All Real Assets articles in Web Issue – Page 267
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PropertyEU Archive
K&B cuts full-year forecast as market deteriorates
French housing developer Kaufman & Broad (K&B) said on Thursday that it has downwardly revised its earnings forecast for the full year in 2008 due to the 'significant slowdown in the French housing market' which saw total housing orders fall 30% to EUR 594.7mln in the first half.
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PropertyEU Archive
New GFH fund to target distressed property in the UK
Bahrain-based Islamic investment bank Gulf Finance House (GFH) said on Thursday it is launching Gulf Atlantic Real Estate II (GARE II), a Shariah-compliant fund targeting distressed property in the UK commercial real estate market. 'This fund builds upon the success of GFH's first UK property fund, Gulf Atlantic Real Estate ...
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PropertyEU Archive
KanAm shops in Paris suburb
German investor KanAm Grund has acquired the Le Jade office building in Saint-Denis in the northern suburbs of Paris for an undisclosed amount. The building was bought from Italian insurer Generali and provides around 38,000 m[sup]2[/sup] of office space and about 700 parking spaces.
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PropertyEU Archive
Kenmore strengthens Swedish team
UK-based property investor and developer Kenmore said on Wednesday it has appointed Jonas Ramstedt as investment manager of its Stockholm office. His brief will be to identify and carry out new investments in the Nordic region.
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PropertyEU Archive
HSH Nordbank Q1 results 'positive'
German lender HSH Nordbank reported that it had generated a consolidated net profit of EUR 81mln for the the first three months of 2008 compared to EUR 389mln in the same period in 2007. The operating profit declined to EUR 39mln compared to EUR 426mln over the same period in ...
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PropertyEU Archive
Union Investment acquires Rhein-Galerie mall for EUR 210m
Germany's Union Investment Real Estate has acquired a majority stake in the Rhein-Galerie shopping centre development in Ludwigshafen, Germany from shopping centre developer ECE for a total EUR 210mln. The property is earmarked for Union Investment's open-ended real estate fund Unimmo: Germany.
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PropertyEU Archive
Cap & Reg sells three Mall shopping centres for EUR 362m
The Mall Fund, managed by UK property asset manager Capital & Regional, announced that it has agreed to sell three properties to Carlyle Group for £286mln (EUR 362mln). The three Mall shopping centres in Chester, Epsom and Edgware were valued at £339.8mln at the end of March 2008. The price ...
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PropertyEU Archive
Afirma refinances EUR 754m of debt
Afirma, the Spanish property company formerly known as Astroc, said on Friday that it had signed a refinancing agreement for EUR 754mln of debt. The company's shares rose by almost 10% in Madrid trading following the announcement. In a statement to the stock market regulator CNMV, Afirma said that it ...
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PropertyEU Archive
Aberdeen fund shops in the Netherlands
Aberdeen Property Investors said on Friday that one of its Pan-European funds, Aberdeen European Balanced Property Fund, has acquired two properties in Heerhugowaard and Andelst in the Netherlands.
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PropertyEU Archive
IFM Immobilien launches capital hike to fund acquisitions
German investor and project developer IFM Immobilien said on Friday that it is to increase its share capital by up to almost 10%, excluding the subscription rights of shareholders, in a move aimed at funding the expansion of its real estate portfolio. IFM, which invests in commercial real estate with ...
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PropertyEU Archive
IREA: Trophy asset deals expected in the Spanish hotel sector
The Spanish hotel sector is forecast to see an increase in trophy asset deals in 2008, according to the Spanish property services and research firm Irea. In its latest Hotel & Resort research report, Irea pointed out that disposals would be a result of the need for Spanish property companies ...
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PropertyEU Archive
Joint venture to build Chinese centre in Rotterdam
Dutch construction company Volker Wessels and Shanghai Construction Group have set up a 50-50 joint venture to develop the European China Centre in Rotterdam. The 100,000 m[sup]2[/sup] mixed-use complex is expected to cost around EUR 300mln and is due for competion in 2011.
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PropertyEU Archive
Corpus Sireo sells property management business to Treureal
Dusseldorf-based Corpus Sireo has sold its property management unit, Corpus Asset Wohnen (CAW), to real estate manager Treureal for an undisclosed amount. CAW's approximately 60 staff members will receive a two-year job guarantee and will continue to manage some 10,000 residential and commercial units belonging to Corpus Sireo nationwide. 'The ...
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PropertyEU Archive
HBOS trading statement casts further gloom over housebuilding
Britain's largest mortgage and savings provider HBOS expects house prices in the UK to fall by 9% in 2008, according to the company's latest trading statement which covers the first three months of the year. The company said that asset growth was slowing and the rate of deposit growth is ...
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PropertyEU Archive
Germany weathers credit crunch
While the global credit crisis is showing little sign of abating, there are indications that Germany, Europe's largest economy, is weathering the storm better than many of its neighbours.
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PropertyEU Archive
Habitat lays off staff in Spain as market deteriorates
Spain's Habitat Inmobiliaria has announced plans to lay off around 134 - about 34% of its staff in Spain - in response to the downturn in the Spanish real estate market. The company, which reported losses of EUR 313mln in 2007, has a total staff of 390 people in the ...
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PropertyEU Archive
Redevco sells in Switzerland
Dutch property developer and investor Redevco has signed an agreement with Swiss electronic distribution firm Brack Electronics to sell a 5,510 m[sup]2[/sup] logistics centre in Brunegg for an undisclosed amount. In a statement, Redevco said that it is disposing of the last remaining logistics property in its Swiss portfolio. The ...
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PropertyEU Archive
Icade to invest in 20,000 m[sup]2[/sup] office building near Toulouse
French real estate investment trust Icade is to develop a 20,000 m[sup]2[/sup] energy efficient office building next to Toulouse Blagnac Airport. The French property developer plans to remain owner of the building, which will include five floors of office space, a restaurant, a fitness area and 640 parking spaces on ...
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PropertyEU Archive
Modus invests EUR 127m in retail assets
Manchester-based retail real estate firm Modus Properties has acquired a portfolio of retail properties worth more than £100mln (EUR 127 mln). Bank of Ireland funded the deal, but further details of the transaction were not disclosed.
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PropertyEU Archive
Investors to spend EUR 150m on expansion of Altmarkt-Galerie
A consortium of Deutsche EuroShop, TLG-Immobilien and the ECE Group has acquired the Intecta building in Dresden from Augsburg-based Patrizia Group for an undisclosed amount. The consortium plans to invest about EUR 150mln to re-develop the building as part of a 18,000 m[sup]2[/sup] expansion of the Altmarkt-Galerie shopping centre. The ...
