All Real Assets articles in Web Issue – Page 229
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PropertyEU Archive
Prupim completes EUR 57m warhouse deal in Berlin
Prupim, the UK real estate investment manager, has completed the purchase of the Kaiser Tengelmann Warehouse in Berlin for EUR 57mln on behalf of the M&G European Property Fund. Built in 2004, the single storey, Grade-A asset comprises over 35,000 m[sup]2[/sup] of logistics space and almost 4,000 m[sup]2[/sup] of office ...
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PropertyEU Archive
Aberdeen fund acquires Swedish logistics centre
Aberdeen Property Investors announced on Wednesday that one of its open-ended real estate funds has acquired a logistics and distribution centre in Sweden. The investment volume was not disclosed but Aberdeen said the net initial yield for the property bought by its Nordic Fund 1 is 6.1%.
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PropertyEU Archive
Capman acquires land in Vantaa
Capman RE II, a fund managed by Finnish asset manager Capman, has acquired 6.8 hectares of land in the Kivisto area of Vantaa, in the Helsinki metropolitan area. Under the existing plans, the land and the surrounding properties will be zoned mainly as a commercial services district. Capman said completion ...
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PropertyEU Archive
EuropArabBank pays record rent on Champs Elysees
EuropArabBank has agreed to pay a new record rent at a premises on the Champs Elysees in Paris, property advisor Savills said on Wednesday. Landlord, sci Elysee 26, has let the final floor at 26 Champs Elysees, Paris 8 to the bank at a rent of EUR 680 per ...
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PropertyEU Archive
Real estate lawyers look towards CIS
Lawyers have begun to eye the Commonwealth of Independent States (CIS) for real estate work as the Middle East property market reaches a saturation point , according to an article in The Lawyer.com. This was clear at the recent Mipim trade fair, where numerous developments ranging from upscale property projects ...
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PropertyEU Archive
Cosmani seeks protection as 'Spanish flu' spreads
Cosmani has become the latest property player in Spain to show signs of distress due to tighter credit conditions and the cooling of the Spanish market after years of growth fuelled by a booming residential demand. Newspaper El Mundo reported on Wednesday that Cosmani, is seeking protection from its creditors ...
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PropertyEU Archive
Crown Estate plans new vehicle for Regent estate
The Crown Estate, the company that owns the Sovereign’s land and property assets in the UK, is drawing up plans to create a new vehicle to control its £2.2bn (EUR 2.8bn) estate around Regent Street in London, according to a report in the Financial Times on Wednesday.
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PropertyEU Archive
AFI says NAV up 14.1%, eyes Ukraine, CIS expansion
Cyprus-based AFI Development, which focuses on the Russian real estate market, said its net asset value had risen by 14.1% to $11.20 (EUR 7.09) per share since its IPO in May 2007. The company's full-year pre-tax profit rose to $275.5mln from $113.3mln the previous year. AFI also said its cash ...
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PropertyEU Archive
Delek reports 2007 pre-tax profit of £107.1m, eyes official listing
UK property firm Delek Global Real Estate (DGRE) on Thursday reported pre-tax profit for the full-year 2007 of £107.1mln (EUR 136.55mln). DGRE added that results are not comparable to 2006 due to a major reorganisation at the time of its listing on London's AIM in April 2007. The company said ...
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PropertyEU Archive
Vivacon sells 489 units, lists on new DAX index
Vivacon, the SDAX and DAX-listed German residential property company, has sold 489 residential and commercial assets to its WIAG Wohnimmobilien joint venture. The transaction volume amounted to EUR 26mln. Vivacon said its share of the annual ground lease payments on the portfolio, with a total of 31,800 m[sup]2[/sup] of ...
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PropertyEU Archive
Great Portland, BP pension fund form 50:50 London JV
UK property firm Great Portland Estates (GPE) and the property arm of oil giant BP's pension fund, Ropemaker Properties, said on Thursday they had formed a 50:50 joint venture to develop a mixed-use project in London. The joint venture, called Great Ropemaker Partnership, has acquired a development site at 240 ...
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PropertyEU Archive
C&W Russian arm wins Strazhi Urala agency
Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R), property adviser C&W's Russian office, has been appointed sole agent for the Strazhi Urala business complex in the Russian city of Ekaterinburg. Strazhi Urala is a 300,787 m[sup]2[/sup] mixed-use project on Ekaterinburg's main street, Leninsky Prospekt. When complete the two connected buildings will ...
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PropertyEU Archive
Banimmo increases stake in Belgian warehouse specialist
Banimmo announced on Thursday that it had acquired just under 260,000 shares in Belgian warehouse specialist Montea for EUR 30.11 each in an over-the-counter transaction. The price corresponded to Montea's net asset value per share at end-December 2007. Banimmo now holds 19.2% of the capital of Montea. Both companies are ...
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PropertyEU Archive
Hypo warns of challenging year
German bank Hypo Real Estate warned this week that the ongoing turmoil in the financial markets and signs of major economic slowdown in the US and Europe means the bank may not meet its forecasts for 2008.
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PropertyEU Archive
SEB fund takes possession of first Finnish property
SEB Asset Management has announced its open-ended real estate fund SEB Immoinvest has entered the Finnish market by taking possession of the six-storey Plaza Vivace office building. Completed in February 2008, the building is part of the Airport Plaza Business Park located just outside Helsinki.
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PropertyEU Archive
Starwood, Lehman put Le Meridien Nice up for sale
Unlisted US real estate firm Starwood Capital and US bank Lehman Brothers said on Thursday that their joint venture, Starman UK Services, has instructed Christie + Co to look for buyers for the Meridien Nice Hotel. They said the hotel will be sold complete with a long-term management contract with ...
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PropertyEU Archive
Kungsleden spends EUR 101m on Swedish portfolio
Listed Swedish property company Kungsleden is acquiring six public properties in Norrkoping and Nykoping near Stockholm from GE Real Estate Norden for SEK 955 mln (EUR 101 mln) including transaction costs.
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PropertyEU Archive
Raven Russia receives $170m project financing loan for logistics project
AIM-listed warehouse property investor Raven Russia said it has signed a $170 mln (EUR 108 mln) construction and term loan facility agreement with VTB Bank Europe. Raven said the senior debt facility with its Megalogix warehouse joint venture would be used to finance its 200,000 m[sup]2[/sup] Rostov logistics project ...
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PropertyEU Archive
Orco Property 2007 net profit down but revenues up sharply
Central and Eastern European developer Orco Property Group said its net profit slipped to EUR 87.5 mln in 2007 from EUR 96.7 mln as it released final 2007 figures showing that revenues headed the other way, rising 73% to EUR 299 mln.
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PropertyEU Archive
Aareal posts strong 2007 results, postpones profitability goal
German commercial property lender Aareal Bank said it posted its best year ever in 2007, but added that difficult market conditions meant that it should reach its profitability target a year later than originally expected.
