All Real Assets articles in Web Issue – Page 247
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PropertyEU Archive
Rental growth slowing in Q1: JLL
Occupier demand in the European office market remains strong, but rental growth shows signs of slowing in 2008, according to Jones Lang LaSalle's (JLL) Q1 2008 European Office Property Clock. However, the property consultants noted that whilst the rental outlook for Western Europe for 2008 is subdued, rental growth expectations ...
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PropertyEU Archive
Pirelli to launch EUR 1b European fund
Italian property giant Pirelli Real Estate plans to launch a EUR 1bn opportunistic fund for Europe. CEO Carlo Puri Negri said on Thursday that the company will start fundraising in the coming months. He added that the firm also intends to strengthen the management structure of its Non Performing Loans ...
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PropertyEU Archive
Immorent set to develop EUR 300m project in Bucharest
Austrian real estate company Immorent, part of Austrian Erste group and Sparkassen, is stepping up its presence in Romania with the development of a EUR 300mln project in Bucharest. Construction work on the 4.4-hectare site is due to start at the end of 2008, Romanian newspaper Business Standard said. The ...
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PropertyEU Archive
Corio signs EUR 300m JV with Acteum, develops Turkish mall
Corio is investing EUR 110mln in the development of a 50,000 m[sup]2[/sup] shopping centre in the eastern Turkish city of Malatya. The Dutch retail property company said it has acquired a 33,400 m[sup]2[/sup] plot on which it will build the mall with privately-owned real estate group Acteeum. The commercial zoning ...
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PropertyEU Archive
Martinsa Fadesa refinances EUR 4b of debt
Spanish property group Martinsa Fadesa has signed a refinancing agreement with all its creditors to cover EUR 4bn in debt. About EUR 2.6bn relates to a loan taken by Martinsa in 2006 to acquire peer Fadesa. Another EUR 1.4bn is a short term operative loan, the property group said. The ...
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PropertyEU Archive
Accor sells the Grand hotel in Amsterdam for EUR 92m
French hotel group Accor has sold the Grand Hotel in Amsterdam under a sale-and manageback deal to an unnamed party for a total EUR 92mln. Accor said the buyer is paying EUR 60mln for the hotel and investing an additional EUR 32mln in renovation work. Accor will continue to run ...
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PropertyEU Archive
Cramo sells nine assets to Aberdeen funds
Cramo Group, the Finnish construction equipment company, has agreed to sell nine properties in Finland to funds owned by asset manager Aberdeen. The company said it will lease back the properties for an initial fixed term of 10 years. The assets include Cramo’s headquarters located in Vantaa.
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PropertyEU Archive
Amer Sports sells Helsinki HQ
Sports equipment company Amer Sports Corporation has sold its corporate headquarters in Helsinki to global real estate advisor Catella Real Estate. The transaction volume comes to EUR 23mln. Amer Sports said in a statement it is booking a capital gain of approximately EUR 13mln from the sale in its second ...
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PropertyEU Archive
Gazeley buys from RREEF, Barwood
Global logistics space provider Gazeley has announced the purchase of a 405,000 m[sup]2[/sup] site in the British Midlands from Barwood Developments and Deutsche Bank's RREEF funds for an undisclosed amount. The site has outline planning grants for 140,000 m[sup]2[/sup] of logistics space. The company hopes to commence redevelopment of the ...
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PropertyEU Archive
Developers face 'double whammy' of rising costs
European property developers face the dual challenges of the spiralling cost of raw materials and much tougher lending conditions. The cost of financing has risen massively since the start of the credit crisis and could endanger real estate development projects, according Ed Nozeman, professor of real estate development at the ...
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PropertyEU Archive
Gazeley to develop Magna Plaza in Le Havre
Global logistics operator Gazeley said it plans to develop a Magna Plaza complex in the logistics park of the French port of Le Havre. The project - Gazeley's sixth Magna Plaza scheme - will include 180,000 m[sup]2[/sup] of space across five buildings on a 40-hectare site. Each asset will contain ...
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PropertyEU Archive
Multi switches tack, develops for third parties
Dutch retail specialist Multi Corporation says it will not long develop exclusively for its own real estate portfolio in some countries. 'The new projects in Turkey, Ukraine, Georgia are open to other investors,' Multi's managing director Nico Veldhuis told property newspaper Vastgoedmarkt. Multi's decision marks a significant turnaround in the ...
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PropertyEU Archive
Enterprise Inns receives REIT green light
UK pub group Enterprise Inns has been given the go-ahead from HM Revenue & Customs to convert to a tax-efficient real estate investment trust (REIT), newspaper the Financial Times reported. Shares in the pub group rose by 29% to 510p after the announcement. Enterprise Inn, with 7,700 assets, would be ...
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PropertyEU Archive
Gazeley builds 16,000 m[sup]2[/sup] logistics center for Zufall
German logistics and transportation company Zufall has signed a contract with logistics developer Gazeley to build a warehouse in Fulda, about 100km north-east of Frankfurt/Main. The new scheme will be built on a 27,800 m[sup]2[/sup] plot of land and will consist of 16,128 m[sup]2[/sup] of logistics space and about 660 ...
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PropertyEU Archive
Skanska Q1 revenues up 18% to EUR 3.4b
Swedish construction group Skanska booked an 18% increase in revenue to SEK 31.5bn (EUR 3.4bn) in its first quarter report for 2008. The rise in revenue from construction follows an earlier announcement that operating income for the group amounted to SEK 1.08bn. This figure included a gain of SEK 643mln ...
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PropertyEU Archive
HSH provides £122m financing for new Rothschild HQ
German lender HSH Nordbank said it has arranged and underwritten a £122mln (EUR 152mln) loan facility for the development of European investment bank Rothschild's new London headquarters.
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PropertyEU Archive
Skanska sells Stockholm office to AFA for SEK 495m
Swedish construction company Skanska said it has sold a 10,500 m[sup]2[/sup] office building in the Lindhagensterrassen area of Stockholm for SEK 495mln (EUR53mln) to health insurer AFA Sjukforsakringsaktiebolga in a deal that gives Skanska a capital gain of SEK 160mln. The building, whose tenants include transport company Storstockhoms Lokaltrafik, the ...
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PropertyEU Archive
Skanska sells two Swedish office properties for EUR 80m
Swedish construction company Skanska said it has sold two office properties in Sweden for a total price of SEK 745mln (EUR 80mln) and a combined capital gain of SEK 265mln that will be recorded in the second quarter of 2008.
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PropertyEU Archive
Catella RE acquires portfiolio in Kiel
Global property consultant Catella Real Estate has acquired a commercial real estate portfolio in Kiel in the German state of Schleswig-Holstein for around EUR 27mln. The seller is a holding company controlled by a joint venture between Morgan Stanley's real estate funds MSREF and Pirelli Real Estate. The acquisition is ...
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PropertyEU Archive
Babcock & Brown opens Amsterdam office
International investment and specialised fund and asset management group Babcock & Brown (B&B) is continuing the expansion of its European activities with the opening of an office in Amsterdam. The new office - B&B's 10th office in Europe and its 32nd office worldwide - will be led by recently ...
