All Real Assets articles in Web Issue – Page 337
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PropertyEU Archive
Gecina suspends Metrovacesa separation plan
French property company Gecina said on Friday it is suspending a plan agreed last year to separate from its major shareholder Metrovacesa. The French SIIC said the decision was promted by significant changes in the shareholding structure of the Spanish group, which owns a 27% stake in Gecina. Debt-laden Metrovacesa ...
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PropertyEU Archive
Land Securities sells New Scotland Yard property
UK REIT Land Securities said on Friday that it has sold its freehold interest in New Scotland Yard property to the Metropolitan Police Authority. The company confirmed in November that it was in talks with London's Metropolitan Police to sell the 137,000 m[sup]2[/sup] property to its occupier for a price ...
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PropertyEU Archive
DTZ Prague wins mandate for another 100,000 m[sup]2[/sup] of retail area
DTZ's property and asset management team in Prague has won a mandate to manage the Bainbridge Properties portfolio comprising 100,000 m[sup]2[/sup] of retail space in the Czech and Slovak Republics for a new client, Aerium Finance Ltd.
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PropertyEU Archive
Hypo to cut 1,000 jobs, mulls asset sales in drastic restructuring
Troubled German property financier Hypo Real Estate plans to cut 800 of its 1,800 staff over the next three years to reduce costs and streamline its business structure. The sale of non-strategic activities is also being considered.
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PropertyEU Archive
Kungsleden sells 50% of public properties for EUR 1.4 bn
Listed Swedish property company Kungsleden has agreed to sell 50% of Hemso Fastighets, its investment vehicle for public properties, to a Swedish national pension fund for around EUR 1.4 bn. Kungsleden said the deal will create a stronger base for Kungsleden's other business and enable it to derive more benefit ...
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PropertyEU Archive
Sjaelso sells office and retail assets
Danish real estate firm Sjælsø Gruppen has signed an agreement to sell an existing office property at Linde Allé in Nærum and a new REMA 1000 retail centre in TV-Byen, both in Denmark, to the property arm of Copenhagen-based M. Goldschmidt Holding. Under the agreement, Sjaelso is to acquire a ...
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PropertyEU Archive
ING Real Estate sells building to LB Immo Invest and GLL
ING Real Estate has sold the Zuiderhof office property in Amsterdam to LB Immo Invest and GLL Real Estate Partners for an undisclosed amount. The building was sold on behalf of a client, ING RE said in a press release on Monday. It dates from 2003 and has a total ...
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PropertyEU Archive
Carrafiell to step down as co-head of Morgan Stanley RE
Morgan Stanley has confirmed that John Carrafiell is to step down next month from his position as co-head of real estate investing. Joint co-head Sonny Kalsi, who is based in New York, will take full leadership of the bank's real estate investment business which has over $90 bn (EUR 64.5 ...
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PropertyEU Archive
Pik regains portions of scrapped $1 bn Moscow tender
Pik, the London-listed developer of residential property in Russia, said it has won several tenders from the City of Moscow to complete 85,000 m[sup]2[/sup] of housing in several districts of the Russian capital. The contracts involve RUB 4.5 bn (about EUR 113 mln) of municipal funds.
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PropertyEU Archive
Top 5 deals, 15-19 December 2008
The largest deal recorded by PropertyEU between 15 - 19 December was the completion by Unite, the largest provider of student accommodation in the UK, of the sale of 13 properties in key student markets across the UK for just over £171 mln (EUR 190 mln). The buyer was Unite's ...
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PropertyEU Archive
Klemurs acquires 21 stores in France for EUR 18m
French property company Klemurs, part of the Klepierre group, has completed the acquisition of 21 retail stores in France operated by the King Jouet group. The transaction volume of EUR 18.3 mln reflects an initial yield of 8.2%.
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PropertyEU Archive
White Estate consortium buys Amsterdam property for EUR 86m
A consortium led by White Estate Investments has acquired an office property in Amsterdam from Eurocommercial Properties (ECP) for EUR 86.5 mln, ECP said in a press release issued after the close of trade on Euronext Amsterdam on Tuesday.
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PropertyEU Archive
Listed firms intensify share buyback schemes
Several listed property companies have recently announced share buyback programmes to boost their stock price and prop up their Net Asset Value per share in response to plunging share prices and stock market volatility.
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PropertyEU Archive
Kungsleden buys and sells more properties
Listed Swedish property company Kungsleden has announced new transactions just a day after revealing it is selling 50% of Hemso Fastighets, its investment vehicle for public properties, to a Swedish national pension fund for around EUR 1.4 bn.
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PropertyEU Archive
Firms reduce project pipelines as crisis takes hold in Eastern Europe
Budapest-based Trigranit has joined a growing group of companies in Central and Eastern Europe and Russia which are freezing new developments. The company is cutting its EUR 8 bn development pipeline by half and is considering postponing investments in remaining schemes by up to five years due to the worsening ...
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PropertyEU Archive
Prologis Europe to sell stake in PEPF fund
Euronext-listed Prologis European Properties has agreed to sell two-thirds of its 30% stake in Prologis European Properties Fund II (PEPF II) to the firm's Denver-based mother company Prologis for about EUR 43 mln. It is also seeking to dispose of the remaining 10% interest in the fund to a third ...
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PropertyEU Archive
Shareholders to sue Hypo RE over 'misleading statements'
Hypo Real Estate Holding and its directors face a damages claim from shareholders for allegedly making misleading statements about how the German property lender was faring in the credit crisis.
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PropertyEU Archive
Colonial raises EUR 1.31 bn in convertible bond issue
Troubled Spanish property group Colonial has placed EUR 1.31 bn in convertible bonds, mostly with its creditor banks which have underwritten the issue. The banks are Goldman Sachs, Eurohypo, Calyon and Royal Bank of Scotland as well as Banco Popular and La Caixa.
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PropertyEU Archive
KanAm does EUR 20m deal in Lille
KanAm Spezial grundinvest Fonds has acquired the Madeleine office building in the French city of Lille for EUR 19.4 mln. The German institutional fund said the prime property is fully leased to Finaref, a French banking and insurance group, on a long-term lease through 2016.
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PropertyEU Archive
AXA acquires European assets for EUR 260m
AXA Investment Managers Deutschland has expanded the portfolio of its open ended real estate fund AXA Immoselect with the acquisition of three properties and property development companies in Luxembourg, Sweden and Spain. The value of the acquisitions comes to EUR 260 mln, and the finacing has already been secured, AXA ...
