All Real Assets articles in Web Issue – Page 280
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PropertyEU Archive
XXI Century begins construction of Lviv project
London-listed XXI Century Investments has announced the receipt of a construction permit for its 88,4000 m[sup]2[/sup] mix-use project in the western Ukrainian city of Lviv. Demolition of the existing buildings on the land plot have been completed and the foundation works have begun.
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PropertyEU Archive
Commerz Real goes green in France, returns to London
Commerz Real has carried out its second significant transaction in a matter of days with the acquisition of office project development La Volta in St Denis near Paris. The property comprises 6,900 m[sup]2[/sup] of office space and has been awarded a French sustainability certificate.
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PropertyEU Archive
Prologis leases 23,000 m[sup]2[/sup] to Schenker in France
Third-party logistics services group Schenker has agreed to lease 23,000 m[sup]2[/sup] at Prologis Park Mer in France. The park is located along the A10 motorway, the main artery between Paris and Bordeaux. Schenker is to operate the space on behalf of Mitsubishi Electric to distribute heating and air conditioning systems ...
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PropertyEU Archive
Strabag dials into EUR 1bn facility management unit
Austrian construction company Strabag has agreed to buy Deutsche Telekom's facility management unit. Deutsche Telekom Immobilien und Service (DeTeImmobilien) employs more than 6,000 people - 5,600 in Germany - and it generated revenues of about EUR 1bn in the 2007 financial year. DeTeImmobilien main customer is Deutsche Telekom. Both sides ...
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PropertyEU Archive
Pirelli rings up EUR 530m in H1 sales
Pirelli Real Estate has said it carried out EUR 530mln worth of property sales in the first half of 2008. The group's share came to EUR 208mln, or 39%. The gross margin comes to EUR 109mln (21%), of which EUR 44mln pertains to Pirelli RE.
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PropertyEU Archive
Hypo provides EUR 138m to refinance German portfolio
Hypo Real Estate Bank said it has provided EUR 138mln financing to GREP, a Luxembourg-based real estate investment vehicle. The facility is being used by GREP to refinance a commercial real estate portfolio comprising 91 retail and office properties located in German city centres, with a focus on North Rhine ...
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PropertyEU Archive
Deka carries out third Finnish investment of 2008
Deka, the largest provider of open-ended real estate funds in Germany, has kept up the hectic pace of its investment activity by agreeing its third transaction in Finland this year. The bank's Deka Immobilien property unit bought the seven-storey Kluuvikatu 3 (K3) office and commercial property in Helsinki from Cambridge ...
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PropertyEU Archive
Unibail-Rodamco buys Spanish malls for EUR 434m
Franco-Dutch property giant Unibail-Rodamco has acquired two Spanish shopping centres from Metrovacesa for EUR 434mln. The total net rental income from the two malls is expected to be EUR 26mln, the group said.
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PropertyEU Archive
RREEF gets EUR 47m refinancing for Portuguese resort
Hypo Real Estate Bank International announced on Tuesday that it had completed a EUR 47mln refinancing for RREEF Alternative Investments' Penha Longa Hotel, Spa and Golf Resort in Portugal. A fund managed by RREEF Alternative Investments acquired the resort in 2003. The subsequent enlargement and refurbishment programme has won several ...
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PropertyEU Archive
AXA REIM acquires Dutch office complex for EUR 81m
The German subsidiary of AXA Real Estate Investment Managers has acquired the newly developed Eusebiushof office building in the Dutch city of Arnhem from Eurocommerce for EUR 81mln. The 16-floor property was developed on the site of the former municipal waterworks company and provides 27,000 m[sup]2[/sup] of lettable area, as ...
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PropertyEU Archive
F&C sells Colchester shopping centre for EUR 89m
London-listed F&C Commercial Property Trust has confirmed it has exchanged contracts to sell Lion Walk shopping centre in Colchester for about EUR 89mln. In a regulatory release, the company said the investment volume was gross of rental guarantees which are not expected to exceed EUR 1mln and the price compares ...
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PropertyEU Archive
Benson Elliot, GEM Realty acquire hotel-backed debt
Private US real estate firms Benson Elliot Capital Management and GEM Realty Capital have joined forces to acquire an EUR 42.5mln performing mezzanine debt tranche priced at a discount to face value. The debt is secured by a portfolio of hotels and other assets located in Germany.
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PropertyEU Archive
Ivanhoe Cambridge makes first mall acquisition in Moscow
Canadian-based shopping centre group Ivanhoe Cambridge has entered the Russian market with the acquisition of the upmarket Vremena Goda shopping centre in Moscow. The centre, opened last November, is located on Kutuzovskiy Prospekt boulevard and comprises 150 retail units over 30,000 m[sup]2[/sup] of lettable space. The list of prestigious international ...
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PropertyEU Archive
Invesco makes hotel acquisitions in Stockholm and Hamburg
Invesco Real Estate has bought hotels in Stockholm and Hamburg for a total investment of EUR 230mln. The sale-and-leaseback transaction of the Marriott Courtyard Hotel project in the Swedish capital from listed property group Faktor was Invesco's first hotel deal in Scandinavia. The purchase is expected to close in the ...
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PropertyEU Archive
Citigroup appoints three real estate advisers
Citigroup has cut back its long list of real estate advisers for its transaction management services across Europe, the Middle East and Africa (EMEA) to three - CB Richard Ellis, Cushman & Wakefield and Knight Frank. The joint mandate covers more than 1,640 offices, call centers and retail outlets in ...
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PropertyEU Archive
Raiffeisen Bank to move to Orco's Arena in Hungary
Raiffeisen Bank, a unit of Austria's RZB banking group, has agreed to lease over 8,000 m[sup]2[/sup] of space in the Arena Corner scheme in Budapest as part of the bank's expansion in Hungary. The deal increases the occupancy rate of the A-class office scheme, owned by the Endurance Fund and ...
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PropertyEU Archive
Big deals are still a go - if the price is right
When Germany's largest state, North Rhine-Westphalia, sold its residential property company Landesentwicklungsgesellschaft NRW (LEG) to Goldman Sachs' Whitehall Funds in June for about EUR 3.4bn, it sent a signal to the market that big deals can still be pushed through in the current climate - if the price is right.
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PropertyEU Archive
Talisman/CPIM launch European property debt opportunity fund
UK asset managers Talisman Global Asset Management and Cambridge Place Investment Management have launched the co-managed Talisman/CPIM European Debt Opportunity Fund. With capital commitments of EUR 50mln and a targeted net return of between 12% and 15%, the fund will invest in a range of European commercial mortgage backed securities ...
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PropertyEU Archive
Grosvenor and Santander trade first Spanish property derivative
Privately owned UK property group Grosvenor and Spanish lender Santander said they have carried out the first property derivative transaction in Spain. The total return swap has a maturity of two years and was based on Investment Property Databank's (IPD) main Spanish property index. Other details of the transaction, including ...
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PropertyEU Archive
HSH, Mariner form jv to invest in German nursing homes
Germany's HSH Real Estate has set up a joint venture with listed Australian investment and property company Mariner Finance to acquire and manage portfolios in Germany's nursing homes sector. The partners said they will also seek to invest in other 'age care' assets.
