU Archive
Union Investment signs on to mall development in Turkey
German fund manager Union Investment Real Estate has invested EUR 130 mln in a joint venture to develop the Forum Kayseri shopping centre in Turkey. Union's partner in its third investment in Turkey is local developer Multi Turkmall, part of the Netherlands-based Multi Corporation.
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PropertyEU Archive
Plaza to seek listing in Warsaw
London-listed Plaza Centers confirmed on Monday that it intends to seek a dual listing on Warsaw Stock Exchange. The Central and Eastern European developer stressed it had no intention of raising funds from the new listing. The application is being made on the basis of a prospectus already filed with ...
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PropertyEU Archive
Benson Elliot jv acquires La Defense asset for EUR 100m
Benson Elliot Capital Management has teamed up again with Generale Continentale Investissements (GCI) to acquire Le Berkeley office building in La Defense, the financial district of Paris, for just over EUR 100 mln. Benson Elliot, the London-based private equity real estate firm launched by Marc Mogull, said the acquisition ...
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PropertyEU Archive
Summit acquires 40 new properties for EUR 151m
Commercial real estate investor Summit Germany has purchased 40 new properties for a total investment volume of EUR 151 mln, reflecting an average net yield after acquisition costs of 7% a year. The new portfolio comprises eight office properties, eight distribution units and 24 retail properties and has a total ...
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PropertyEU Archive
Corio acquires EUR 30m mall in Rotterdam hotspot
Corio, one of Europe’s largest retail property developers, is to purchase the Newport Nesselande shopping centre to the northeast of Rotterdam for EUR 30 mln. With some 10,000 m[sup]2[/sup] of lettable floor space, the centre will be part of the broader Newport Nesselande project, to include 464 homes and a ...
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PropertyEU Archive
Doughty Hanson acquires 50% interest in Aranco
Doughty Hanson & Co Real Estate, one of Europe's leading real estate fund managers, has entered Spain by acquiring a 50% shareholding in Aranco, a family-owned residential developer. A private company established in 2000, Aranco develops mid-market homes in central Spain. It currently owns eight residential developments and is ...
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PropertyEU Archive
CGG, Commerzleasing form real estate asset manager giant
Germany's Commerzbank Group has merged its real estate units Commerz Grundbesitz Gruppe (CGG) and Commerzleasing und Immobilien to create one of the largest real estate managers and leasing providers in the world. The new company, Commerz Real, has about EUR 42 bn of assets under management, propelling it into third ...
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PropertyEU Archive
Redevco UK reveals line-up for Birmingham redevelopment
Redevco UK has confirmed the line-up for its retail redevelopment in Birmingham's Corporation Street, one of the city’s major shopping thoroughfares. Redevco, part of the COFRA holding, is to invest EUR 7.6 mln in the property, resulting in an end value of some EUR 36 mln.
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PropertyEU Archive
Dolphin makes waves in Greece
Dolphin Capital Investors, the largest residential resort investor in Southeast Europe is investing EUR 26 mln to develop the Plaka Bay Resort on the Greek island of Crete. The 430-hectare property has a 7 km seafront and the new resort will comprise a few hundred residential units, a five-star hotel, ...
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PropertyEU Archive
ICSC research seminar focuses on drivers for growth
The 6th research seminar hosted by the International Council of Shopping Centers Europe next month will focus on identifying the future drivers of growth and how to maximise excitement for shopping centre visitors and profitability for management. The event takes place at Hotel Hesperia in Madrid on 30-31 October.
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PropertyEU Archive
Erinaceous postpones interim results
UK-listed Erinaceous confirmed on Tuesday that it is postponing the release of its interim results at least until 28 September while crisis talks with its banks continue. As reported in PropertyEU newsletter yesterday, the troubled property services company has beached covenants in its credit agreement.
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PropertyEU Archive
German hat-trick for Rowan
Rowan Asset Management has acquired two new properties in Germany - with a third in the pipeline - for EUR 20 mln. The properties, totalling 10,000 m2, are all in or around Bonn and let to national and multinational retailers for terms of 10 to 15 years. They were secured ...
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PropertyEU Archive
ICSC launches retail property school in Ukraine
The International Council of Shopping Centers (ICSC) is launching its first School for Professional Development in Ukraine. Following a similar exercise held earlier this year in Turkey, ICSC's John T Riordan International School for Professional Development, is now set to run at the Hyatt Regency Hotel in Kyiv from 5-9 ...
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PropertyEU Archive
Quinn launches shopping mall project in Russia
Privately owned Quinn Group, led by Ireland's richest man Sean Quinn, has acquired the 12,000 m[sup]2[/sup] Avrora shopping centre project in the Russia city of Ufa. The financial details were not disclosed but real estate analysts in Moscow suggested to the Irish Independent newspaper than the asset would have cost ...
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PropertyEU Archive
Llanera renegotiates EUR 150m loan with Lehman Brothers
Spanish property developer Llanera has said it is renegotiating a EUR 150 mln loan it secured from Lehman Brothers to partially finance the acquisition of Reva, a Belgium company that owned some 9 million m[sup]2[/sup] of rural land in Valencia. Last week Llanera, which is owned by the Gallego family, ...
