All Real Assets articles in Web Issue – Page 151
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PropertyEU Archive
Ferrovial acquires 20% stake in Habitat
Spanish leading infrastructure group Ferrovial is buying a 20% stake in real estate firm Habitat for some EUR 125 mln, news agency Europe Press reported. Habitat is selling the stake as part of its EUR 225 mln capital increase. The Spanish real estate company committed to sell an undefined amount ...
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PropertyEU Archive
French government to sell EUR 600m real estate in 2008
The French government has unveiled a EUR 600 mln property disposal plan as part of the country's 2008 budget. French budget minister Eric Woerth said on Wednesday that the plan was very ambitious and represented an increase of EUR 100 mln on 2007's target. The minister stressed that several major ...
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PropertyEU Archive
SPD buys office project near Oslo for EUR 36m
Scandinavian Property Development ASA (SPD) has agreed to acquire the development project K2 in the western outskirts of Oslo. The 28,000 m[sup]2[/sup] office project was acquired for NOK 280 mln (EUR 36 mln) from Telenor Eiendom Holding. The project is estimated to yield an Internal Rate of Return (IRR) of ...
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PropertyEU Archive
Gresham House agrees conditional sale of properties
Gresham House has announced the conditional sale of properties in Liverpool and London. The London-based investment trust said in has signed non-binding heads of terms with an unnamed party for the sale of Gresham's property interests on Speke Boulevard in Liverpool. The transaction price is set at £61 mln ...
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PropertyEU Archive
Delek confident Jelmoli deal will go ahead
London-listed Delek Global Real Estate (DGRE) has insisted that the consortium behind the CHF 3.4bn (EUR 2bn) acquisition of investment properties from Swiss retail group Jelmoli is conducting final negotiations and that it is confident of closing the transaction in due course. The financing banks are also committed to closing ...
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PropertyEU Archive
AMB leases Schiphol development to Schenker
AMB Property Corporation has leased 10,300 m[sup]2[/sup] of an Amsterdam development project to Schenker, an international provider of integrated logistics services. Schenker will use the facility to consolidate its operations following the recent merger with BAX Global, becoming part of the Transportation and Logistics Division of Deutsche Bahn. The ...
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PropertyEU Archive
ING RE celebrates groundbreaking at docklands regeneration projects in Hamburg and Amsterdam
ING Real Estate said on Wednesday that construction has started for its EUR 900 mln docklands transformation project in Hamburg. The groundbreaking ceremony was attended among others by Hamburg's mayor Ole von Beust, who laid a ceremonial first stone for the Überseequartier project. The mixed-use project will transform eight hectares ...
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PropertyEU Archive
Kenmore's sale falls apart, FT claims
The global credit crunch has reportedly derailed another major property deal. Citing unidentified sources, newspaper the Financial Times said on Wednesday that the sale of Kenmore Property Group is not going ahead because of the current turmoil in the debt markets. Listed Australian group Mirvac was to take over the ...
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PropertyEU Archive
BPT invests in Berlin conference center
Danish real estate investor Baltic Property trust (BPT) has bought a conference centre project on the campus of Berlin's Freien Universitat for EUR 34 mln. The development will include a science and conference centre, a 186-room hotel, an underground parking lot with 140 parking spaces as well as some retail ...
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PropertyEU Archive
SGAM buys Paristade building in Paris
SGAM Alternative Investments, a unit of Societe Generale Asset Management, has bought the Paristade building in Saint Denis in the northern suburbs of Paris, from Rreef Spezial Invest for an undisclosed amount. The property is earmarked for the fund SGAM FCPR Immobilier. Paristade, which was refurbished in 2001, offers some ...
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PropertyEU Archive
MWB optimistic for future despite pretax losses
Marylebone Warwick Balfour Group, which owns majority stakes in luxury retailer Liberty and office space provider MWB Business Exchange, slipped to a first-half pretax loss. However, company chairman Eric Sanderson said the indications were extremely promising for the second half of 2007. MWB's pretax loss for the six months to ...
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PropertyEU Archive
Gecina and Metrovacesa swap shares in 'divorce'
Shareholders of Spanish real estate company Metrovacesa are to receive shares in French company Gecina in return for their Metrovacesa shares as part of the first stage in the separation of the two companies. The move follows the approval of Spanish securities regulator (CNMV) for Metrovacesa's public stock buyback offer. ...
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PropertyEU Archive
Songbird reports fall in pretax profits
Songbird Estates, owner of Canary Wharf, has reported a fall in first half pretax profit based on higher administrative expenses and cost of sales, but added that it is well positioned to meet future market conditions. The company said pretax profit for the six months to June 30 fell to ...
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PropertyEU Archive
MEL hires Merrill Lynch for structural review
Meinl European Land (MEL) has hired investment bank Merrill Lynch to come up with comprehensive measures to revamp the company's corporate structure, strategy and capital markets standards. The Jersey-registered property company said it will pay particular attention to corporate facts, tax legislation and existing contractual obligations, and added that the ...
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PropertyEU Archive
Redevco Sweden shops in Malmo
Redevco Sweden has purchased a retail warehouse in Malmö from NCC Property Development. The property, which is fully let, is on a prime location in the recently established Toftanäs retail park, and provides about 4,800 m[sup]2[/sup] of retail space. It was constructed in 2007 and is let to BoConcept, Blomsterlandet, ...
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PropertyEU Archive
Aberdeen launches EUR 1.5 bn Russian fund
Aberdeen Asset Management has set up a new commercial property fund to invest up to EUR 1.5 bn in the Russian property market. The UK fund manager plans to raise EUR 500 mln of equity for Aberdeen Property Fund Russia, its fourth new investment vehicle this year.
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PropertyEU Archive
IVG places EUR 1.35bn in syndicated loans
German property investor IVG Immobilien has secured EUR 1.35 bn in syndicated loans, replacing its current facilities of EUR 750 mln. IVG said the new seven-year facility is equally split between a term loan and a revolving credit facility. They replace IVG's EUR 750 mln syndicated facilities signed in July ...
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PropertyEU Archive
Sistema-Hals sees H1 revenues rise 21.7%
Russian property firm Sistema-Hals has reported that its first-half revenues came in at $130 mln (EUR 92 mln), a rise of 21.7% on the same period in 2006. The company also reported a consolidated net loss of almost $100 mln, as operating expenses increased to $222 mln from $ 64.6 ...
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PropertyEU Archive
Greece's Terna to build EUR 123m mall in Sofia
Greek developer Terna is to build the 'Hermes Park Sofia' mixed-use complex in Sofia for an investment value of EUR 123 mln. The project will be developed on a 54,000 m[sup]2[/sup] site owned by Carrefour Bulgaria and will consist of five buildings including a shopping and entertainment centre and an ...
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PropertyEU Archive
SEB Immoinvest buys EUR 125m Dutch portfolio
SEB Asset Management has bought an office portfolio in the Netherlands for EUR 125 mln. The portfolio provides some 40,400 m[sup]2[/sup] of space and was acquired from Eurocommerce in an off-market transaction on behalf of the fund SEB Immoinvest.
