All Real Assets articles in Web Issue – Page 192
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PropertyEU Archive
JER sells 50% stake in London hotel
Private equity firm JER is selling its 50% stake in the Andaz Liverpool Street hotel in London, formerly the Great Eastern Hotel, to Global Hyatt Corporation. A company spokesperson would not disclose the purchase price, but market reports suggest the deal values the hotel at about £185 mln. In March ...
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PropertyEU Archive
Italian investor snaps up Grand Hotel in Rimini for EUR 65m
Italian hotel entrepreneur Antonio Batani has bought the famed Grand Hotel in Rimini on the Adriatic coast of Italy from disgraced real estate businessman Danilo Coppola for EUR 65 mln. Opened in 1908, the luxury 170-room hotel became famous after serving as the set for several films by film maker ...
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PropertyEU Archive
Kroonenberg acquires major retail portfolio from Philips Pension Fund
Dutch property company Kroonenberg has acquired a retail portfolio from Philips Pension Fund in the largest retail property transaction in the Netherlands this year. While both parties and their advisors did not reveal the transaction price, market sources suggested it was in the region of EUR 400 mln.
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PropertyEU Archive
Capman acquires two retail properties in Turku
Finnish real estate company Capman has acquired two retail properties in Turku, southern Finland, from Niam Fund III and the Whitehall Street Real Estate Funds for an undisclosed amount. The properties were acquired through the company's Capman RE II fund.
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PropertyEU Archive
DTZ shares slump after profit warning
Property advisory group DTZ Holdings warned on Wednesday that its UK and US operations have been hit by the credit crunch and are unlikely to recover in the short term. The company saw its share price drop by more than 12% following the warning which it put down to economic ...
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PropertyEU Archive
Philip Morris buys into Hungarian business park
Philip Morris's Hungarian subsidiary, Philip Morris Hungary, has concluded the acquisition of a 7,000 m[sup]2[/sup] facility in the East Gate business park in Budapest for an undisclosed amount. The built-to-suit facility, developed by Wallis Real Estate, will be handed over to the cigarette manufacturer at end-2008. Global real estate consultant ...
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PropertyEU Archive
Corio opens shopping centre in Turkey
Dutch-listed property investor Corio has opened its first shopping centre in Adapazar, Turkey. The ADA shopping centre was due to open in 2008, but as a result of close cooperation between Corio and local developer Miratur, it opened its doors to the public on 15 December 2007.
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PropertyEU Archive
XXI Century Investments gets go-ahead for hypermarket in Kiev
Ukrainian developer XXI Century Investments has received a construction permit for the Kvadrat-Myloslavska shopping centre in Kiev. The centre will have a total area of around 54,000 m2, with a GLA of approximately 34,500 m[sup]2[/sup]. It will also include multi-level parking for 1450 cars.
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PropertyEU Archive
Redevco commits to green standards
Dutch investor and developer Redevco has announced an ambitious programme of green retail projects across Europe as part of its commitment to improving the energy efficiency of its operations and to accelerate green design. The company is currently preparing 11 green development projects in Belgium, France, Germany, the Netherlands and ...
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PropertyEU Archive
RHC warns on results, exits UK franchising operations
UK hotel operator Real Hotel Company (RHC) announced on Wednesday that it will exit its UK franchising operations and warned that its full-year results will fall short of management's expectations. The company said that its UK mid-market hotels have under-performed, adding that it has already identified under-performing hotels for disposal. ...
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PropertyEU Archive
DIC Asset acquires mixed portfolio in Germany for EUR 173m
Frankfurt-based real estate company DIC Asset has purchased a mixed portfolio of 13 properties in Germany from iii Investment's Euromobil fund for EUR 173 mln. The properties are located in major cities such as Munich, Frankfurt, Wiesbaden, Flensburg and Leipzig. About 60% of the 77,000 m[sup]2[/sup] portfolio is used for ...
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PropertyEU Archive
Accor sells 57 hotels in France and Switzerland for EUR 518m
French hotel group Accor has sold 47 hotels in France and 10 in Switzerland to a consortium including Caisse des Depots et Consignations and AXA REIM for EUR 518 mln. The Novotel, Mercure, Ibis, All Seasons and Etap Hotel properties involved in the transaction have a total of 8,200 rooms.
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PropertyEU Archive
Sponda acquires Finnish mall development for EUR 62m
Sponda, the Helsinki-based real estate investment company, has purchased the Elovainio shopping centre development in the western Finnish town of Ylojarvi from developer Rakennustoimisto Palmberg for EUR 62 mln. The vendor will continue to be responsible for building the shopping centre and will arrange financing during construction. Sponda will pay ...
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PropertyEU Archive
AXA REIM buys Dutch office tower for EUR 66m
AXA Real Estate Investment Managers has purchased the Kennedy Tower in the Southern Dutch city of Eindhoven from Heijmans Property Development and Hurks Property Development for EUR 66 mln.
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PropertyEU Archive
Europa Fund II acquires retail site in Slovakia
Independent real estate fund manager Europa Capital announced on Thursday that it has acquired the controlling interest in a 3.6-hectare site close to the centre of Presov, the third largest city in Slovakia, for the development of a 30,000 m[sup]2[/sup] shopping centre. The acquisition was carried out with ConvergenCE, Europa's ...
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PropertyEU Archive
Hahn announces placing of retail fund
Hahn Group, a investment specialist for large-scale retail properties, has announced the placing of its new fund, Pluswert fund 143, within five months. The closed-end fund has a volume of EUR 65 mln and will invest in a portfolio of four hypermarkets and a retail warehouse centre in the ...
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PropertyEU Archive
Skanska sells office project in Budapest
Swedish construction and property company Skanska is selling the Nepliget Center office project in Budapest for EUR 72.2 mln to an unnamed international real estate fund. The project comprises a total of 26,000 m[sup]2[/sup] and will be built in three phases, with final completion due in 2009.
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PropertyEU Archive
MGPA jv sells refurbished office building in Paris
Macquarie Global Property Advisors (MGPA) said on Thursday that its joint venture with French real estate investment and development company GCI has agreed to sell the Capitale Sud office building in Montrouge, south of Paris, to French mutual fund Uneo for EUR 64 mln.
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PropertyEU Archive
Eurocommercial Properties concludes buyback programme
Euronext-listed Eurocommercial Properties (ECP) announced on Thursday that it has finished its buyback programme, having acquired a total of 376,500 depositary receipts to cover outstanding employee stock options. As a total of 300,500 depositary receipts were required for employees who exercised their options, ECP said it expected no further exercises ...
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PropertyEU Archive
XXI Century secures finance for four projects
XXI Century, the Ukrainian property investor-developer, has arranged credit facilities totalling EUR 45 mln with the local offices of BNP Paribas and Alfa banks. The facilities will be used primarily to finance the development of four modern shopping centres in Ukraine - Kvadrat Balzaka and Kvadrat Myloslavska in Kiev and ...
