All Real Assets articles in Web Issue – Page 25
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PropertyEU Archive
Inmoracal, Colonial approve 40 for 3 share swap
Spanish property company Colonial said its merger with peer Inmocaral group was approved by both boards with an agreement for a share swap of 40 Inmocaral shares valued at EUR 0.12 each for every three Colonial shares valued at EUR 3, Spanish newspaper Cinco Dias has reported.
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PropertyEU Archive
Chinese investor buys Beijing mall for EUR 362 mln
China Real Estate Opportunities (CREO) is acquiring the Xidan Centrepoint Shopping Centre development in Beijing for £243.1 mln (EUR 362 mln). Xidan Centrepoint, one of the largest western-style malls in China, is being sold by China Metallurgical Construction Group. When completed in late 2007, the mall will consist of 102,000 ...
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PropertyEU Archive
Fabian Romania raises EUR 40 mln
Fabian Romania Fund has raised EUR 40 mln by placing 29.62 million shares with institutional investors at EUR 1.35 a share on London Stock Exchange's Alternative Investment Market (AIM). The company, which said it is the first property fund on AIM to invest exclusively on real estate in Romania, ...
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PropertyEU Archive
VastNed acquires EUR 55 mln retail park
Vastned Retail has acquired a retail development in the southern Dutch city of Roermond for EUR 55.2 mln. Work has just begun on the complex and when completed in the 2008 it will comprise 36,200 m[sup]2[/sup] plus parking for 1,250 vehicles. The gross average rent will be about EUR 105 ...
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PropertyEU Archive
Eurohypo provides EUR 550 mln loan for Hesse deal
Germany's Eurohypo Bank has confirmed it is providing EUR 550 mln financing for the acquisition by Austrian real estate company CA Immo on of the Leo II portfolio in the German state of Hesse. The local government authorities last week sanctioned the sale of the portfolio consists of 36 state-owned ...
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PropertyEU Archive
Schroders to buy Aareal Asset Management
Schroders is buying Germany's property manager Aareal Asset Management (AAM) from its sole owner Aareal Bank. Under the terms of the agreement, Schroders will pay EUR 28.mln, including EUR 6 mln of net tangible assets in cash, on completion of the acquisition of 99.75% of the share capital in ...
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PropertyEU Archive
Affine acquires retail developer Target
SIIC-listed property company Affine has acquired the Target company, owner of shopping developments in Saint-Etienne and Paris. Gallerie Dorian, owned by Target, has therefore been transferred to Affine, French newspaper Business Immo has reported. The price for the acquisition was not disclosed.
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PropertyEU Archive
Unitech Corp. Parks lists on AIM
Unitech, India's largest publicly traded real estate firm, has placed 360 million ordinary shares at 100 pence each with investors in its initial public offering on the London Stock Exchange's Alternative Investment Market. Deutsche Bank has been granted an over-allotment option to sell up to a further 54 million ordinary ...
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PropertyEU Archive
HSH bids for Hamborner
HSH Real Estate has acquired a 50% stake plus one share in Hamborner and is offering to buy the rest of 8.3 million shares at between EUR 32.17 and EUR 32.50 per share. This second step would cost EUR 267 mln. Hamborner's principal activity is the acquisition and management ...
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PropertyEU Archive
Minority shareholder blocks Metrovacesa on Gecina
A minority shareholder of Spain's Metrovacesa has thrown a spanner into the works as the property company seeks to refinance its debt following the takeover of France's Gecina. Newspaper El Economista cited chairman Joaquin Rivero as saying a shareholder, who holds no more than 0.02% of the company, has blocked ...
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PropertyEU Archive
Curzon fund buys Dutch properties
The Curzon Funds Group of IXIS AEW Europe has purchased an 18 asset portfolio of office buildings, warehouses, and mixed use properties across the Netherlands on behalf of the fund. 'The portfolio, totalling over 118,000 m2, is a well-diversified, quality portfolio which gives this core-plus fund a solid entry into ...
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PropertyEU Archive
Count Dracula's castle for sale
US-based owner of what has become known as Dracula's castle has offered to sell the 800-year-old Transylvanian fortress in the Carpathian Mountains to the local authority for $25 mln (EUR 19 mln). Brasov County Council has confirmed to media sources that it received the proposal this week 'I don't think ...
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PropertyEU Archive
France's changes in 'REIT' regime unveiled
New rules for French real estate investment trusts, known as SIICs rather than REITs, are being debated in the National Assembly. On December 13, the fourth part of the SIIC regime was set out in an amendment in the Senate to the financial correction bill for 2006. The changes aim ...
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PropertyEU Archive
Land Securities, Slough confirm REIT conversion
Britain's Land Securities and Slough Estates have confirmed that they are to begin the process of converting to real estate investment trusts (REITs) on 1 January 2007. Under the REIT system, real estate companies will pay far less tax on condition that most of the profit is paid out to ...
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PropertyEU Archive
Portugal's largest shopping mall gets facelift
Sonae Sierra, an international specialist in the development of shopping malls, is to refurbish the Colombo shopping centre in Benfica, near Lisbon. The shopping mall is currently the largest shopping centre in Portugal and will celebrate a decade of existence next year. It provides a lettable are of 119,738 m2, ...
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PropertyEU Archive
Knight Frank moves London HQ
Property advisor Knight Frank is to relocate from its headquarters in London from Hanover Square the former Marks & Spencer head office at 55 Baker Street. From 2008, Knight Frank will occupy 7,432 m[sup]2[/sup] in the 52,000 m[sup]2[/sup] building for £565.11 (EUR 842) per m[sup]2[/sup] on a 20-year lease. Two ...
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PropertyEU Archive
Italy to reform land registration system
Italian government has announced it will start to decentralise some aspects of the management of cadastre, or land registry. The decision represents an important step towards the country's progressive decentralisation and supports the efforts now under way to facilitate inward investment into public sector property. Data exchange between the cadastre ...
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PropertyEU Archive
EUR 1.4 bn UK student digs fund set up
The Unite Group has completed the formation of the £1 bn (EUR 1.4 bn) Unite UK Student Accommodation Fund. At the closing of the fund, equity commitments received from leading third party institutional investors totalled £297 mln, an increase of £31 mln above the level when the fund was announced ...
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PropertyEU Archive
DIC Asset, Morgan Stanley buy EUR 147 mln portfolio
DIC Asset, the real estate investor listed on the Frankfurt stock exchange, has purchased a portfolio of 51 properties from Landesbank Berlin (LBB) for a total investment of EUR 147 mln. Morgan Stanley Real Estate Funds (MSREF) is DIC' Asset's financial partner in the deal and is paying 50% of ...
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PropertyEU Archive
Gecina buys Defense complex for EUR 350 mln
Gecina, a listed French real estate trust (SIIC), has announced it is acquiring the 58,000 Defense Ouest real estate complex from developer HRO for a total of EUR 350 mln. The complex, which is still under construction, is part of the new Portes de la Defense business district in the ...
