All Real Assets articles in Web Issue – Page 244
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PropertyEU Archive
Norwegian Property agrees to sell non-core office properties
Norwegian Property said that it has entered into agreements with several parties to sell its non-core office properties valued at NOK 1.4bn (EUR 175mln) and added that talks with potential buyers are continuing regarding the sale of its hotel portfolio in the Nordic region. During the presentation of its first ...
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PropertyEU Archive
Dawnay, Day Carpathian funds approach full investment
AIM-listed property investment company Dawnay, Day Carpathian (DDC) said that it has spent or committed approximately 95% of its funds in its target areas in Central and Eastern Europe as its announced an 8% increase in its net asset value per share in 2007. The company also said its ...
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PropertyEU Archive
Prologis begins construction of distribution park near Tokyo
Logistics provider Prologis said it has begun construction on the first phase of a major new distribution park near Tokyo. Prologis Parc Zama I will be a five-storey, 113,000 m[sup]2[/sup] facility located in the prospering logistics hub city of Zama, about 40 kilometres from Tokyo's city-centre. At full build-out Parc ...
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PropertyEU Archive
Whitbread to boost its hotel and coffee shop business
UK restaurant chain Whitbread said it plans to boost its Costa coffee shop and hotel business in the next five years as it reported record profit before tax of £ 210.3mln (EUR 266.4mln) in 2007, up 26.3% on 2006's figure. Whitbread CEO Alan Parker said the company would increase the ...
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PropertyEU Archive
Sacyr Vallehermoso postpones Itinere IPO
Spanish construction and services group Sacyr Vallehermoso said on late Monday that it is postponing the planned initial public offering (IPO) of its toll road business as 'the current market conditions do not allow to complete the operation'.
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PropertyEU Archive
AMB acquires 86,000m[sup]2[/sup] industrial complex near Hamburg
Industrial real estate firm, AMB Property Corporation announced that is has acquired an industrial complex near the Port of Hamburg comprising some 86,400 m[sup]2[/sup] of existing buildings and 16 acres of land capable of supporting 38,400 m[sup]2[/sup] of additional development. The industrial complex was acquired from a leading international company ...
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PropertyEU Archive
SEB posts a 42% drop in Q1 operating results
Swedish financial company SEB, parent of Germany's SEB Immobilien-Investment Gesellschaft, on Wednesday reported a 42% drop in operating result in its first interim report for 2008 . The company said operating results for the first quarter of 2008 amounted to SEK 2.410bn (EUR 258mln), a decrease of 42% compared with ...
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PropertyEU Archive
Generali tipped to manage EUR 1b Banco Popolare fund
Generali Property Investments, the property asset management unit of Italian insurer Generali, said it has been chosen to set up and manage an EUR 1bn property fund for Italian lender Banco Popolare. The fund, which will be placed later this year with Italian and foreign institutional investors, will have a ...
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PropertyEU Archive
KBC purchases EUR 128m office building in the City of London
European banking group KBC Group has acquired an office property in Old Broad Street in the City of London from UK pension provider Aegon Scottish Equitable. The 11,355 m[sup]2[/sup] property was sold for £ 101.5mln (EUR 128.5mln) and reflects a net yield of 5.5%. KBC was advised by Drivers Jonas.
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PropertyEU Archive
Risk consultancy seals 15-yr lease at SL's Exchange Crescent
Edinburgh-based risk consultancy Barrie & Hibbert has struck a 15-year deal with Standard Life to lease 914 m[sup]2[/sup] of space at the Edinburgh's Exchange Crescent. The lease, for a ground floor suite on Conference Square, reflects a rental of £ 27 per sq ft (EUR 368 per m2). The ...
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PropertyEU Archive
Skanska sells retail park project in Burlov
Swedish construction group Skanska said it has sold four retail warehouses at the Stora Bernstorp retail park in Burlöv outside Malmo to an unnamed German investment fund for an undisclosed sum. Construction of the 37,000 m[sup]2[/sup] project, which is divided into four stages, was started in autumn 2007 and occupancy ...
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PropertyEU Archive
Irish real estate shows signs of slowing
Conditions in the Irish commercial property market have weakened in recent months, primarily due to a scarcity of funding, according to the latest report from property consultants, CB Richard Ellis. According to the May Bi-Monthly report there has been a marked decline in transactions in the investment and development sectors ...
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PropertyEU Archive
Land Securities, Places for People form strategic JV
Land Securities and Places for People have announced the formation of a 50-50 joint venture to acquire some 971 hectares (2,400 acres) in the UK. The land, which is to the north of Harlow, will be developed to help meet housing and employment needs over the next 25 years.
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PropertyEU Archive
Evans Randall, Bank of Scotland team up in EUR 1b fund JV
UK investment bank and private equity group Evans Randall said it has created a 50-50 joint venture with the Bank of Scotland to expand its Luxembourg-based European Property Fund. In addition to subscribing for 50% of the equity in the fund, which has a target value of EUR 1bn, Evans ...
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PropertyEU Archive
Norwegian Property agrees to sell Norgani Hotels for EUR 1.4b
Norwegian Property said on Friday that it had signed a letter of intent to sell Norgani hotel group for NOK 11.2bn (EUR 1.4bn) to an unnamed group. 'This transaction will solve all short-term financial challenges,' Norwegian Property CEO Petter Jansen said. 'Furthermore, the capital gain and cash release creates a ...
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PropertyEU Archive
IPD derivatives double in Q1 to record £3.67b
The total volume of IPD Property Derivatives traded in the first quarter of 2008 rose to a record £3.67bn (EUR 4.7bn), more than double the amount traded in the last three months of 2007. A total of 283 trades were recorded in the first quarter of 2008, surpassing the previous ...
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PropertyEU Archive
IFPT sees NAV per share fall 7.9% in Q1
Invista Foundation Property Trust (IFPT) said its net asset value fell to £379mln (EUR 480mln) in the first quarter of 2008 from £412mln at end-December 2007 following a decline in UK commercial property capital values. On a per-share basis, NAV fell 7.9% to 108 pence in the first quarter, contributing ...
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PropertyEU Archive
Invista, Propinvest JV sells French assets for EUR 170m
Invista Real Estate Investment Management said on Friday that Celsius, its 50-50 joint venture with Propinvest, has completed the sale of a property portfolio in France to real estate firm Clerical Medical for about EUR 170mln. The transaction amount consists of EUR 168mln in cash and EUR 2mln in assumed ...
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PropertyEU Archive
Hypo RE provides EUR 500m financing to Whitehall Funds' 2007 deal
Hypo Real Estate said it has provided a senior loan of EUR 500mln for the Whitehall funds acquisition in 2007 of a mixed-use portfolio in Germany from Degi, the real estate investment arm of German insurer Allianz. The financing for the assets, worth some EUR 2.45bn, was arranged and syndicated ...
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PropertyEU Archive
Immoeast sells Warsaw's Salzburg Center for EUR 41m
Immoeast has sold the Salzburg Center building in Warsaw to German open-ended real estate fund SEB Global Property Fund for EUR 41mln. The 10,660 m[sup]2[/sup] Salzburg Center is located in the booming office district of Mokotow on the edge of the Central Business District (CBD) of the city. The Class ...
