All Real Assets articles in Web Issue – Page 227
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PropertyEU Archive
Minerva, Lend Lease end agreement on Croydon scheme
Minerva, the UK listed property investment and development company, has announced its arrangement with Lend Lease Europe on the Park Place shopping centre development in Croydon will end on 17 April. Under the agreement signed in 2005, Lend Lease was responsible for development and asset management of the 90,000 m[sup]2[/sup] ...
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PropertyEU Archive
IVG drops to six-year low as analysts cut rating
Listed German property company IVG Immobilien saw its shares decline by up to 12% during trading in Frankfurt on Wednesday after a negative response from analysts to the company's 2007 results presentation. IVG's shares opened at EUR 20.79 but dropped to EUR 18.55 - the largest decline since 21 September ...
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PropertyEU Archive
RREEF-led consortium clinches Arcandor deal
A consortium of Deutsche Bank's RREEF funds, Milan-based Pirelli Real Estate, Generali and the Borletti Group has signed a binding agreement with Arcandor (former KarstadtQuelle) to acquire a 49% stake in Arcandor's Highstreet portfolio. Goldman Sachs' Whitehall Funds retains its remaining 51% interest in the German department store portfolio.
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PropertyEU Archive
Deutsche Bank's RREEF shops in Lyon
Deutsche Bank's RREEF investment funds have acquired the Gerland Plaza business park development in the French city of Lyon for EUR 42 mln. The park consists of five buildings with a total of 14,700 m[sup]2[/sup] of office space and 280 parking spaces, newspaper Business Immo reported. Delivery of the project ...
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PropertyEU Archive
European prime rents to remain stable - NB Real Estate
Prime rents remained stable or edged upward slightly in most European cities during 2007 despite the global financial turmoil in the latter part of the year, UK property consultant NB Real Estate has confirmed in its European Real Estate Guide 2008.
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PropertyEU Archive
Fabege sells office redevelopments for EUR 103m
Stockholm-based AMF Pension has bought two buildings in the south of the Swedish capital from property group Fabege for a total of SEK 975mln (EUR 103mln).
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PropertyEU Archive
Paref acquires Belambra portfolio for EUR 125m
Paris-listed property fund investment and management group Paref said on Thursday it has signed an agreement to buy a portfolio consisting of eight Belambra holiday resorts for a total EUR 125 mln. The company said it is acquiring the properties via a lease-purchase. The assets will be transferred to Paref's ...
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PropertyEU Archive
UBS fund purchases Brussels office building for EUR 92m
A property fund managed by UBS Real Estate has acquired the freehold of a landmark office property in Brussels from IFCH, a subsidiary of Fortis Real Estate, for EUR 92.5mln.
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PropertyEU Archive
Corio completes Grand Littoral acquisition
Netherlands-based property group Corio has announced the official acquisition of the 110,000 m[sup]2[/sup] Grand Littoral, the fourth largest shopping centre in France. The acquisition from Paris-based insurance company Macif for EUR 385mln was initially reported by PropertyEU at the start of 2008.
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PropertyEU Archive
Pramerica snaps up Amsterdam's Crystal Tower
Prudential Financial's real estate arm Pramerica Real Estate Investors has acquired the Crystal Tower office building in Amsterdam from KFN for over EUR 67mln. The 95-metre high building is earmarked for Pramerica’s open-ended real estate fund TMW Immobilien Weltfonds. Designed by Dutch architectural studio AGS, the 27-floor property was completed ...
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PropertyEU Archive
Colonial left reeling as Dubai withdraws from takeover bid
The fate of Inmobiliaria Colonial was in the balance again on Thursday as the Investment Corporation of Dubai (ICD) said that it was withdrawing from its bid to buy the troubled Spanish property giant. 'We regret that, despite best efforts by all parties, no agreement could be found,' ICD ...
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PropertyEU Archive
Two directors leave Brixton over development stop
Two directors have left UK industrial property firm Brixton following the decision to curtail its development activities in the current uncertain market conditions.
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PropertyEU Archive
Gazit and Citi Property take charge at Meinl European Land
Austria-listed Meinl European Land (MEL) announced on Thursday that Israeli property company Gazit-Globe and CPI Capital Partners Europe are to make a strategic investment of up to EUR 800mln in the company. MEL's governance and management structure is also being re-structured.
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PropertyEU Archive
Immoeast cuts portfolio valuation
Austrian property investment company Immoeast has reported a 22.3% drop in operating profits for the first nine months of its 2007/2008 business year. Immoeast, part of Immofianz, said revenues rose 62.2% to EUR 212mln from EUR 130mln in the previous period but from earnings before interest and taxes (EBIT) dropped ...
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PropertyEU Archive
C&W Hospitality starts up Italian operations
Cushman & Wakefield Hospitality is opening an Italian hospitality division, with a team of three professionals dedicated to the hotel and leisure sectors based in C&W's Milan office. C&W Hospitality has appointed Marco Zalamena as director and head of operations in Italy. He joins the team from Deloitte Italy where, ...
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PropertyEU Archive
Office shortage leads to more off-market deals in Glasgow
Office agents and organisations in Glasgow are increasingly turning to 'off-market' or unadvertised deals due to the lack of prime office space in the city, according to DTZ. The property advisor announced on Thursday it had brokered a number of off-market deals at 1 Atlantic Quay on behalf of the ...
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PropertyEU Archive
Weight Watchers signs up for Düsseldorf development
Weight Watchers Deutschland has signed a lease at the Living Office loft development on the former Rheinmetall site in Dusseldorf-Derendorf for its new headquarters. The 3,200 m[sup]2[/sup] pre-letting is sufficient to enable the launch of the development project as half the space is now let, Colliers Trombello Kolbel said ...
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PropertyEU Archive
Leasinvest to acquire 50,000 m[sup]2[/sup] logistics development near Brussels
Listed Belgian listed real estate fund Leasinvest Real Estate said has it reached an agreement to acquire a 50,000 m[sup]2[/sup] logistics development near Brussels in the second half of 2009. The agreement is conditional on a number of conditions involving obtaining necessary authorisation, environmental legislation and the provisional completion ...
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PropertyEU Archive
Top 5 deals in week 12 (17-21 March 2008)
German real estate investment company KanAm Grund heads the ranking of top deals for week 12 as it agrees to buy four Class A office buildings in Moscow from a consortium led by Otkritie Financial Corporation and Deutsche Bank for an investment volume of EUR 900mln.
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PropertyEU Archive
Eurohypo focusing on new business with ROE above 20%
Frankfurt-based real estate bank Eurohypo has said it is focusing on more profitable new financing commitments as mega-deals - typical of the real estate business in recent years - are likely to be few and far between in 2008. With the securitisation market seen as slow to pick up again ...
