All Real Assets articles in Web Issue – Page 250
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PropertyEU Archive
Savills expands presence in Germany
International property consultant Savills has picked up a new office in Dusseldorf via the acquisition of White advisory services agency. The office will be rebranded as Savills with immediate effect. The White team was established in 2007 by Bernd-Uwe Willer, and was joined by directors Robert Kellershohn and Panajotis ...
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PropertyEU Archive
Vasakronan spends EUR 120m on Stockholm office property
Stockholm-based real estate company Vasakronan has bought part of the Tre Vapen 2 property in Ostermalm, central Stockholm for SEK 1.1bn (EUR 120mln) from Swedish peer Akademiska Hus. The property, which comprises a total leasable area of 38,000 m2, is occupied by the Swedish Environmental Protection Agency and the ...
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PropertyEU Archive
Unilever reduces its logistics assets by 35%
Anglo-Dutch consumer goods giant Unilever is restructuring its 2 million m[sup]2[/sup] European warehouse network to save on transport costs. 'We are bringing together our operations in the countries where we are active to make them more cost-efficient,' Martin Whitcombe, customers logistics director Europe at Unilever, said during the Global Distribution ...
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PropertyEU Archive
CIT buys Exeter retail park for £42m
UK fund manager Hermes Real Estate has sold its Exeter retail park to private equity and real estate firm CIT for £42mln (EUR 53mln), reflecting a net initial yield of 6.19%. The park comprises 10 retail-warehouse units on a total of 10,600 m[sup]2[/sup] of space. Major tenants include Currys, McDonalds ...
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PropertyEU Archive
Beni Stabili sells Milan property for EUR 73m
Italian office property specialist Beni Stabili said on Friday it has signed a preliminary contract for the sale of an office building in the centre of Milan to a private investor. The agreed transaction value is EUR 73.5mln, well above the asset's book value of EUR 51mln. Beni Stabili expects ...
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PropertyEU Archive
RugbyREIT poised to resume company acquisitions
London-based Rugby Estates Investment Trust (RugbyREIT) has said it expects to resume acquiring UK property investment companies 'in the medium-term'. The company's property adviser, Rugby Asset Management, is 'maintaining a dialogue' with specific companies and it is working to identify new takeover candidates, RugbyREIT said in an interim management statement.
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PropertyEU Archive
Risanamento seeks to kick-start asset sell-off
Italian developer Risanamento has admitted being 'particularly affected' by the turmoil in the financial markets, but the company has vowed to take specific steps to regain its 'economic-financial balance'.
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PropertyEU Archive
Atlas warns credit crunch could lead to project delays
Atlas Estates has warned that the global liquidity crisis could result in short-term delays of its projects in Central and Eastern Europe. The property investment and development company said tighter credit conditions and a risk-adverse attitude among lenders since the start of the year had led to a general slowdown ...
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PropertyEU Archive
Blackstone mulls buying back 'distressed property'
US private equity firm Blackstone is considering buying back some of the commercial property assets it sold at the height of the real estate market last year. Blackstone has the opportunity of re-acquiring the properties at 'distressed prices' now that the market has turned.
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PropertyEU Archive
Shamil Bank launches CEE real estate fund
Shamil Bank has begun promoting a new EUR 150mln Shariah-compliant real estate fund that will seek equal exposure to development projects and income-generating properties in Central and Eastern Europe. The Bahrain-based Islamic commercial and investment bank launched the Central and Eastern European Real Estate Fund at a road show held ...
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PropertyEU Archive
Decline in UK Property returns slows: IPD
The IPD UK Monthly Property Index saw a total return of -0.5% month-on-month in April 2008, a slight improvement on the -0.8% return in March. The April figure continues the upward trend reported by the index since the -3.7% return seen in December 2007. Capital values fell by 1% in ...
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PropertyEU Archive
Gazeley outlines green savings
Gazeley, Wal Mart's warehousing unit, is saving EUR 1.2mln annually in operating costs on its property portfolio thanks to the development of green buildings. 'Our portfolio of energy-sustainable buildings, which has been valued at EUR 1.3bn, delivered an overall reduction in operating costs of 13%,' Gazeley's sustainability director Jonathan ...
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PropertyEU Archive
Kenmore opens Helsinki office
Kenmore Property announced on Friday that Hannu Manninen will head the UK firm's new office in Helsinki. Kenmore said the latest office opening continues the group's focus on driving acquisitions across Europe and follows on from the opening of new offices in Stockholm, Berlin and Antwerp.
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PropertyEU Archive
Citadel sells French portfolio for EUR 134m
Citadel, a unit of UK property group CLS Holdings, has sold a portfolio of 15 office buildings in the Paris area. The AIM-listed subsidiary sold 14 of the assets to French property company Fonciere LFPI for EUR 44mln in cash. The French company is also taking on about EUR 83mln ...
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PropertyEU Archive
PIK announces 135% rise in net profit for 2007
London-listed Russian residential property developer PIK has reported a 75% rise in revenues to $2.7bn (EUR 1.73bn) last year from $1.5bn (EUR 961mln) in 2006. The company's net profit rose from $298mln in 2006 to $700mln (in 2007. According to an appraisal by CB Richard Ellis PIK's property portfolio increased ...
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PropertyEU Archive
Apollo sets up Europe commercial property debt unit
US private equity fund manager Apollo Real Estate Advisors has created a new European commercial property debt unit to fill the gap 'as others retreat from market'. According to the Financial Times, Apollo is in the process of raising a fund of up to $1bn to invest in discounted ...
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PropertyEU Archive
Atisreal launches new property services JV in Greece, Cyprus
Global real estate adviser Atisreal has entered into an alliance agreement with property services firm Danos & Associates in Greece and Cyprus. Danos & Associates provides real estate services in these countries through offices in the cities of Nicosia, Limassol, Athens and Thessaloniki. The company has more than 40 years ...
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PropertyEU Archive
Valad, GPT at centre of bid speculation
Australian listed property trusts Valad and GPT Group - who have both recently established European platforms - are the focus of speculation about potential takeover bids. Having seen its share price drop in recent months along with the rest of the listed property trust sector in Australia, Valad's shares has ...
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PropertyEU Archive
British Land 'negotiating' Willis Building sale
UK property company British Land is negotiating the sale of the Willis Building in London to the Kuwait Investment Authority, the state's sovereign wealth fund, according to newspaper the Financial Times. The Foster & Partners-designed building could fetch as much as £400mln, the paper said. The tower, which provides 43,200 ...
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PropertyEU Archive
Lehman Brothers, Sansedoni JV buys MPS portfolio
Italian real estate company Sansedoni is teaming up with US bank Lehman Brothers to acquire a portfolio owned by the real estate unit of Siena-based bank Monte Paschi di Siena (MPS). A 50/50 joint venture of Sansedoni and Lehman Brothers is buying 100% of Valorizzazioni Immobiliari (VIM), a fully-owned unit ...
