All Real Assets articles in Web Issue – Page 309
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PropertyEU Archive
Accor to sell 600 hotels
French hotel chain Accor plans to sell off around 600 hotels in the medium term as part of its plans to focus on its core hotel management business. 'Despite the global credit crunch, Accor is committed to pursuing its asset sale strategy,' the company said on Monday. It added that ...
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PropertyEU Archive
Realkapital fund spends EUR 80m in France
Realkapital Partners has acquired an office building in Paris and a logistics scheme in Algers for its recently launched Realkapital European Opportunity II fund. The total acquisition price comes to EUR 80 mln. The company has bought six storeys within a 18-floor office building in the 12th arrondissement of Paris ...
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PropertyEU Archive
Lehman managers eye $9bn private equity buy-out
Senior managers of Lehman Brothers' $9 bn global property private equity business are mulling a management buyout, according to an article in the UK real estate magazine Property Week. The paper reported that the senior team at Lehman Brothers Real Estate Private Equity is seeking to take control of the ...
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PropertyEU Archive
Aberdeen acquires prime logistics building in Finland
Aberdeen Property Investors' European Balanced Property Fund has acquired a prime logistics property, near Helsinki-Vantaa airport, from Finland's EKE Group, the developer and builder of the property. The financial details of this transaction were not disclosed.
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PropertyEU Archive
Activum hires Axel Kochsiek as head of asset management
Activum, the European real estate investor and 'turnaround' manager, hss appointed Axel Kochsiek as a partner and head of asset management. Kochsiek comes from Fortress Investment Group where he was head of the leasing strategies for Eurocastle.
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PropertyEU Archive
DTZ's Dutch chairman resigns after tax fraud conviction
Cees de Jong has resigned with immediate effect as chairman of the board and partner of DTZ Zadelhoff, the Dutch office of property services firm DTZ, following his conviction for tax fraud last week.
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PropertyEU Archive
Royal BAM puts dredger sale talks on ice
Royal BAM Group announced on Friday that long-running talks on the sale of its interest in international dredging specialist Van Oord have been 'held up' due to the turmoil in the financial markets. But BAM said it still intended to sell its 21.5% stake in Van Oord and expected to ...
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PropertyEU Archive
Non-listed RE funds becoming more transparent - INREV
Europe's non-listed real estate funds are increasingly incorporating the guidelines set by the industry body INREV in their annual reporting, according to the findings of a recent study.
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PropertyEU Archive
Chris Gibson-Smith named interim CEO at British Land
UK property major British Land has announced the temporary appointment of Chris Gibson-Smith as CEO to replace Stephen Hester who leaves the company on 15 November to become chief executive of the Royal Bank of Scotland. Gibson-Smith will lead British Land until the search for a permanent CEO is ...
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PropertyEU Archive
Savills issues profit warning as brokers see transactions dry up
International property adviser Savills warned on Friday that its profits this year would be less than expected as a result of a 'sharp reduction in transaction volumes'.
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PropertyEU Archive
F & C REIT to sell Swallow Hotel portfolio
UK property asset manager F & C REIT has instructed auctioneer Christie & Co to sell nine Swallow Hotels located in England and Scotland. The hotels, which are available individually or as a group, consist of eight freehold properties and one long leasehold.
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PropertyEU Archive
Colonia RE unveils vast cost-cutting programme
German property company Colonia Real Estate (CRE) has announced the launch of a 'comprehensive' programme to reduce costs and enhance efficiency. In a statement on Monday, the company said it aims to cut its general administrative costs by at least 50% by consolidating and restructuring its subsidiaries, reducing general administrative ...
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PropertyEU Archive
Mann Group takes control of Polis Immobilien
Mann Immobilien-Verwaltung said it has tendered 53% of German property company Polis Immobilien following expiration of the offering period for the mandatory takeover offer. The company said it has bought a total of 2.2 million shares in the company, which specialises on office property across Germany.
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PropertyEU Archive
HSBC Trinkaus RE shops in Luxembourg
Düsseldorf-based HSBC Trinkaus Real Estate has bought an office project in the Findel central business district of the city of Luxembourg for EUR 81.5 mln, of which EUR 50 mln in equity. The property is earmarked for the new fund Trinkaus Europa Immobilien-Fonds Nr. 12 Luxemburg/Airport & Co. After completion ...
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PropertyEU Archive
Macquarie sells Italian mortgage portfolio
Australian investment bank Macquarie Group said on Monday that it has signed an agreement to sell its portfolio of Italian mortgages worth $A2 bn (EUR 1.1bn). The transaction is expected to complete by 31 October 2008, it added.
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PropertyEU Archive
Finland proposes shifting Sponda stake to state-owned vehicle
Listed Finnish real estate company Sponda said on Tuesday that it has been informed that a proposal is to go before parliament in Helsinki to transfer the state's large stake in Sponda to Solidium, a wholly state-owned company. The state owns 38 million shares in Sponda, corresponding to more than ...
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PropertyEU Archive
Plaza to repurchase up to 19 million shares
London and Warsaw-listed Plaza Centers is lauching a share buyback programme on London Stock Exchange this week which will see the mall developer repurchase up to 19.3 million shares, equal to 6.61% of the total of 292.4 million shares in issue.
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PropertyEU Archive
Dublin office take-up strong in Q3
The Dublin office market performed 'surprisingly well' in the third quarter of 2008 and was above the average Q3 take-up in the last few years, according to the latest report on the Irish capital released by CB Richard Ellis. Some 58,562 m[sup]2[/sup] office lettings were signed in the third quarter, ...
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PropertyEU Archive
Unite seeks to recover EUR 35m from Icelandic bank
Unite Group, the UK student accommodation specialist, is seeking to recover £30 mln (EUR 35 mln) that was placed on fixed-term deposit with the London branch of Icelandic bank Landsbanki. The funds were accrued following asset sales by the UNITE UK Student Accommodation Fund (USAF) in August this year.
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PropertyEU Archive
EMEA performs best as global hotel sales decline 71%
About EUR 9 bn worth of hotels were traded globally in the first nine months of 2008, a 71% drop on the record levels recorded in the same period in 2007, according to Jones Lang LaSalle Hotels. All regions of the world have been affected by the turmoil in the ...
