All Real Assets articles in Web Issue – Page 350
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PropertyEU Archive
Orco posts higher revenues, reiterates guidance for 09
Orco Property Group, the central European property developer and investor, has reported annual turnover of EUR 299 mln in 2008. The figure was 10% up on 2007. Orco had originally estimated revenues of EUR 343 mln for the year but revised this forecast to EUR 300 mln in November due ...
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PropertyEU Archive
Private investor buys Madrid office building for EUR 23m
An unnamed private investor has purchased an office building in Madrid's Cristalia Business Park for EUR 23 mln from Spanish real estate agent Inmoseguros, broker Savills, who advised the buyer, said on Wednesday. The deal reflects an initial yield of 6.5% triple net.
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PropertyEU Archive
JLL sees Q4 profit slide 60%
Global property adviser Jones Lang LaSalle reported net income of $41.5 mln (EUR 32.2 mln) in the final quarter of 2008, down 60.6% on the $105.4 mln booked in the year-earlier period as property markets worldwide took a beating from the credit crisis. Per share, profit fell to $1.17 from ...
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PropertyEU Archive
Aberdeen acquires EUR 65m Danish property portfolio
Aberdeen Property Investors Denmark, through its Aberdeen Property Fund Denmark, has acquired the commercial property portfolio of the Danish Pension Fund for Engineers DIP. The acquisition is valued at EUR 65 mln, reflecting a net initial yield of 6%.
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PropertyEU Archive
Hochtief secures another tenant for Altezza project
Hochtief Projektentwicklung has announced that German bank Deutsche Apotheker- und Arztebank is to occupy 3,300 m[sup]2[/sup] of space at the Altezza project in Munich.
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PropertyEU Archive
Henderson appoints analyst to property research team
Henderson Global Investors has appointed Mike Keogh as senior economic and investment analyst within its property research team. Based in London, Keogh will report to Alice Breheny, head of research and property.
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PropertyEU Archive
Banks not rigid on loan-to-value breaches - INREV
Banks may be willing to take a more understanding attitude to breaches of loan-to-value covenants by non-listed property funds, particularly in instances where the fund manager has a good track record and has maintained a pro-active relationship with the financier, according to the European Association of Non-Listed Real Estate Vehicles ...
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PropertyEU Archive
Plaza buys controlling stake in Sofia project
Plaza Centers, the emerging markets property developer, has acquired a controlling stake in a 75,000 m[sup]2[/sup] office and retail project in Sofia, Bulgaria. Plaza is paying for the 51% stake with just under EUR 2.8 mln in cash and the assumption of EUR 4.4 mln of debt, representing 51% of ...
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PropertyEU Archive
Irish commercial property capital values continue to plunge, says IPD
Irish commercial property capital values continued to nosedive in the final quarter of 2008, eclipsing the previous quarter's record fall by tumbling -17.7%, according to the SCS/IPD Irish Quarterly Property Index, which is based on a portfolio of EUR 3.7 bn.
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PropertyEU Archive
Czech mall space doubles in five years
The Czech Republic boasts 1.8 million m[sup]2[/sup] of modern shopping centre space, thanks to a near doubling of the total supply since the beginning of 2004, according to a new report from CB Richard Ellis.
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PropertyEU Archive
Great Portland takes on New Look
UK listed property group Great Portland Estates has agreed to let 5,600 m[sup]2[/sup] of offices at its development at Wells & More, 45 Mortimer Street in London to fashion retailer New Look.
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PropertyEU Archive
Prologis names Sullivan as new operations head
Prologis has named Charles Sullivan as the new head of global operations in the latest management reshuffle at the global provider of distribution facilities.
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PropertyEU Archive
SEB unveils EUR 1.4b rights issue to boost capital base
Swedish bank SEB has unveiled a SEK 15 bn (EUR 1.4 bn) rights issue and plans to skip the 2008 dividend in a bid to strengthen its capital base by SEK 19.5 bn. The rights issue is fully committed and underwritten, SEB said in a statement on Thursday.
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PropertyEU Archive
Hotel investments to fall to 10-year low in 2009 - JLL
Investment in hotels across Europe, the Middle East and Africa (EMEA) will fall to around EUR 5 bn in 2009 from EUR 7.8 bn in 2008, thereby approaching a 10-year low, according to research from Jones Lang LaSalle.
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PropertyEU Archive
Schild sells German apartments for EUR 18m
Dutch property fund Schild Duitsland Dusseldorf Vastgoed Fonds has sold two apartment complexes in Dusseldorf to German housing corporation Wohungsgenossenschaft Essen-Nord for a total EUR 18.3 mln. The Internal rate of Return (IRR) on the assets was 10.52% over a three-year period.
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PropertyEU Archive
C&W predicts 5-7% drop in prime rents for 2009
Property adviser Cushman & Wakefield anticipates prime rents will fall by between 5% and 7% across all sectors in Europe this year and by a further 2-4% in 2010 as occupiers remain cautious amid the economic downturn. European prime rental growth turned negative in the final quarter of 2008 for ...
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PropertyEU Archive
FDR finalises EUR 380m of sales in Q4
French property investor and developer Fonciere des Regions (FDR) said it booked a 'very active' final quarter in 2008, concluding EUR 380 mln worth of asset sales and negotiating over EUR 160 mln of new sales commitments. This offset the cancellation of a portfolio transaction in the second half of ...
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PropertyEU Archive
Real I.S. buys logistics property in Bielefeld
German investor Real I.S. has acquired a long-lease logistics property in Bielefeld, Germany, for an undisclosed amount. The asset, which provides a total lettable area of 25,200 m[sup]2[/sup] and around 220 parking spaces, was bought for institutional investment vehicle BGV Bayerische Grundvermögen III SICAV FIS.
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PropertyEU Archive
Dutch pension funds book sharp falls on property
Dutch pension fund giants ABP and PGGM booked steep losses on their property holdings in 2008 as property markets deteriorated worldwide in the wake of the credit crisis. Civil service pension fund ABP, one of the world's biggest pension funds, posted a loss of 30% on its portfolio while healthcare ...
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PropertyEU Archive
Cabot industrial fund comes to Europe
Boston-based Cabot Properties is coming to Europe for the first time to acquire assets for its fund, Cabot Industrial Value 3. IPE Real Estate reported that Cabot buys distribution warehouses in the US but its management sees favourable conditions for the asset class in Europe, offering opportunities to diversify geographically.
