All Real Assets articles in Web Issue – Page 338
-
PropertyEU Archive
Pirelli, Intesa complete EUR 270m sale of FM unit
Italy's Pirelli Real Estate and Intesa Sanpaolo have sold their stakes in Pirelli RE Integrated Facility Management (PREIFM), a 50/50 joint venture in facility and project management, to the Italian group Manutencoop FM. The companies signed a preliminary agreement in early November 2008. Pirelli RE and Intesa said they have ...
-
PropertyEU Archive
NSI closes EUR 275m refinancing agreement, sells assets
Dutch investor Nieuwe Steen Investments (NSI) has reached an agreement with its banks to refinance EUR 275 mln of short-term credit facilities. As a result, the company said that all refinancing facilities for the year 2009 are now covered.
-
PropertyEU Archive
Limitless agrees to pay EUR 475m for Risanamento's Falck site
Italian property developer Risanamento has reached a preliminary agreement on the sale of its vast Falck redevelopment project located in Milan's Sesto San Giovanni district to the Dubai fund Limitless.
-
PropertyEU Archive
Fimit closes EUR 850m purchase of Intesa Sanpaolo's real estate
Italian fund manager Fimit has completed the acquisition of 284 properties from bank Intesa Sanpaolo for a total of EUR 850 mln. The assets, which offer over 420,000 m[sup]2[/sup] of commercial space, were transferred before the New Year to Fimit's Omega real estate fund. Fimit said it is retaining around ...
-
PropertyEU Archive
Affine sells non-strategic assets in Paris region
Affine has sold three non-strategic properties in the Paris region to an undisclosed buyer as part of the reorganisation its office property portfolio. In the first transaction, the firm said it sold a 5,800 m[sup]2[/sup] office building in Eastern Paris for an undisclosed amount. The asset is leased to Inrap, ...
-
PropertyEU Archive
Leasinvest buys assets in Luxembourg.
Leasinvest Immo Lux, a subsidiary of Leasinvest Real Estate, has acquired three retail properties located in Strassen, Diekirch and Foetz, Luxembourg for EUR 47.5 mln. The assets generate a total rental income of EUR 3.6 mln per annum, reflecting a gross initial yield of 7.68%. They are fully let with ...
-
PropertyEU Archive
Russian government throws weight behind Pik Group
Pik Group, one of Russia's leading residential real estate developers, has been included on the list of companies that can count on state support to survive the financial crisis. The list, which was drawn by the Russian Government on the instructions of Prime Minister Vladimir Putin includes companies from various ...
-
PropertyEU Archive
Otto takes over as chairman of ULI Europe
Alexander Otto, CEO of German retail specialist ECE, has taken over as chairman of the European arm of the Urban Land Institute (ULI). He succeeded Jan de Kreij, the former CEO of Dutch-based property company Corio, on 1 January this year.
-
PropertyEU Archive
CFI and CNP buy 11 cinemas in France
French SIIC Compagnie Fonciere Internationale (CFI) and insurance group CNP-Assurances have signed an agreement to purchase a portfolio of 11 cinema complexes in France for an undisclosed amount. The properties, which are fully leased to European cinema operator UGC, are located in Paris and its surroundings as well as other ...
-
PropertyEU Archive
GE Real Estate divests 29 Swedish properties for EUR 233m
GE Real Estate has sold a portfolio of 29 properties in Sweden to a new vehicle which GE established with Swedish pension organisations. The properties are located in 15 municipalities across Sweden and comprise 230,000 m[sup]2[/sup] of lettable space. The purchase price was not disclosed, but Swedish media widely reported ...
-
PropertyEU Archive
Banks buy EUR 443m assets from Martinsa-Fadesa
Martinsa-Fadesa, the Spanish property developer which filed for administration in July, has sold EUR 443 mln worth of property assets to creditor banks BBVA, Banco Santander and savings bank Caixa Galicia, newspaper Expansion reported.
-
PropertyEU Archive
IGD SIIQ buys Gran Rondo property for EUR 52m
IGD SIIQ, the sole Italian real estate investment trust, has acquired a commercial gallery and office building which form part of the Gran Rondo shopping centre in Crema, Northern Italy from Immobiliare Gran Rondo. The investment amount comes to EUR 52.3 mln, of which EUR 29.3 mln have already been ...
-
PropertyEU Archive
UniCredit sells EUR 930m worth of assets to Fimit fund
Italian bank UniCredit has sold part of its real estate portfolio to the Omicron Plus Immobiliare fund run by Italian property fund manager Fimit for EUR 800 mln. The bank is retaining the use of the buildings as well as a 33% stake in the fund. Omicron is being invested ...
-
PropertyEU Archive
Union Investment confirms Marsans HQ acquisition
Germany's Union Investment has confirmed the acquisition of the Portico office building in Madrid from the Spanish tourism and transportation conglomerate Marsans. The transaction, initially reported by PropertyEU on 22 December 2008, is the first acquisition in Spain for Union Investment's UniImmo: Deutschland fund. The financial details of the deal ...
-
PropertyEU Archive
Beni Stabili sells in Rome and Milan
Italian property company Beni Stabili has completed the sale of an office building in Milan's Corso di Porta Nuova 1 to an unnamed private investor for EUR 73.5 mln. The sale price compares to an appraised value at end-June 2008 of EUR 71 mln. The preliminary sale agreement for the ...
-
PropertyEU Archive
Warimpex sells stake in Czech hotel spa
Warimpex, the Vienna-based property developer and investor, has sold its shares in the project company that owns the four-star Dvorak Spa Hotel in the Czech city of Karlovy Vary to a subsidiary of Austria's Raiffeisen Leasing.
-
PropertyEU Archive
Gecina to launch mandatory offer for Gecimed
Listed French property group Gecina is to launch a mandatory public offering for the shares of its former majority owned medical property subsidiary Gecimed after GE Real Estate sold its 20% stake.
-
PropertyEU Archive
Nanette increases stake in major Kiev project
London-listed residential property company Nanette has purchased an additional 15% of the share capital of Olimpia Real Estate, the holding company for a residential development in the Ukrainian capital Kiev. Nanette paid $6 mln (about EUR 4.4 mln) to increase its holding in Olimpia to 30%. The company's total ...
-
PropertyEU Archive
German sentiment plummets in H2 - King Sturge
German real estate professionals grew markedly gloomier in the second half of 2008 as the economy began to feel the full force of the international financial crisis.
-
PropertyEU Archive
GPR 250 Europe down 45.5% in 2008
The GPR Europe Index recorded an unambiguous loss of 45.5% for 2008 despite ending 5.7% higher for the month of December, according to Amsterdam-based real estate securities specialist Global Property Research.
