All Real Assets articles in Web Issue – Page 248
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PropertyEU Archive
Beni Stabili closes jv deal in Milan
A joint venture of Italian office-focused property firm Beni Stabili and construction company Greenway Costruzioni has completed the purchase of a 17,000 m[sup]2[/sup] plot of land in Milan for EUR 23mln. The acquisition was initially announced in February when Beni Stabili and Greenway Costruzioni said they were launching the new ...
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PropertyEU Archive
Invesco RE buys into Spanish logistics
The real estate unit of investment management Invesco has acquired a logistics complex in Quer, 50km north of Madrid from Spanish energy giant Iberdrola for EUR 24.5mln. The property provides 29,000 of logistics space and is let to US management consulting services Conway on a longterm lease. The acquisition is ...
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PropertyEU Archive
Gilead Sciences takes space at Cofinimmo's Park Lane office park
California-based pharmaceuticals company Gilead Sciences has leased 450 m[sup]2[/sup] of office space in the Brussels Park Lane office park owned by Belgian quoted property company Cofinimmo, as it increases its geographical expansion throughout Europe. Gilead has signed a nine-year lease for the property, terms of which were ...
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PropertyEU Archive
DEG sells Koln HQ
German financial group DEG has sold its headquarters in Koln-Mungersdorf, Western Germany to German real estate firm Pandion Real Estate for an undisclosed amount. DEG's head office comprises three buildings on a 9,000 m[sup]2[/sup] plot of land. The sale process for the property was organized by the Cologne branch of ...
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PropertyEU Archive
Transimmeubles sells to HSBC
French development company Transimmeubles has announced the sale to HSBC Life Insurance of its Latitude Saint Georges office located in the ninth arrondissement of Paris. The financial details of this transaction were not disclosed. Together with Carval Investors, Transimmeubles completely refurbished the property which provides 2,350 m[sup]2[/sup] of space. The ...
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PropertyEU Archive
Vacancy rate in Warsaw office market reaches record low
The vacancy rate in the Warsaw office market reached a record low of 2.4% in the first quarter of 2008, according to figures released by the Warsaw Research Forum, a group of six real estate market research and analysis specialists. The highest vacancy rate, 5.6%, was seen in the city ...
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PropertyEU Archive
DIC Asset posts strong Q1 results
Frankfurt-based DIC Asset has posted total revenues of EUR 39.1mln for the first quarter of the 2008 financial year. The figure represents an increase of EUR 21.8mln on the same period last year. Operating profits also increased from EUR 9mln in the first quarter of 2007 to EUR 10.2mln in ...
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PropertyEU Archive
LSR Group to build EUR 181m project in Moscow
Real estate developer LSR Group's subsidiary ZAO Mosstroirekonstruktsiya has entered into a contract to acquire plots of land totalling 1.8 hectares at Leningradskoye Shosse in Moscow for an undisclosed amount. The plots were valued by DTZ at EUR 68mln, LSR said in a statement. The company plans to build a ...
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PropertyEU Archive
Prologis to develop 20,600 m[sup]2[/sup] for logistics provider in Budapest
Prologis has announced plans to develop 20,600 m[sup]2[/sup] of industrial space for third-party logistics provider Uti Logistics in Prologis Park Budapest-Sziget. Uti will operate the build-to-suit site as a distribution centre for one of its clients. Located 17 kilometres south of Budapest city-centre, Prologis Park Budapest-Sziget will total 170,700 m[sup]2[/sup] ...
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PropertyEU Archive
Sponda to invest EUR 200m in Tampere mall
Finnish real estate company Sponda plans to invest up to EUR 200mln in the development of Ratina shopping centre in Tampere. The company said it has bought a plot of land from the city of Tampere for the development of the centre, whose construction is due to start this year. ...
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PropertyEU Archive
CLS sells two offices for £22mln
London-based CLS Holdings has sold two offices, Brent House and Dukes Road, in London for a total £22mln (EUR 26mln). CLS sold the freehold interest in Brent House to the London Borough of Brent for £17mln, representing a net initial yield of 6.82%. CLS acquired the building in 1988 for ...
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PropertyEU Archive
Orco to begin construction on flagship Zlota 44 project
Orco Property Group has announced that it has received the final building permit for its flagship Polish residential project Zlota 44, and that construction can begin immediately. The 192-metre high tower was designed by renowned Polish-born architect Daniel Libeskind. Located in central Warsaw the luxury apartment building boasts sustainable technology, ...
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PropertyEU Archive
Land Securities sells Turnstile House for EUR 55m
UK real estate giant Land Securities has completed the sale of Turnstile House in London for £43.5mln (EUR 55mln) to the international serviced residence group Ascott. The 7,750 m[sup]2[/sup] building is currently leased to Ascott, which operates it as a 192-bed serviced residence, trading as Citadines London Holborn-Covent Garden. The ...
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PropertyEU Archive
HHR Euro acquires Crowne Plaza Amsterdam
HHR Euro has acquired Crowne Plaza Amsterdam City Centre hotel for EUR 72mln in the third significant hotel deal in the Dutch capital in the space of a few days. Jones Lang LaSalle Hotels acted for the vendor, a joint venture between private investors (owning 83%) and Intercontinental Hotel Group ...
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PropertyEU Archive
RAI extends bidding period for Palazzo Labia
Italian television group Rai has decided to extend the deadline for non-binding offers for Venice's Palazzo Labia until 21 May. The company has been approached by more than 30 international and local investors since it has put the 7,500 m[sup]2[/sup] historic property up for sale. Located in the centre of ...
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PropertyEU Archive
Standard Life forward funds Polish retail park
Helical Poland, a unit of UK real estate group Helical Bar, has entered into a forward funding agreement with Standard Life for its latest retail development in Opole, Poland. Standard Life has agreed to provide EUR 70mln of equity for the construction of the Turawa retail park, located 40km to ...
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PropertyEU Archive
Sjaelso buys 25,000 m[sup]2[/sup] office building in Solna
Danish property company Sjaelso Gruppen has acquired a 25,000 m[sup]2[/sup] office building in Solna, in the outskirts of Stockholm, for SEK 290mln (EUR 31mln) from Swedish property company Vasakronan. The deal also includes a 50,000 m[sup]2[/sup] land plot which Sjaelso, in partnership with the Solna municipality, will transform into a ...
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PropertyEU Archive
CAT Cargo lease 2,000m[sup]2[/sup] at Vievis in Lithuania
CAT Cargo Logistics have agreed to lease 2,000m[sup]2[/sup] of space in the Vievis Logistics Centre in Vievis, Lithuania. The centre includes 19,000m[sup]2[/sup] warehousing space and some 900m[sup]2[/sup]. Vievis opened in late 2007 and RIMI Lietuva and Girtekos Logistika also lease premises there.
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PropertyEU Archive
Deutsche Postbank to sell EUR 1bn portfolio
Deutsche Postbank is selling the bulk of its real estate, worth some EUR 700 - 800mln, in a sale-and-leaseback deal which would replicate the move announced by its owner, Deutsche Post, in April. Deutsche Postbank has hired investment bank Morgan Stanley to sell the Victor portfolio consisting of ...
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PropertyEU Archive
Raven Russia pre-lets 100% of logistics development in Moscow
AIM-listed warehouse property company Raven Russia has pre-let the balance of its 55,000m[sup]2[/sup] warehouse development with EGL in Moscow to global logistics operator Nippon Express. The company said it had agreed to let a further 24,130m[sup]2[/sup] for a seven-year term at a rent ahead of expectations. The building to the ...
