All Real Assets articles in Web Issue – Page 353
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PropertyEU Archive
Deutsche Land rejects Prostar approach
AIM-listed Deutsche Land has again rejected a potential takeover approach from Prostar Germany as being too low. Prostar is headed by Jonathan Elkington, a co-founder and former director of Deutsche Land.
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PropertyEU Archive
Sonae Sierra wins European Commission sustainability award
Portuguese shopping centre developer Sonae Sierra has won the Sustainable Energy Europe Award (SEE), a European Commission initiative that acknowledges the most innovative companies in the area of energy sustainability in Europe.
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PropertyEU Archive
AXA REIM expands in the Nordics
AXA Real Estate Investment Managers (AXA REIM) has acquired two retail assets in Sweden for about SEK 1.2 bn (EUR 111 mln). Acting on behalf of its AXA Immoselect open-ended fund, AXA REIM bought a retail park located in Malmo from Stora Bernstorp. The complex, offering 37,000 m[sup]2[/sup] of space, ...
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PropertyEU Archive
DTZ hires directors from Barclays
Property adviser DTZ has appointed Bob Rickert as global chief operating officer (COO) and Isaac Krymolowski as global head of Consulting & Research. Both will join DTZ within the first quarter and report directly to Group CEO Paul Idzik. They will both sit on the newly created Group Executive Committee.
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PropertyEU Archive
King Sturge opens office in Bulgaria
Property adviser King Sturge has opened a representative office in the Bulgarian capital Sofia. The wholly-owned King Sturge office will, in the first instance, concentrate on supporting a number of existing projects, building on work already carried out in Bulgaria from the firm's offices in Romania and Hungary. These include ...
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PropertyEU Archive
Savills sets up new sale-and-leaseback team in France
Savills is launching a new team in France focused on sale-and-leaseback transactions. The international property services firm said that the new group, which is part of the investment department headed by Pascal Rupert, was set up in response to a growing need among corporate entities serviced by Savills to raise ...
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PropertyEU Archive
Paper group leases 19,000 m[sup]2[/sup] at Dutch distribution centre
Dutch paper and packaging firm Papyrus Groep Nederland has taken a 10-year lease on 17,000 m[sup]2[/sup] of warehouse space and 2,200 m[sup]2[/sup] of office space at the new 'De Weteringse Poort' distribution centre in the Bijsterhuizen industrial park in the town of Wijchen.
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PropertyEU Archive
La Lucette sells assets in France for EUR 146m
Compagnie La Lucette said it has sold three assets in France for a total of EUR 146 mln. The disposals, which were carried out during the fourth quarter of the year, were in line with the company's strategy to sell mature or non strategic properties. They include the Scribe building ...
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PropertyEU Archive
ING RE to cut 30 jobs in Netherlands
ING Real Estate is cutting 30 jobs at offices in the Netherlands, as part of the larger re-organisation within the ING Group in which 1,000 staff are being made redundant. It has yet to be decided which positions or units will be affected at ING Real Estate, one of the ...
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PropertyEU Archive
Spain's property values to stabilise in Q4, says Savills
Spanish commercial property prices are forecast to fall further in 2009 before stabilising around the end of the year, according to Max Gill, Savills' head of valuations in Madrid. Prime office and shopping centre properties have reported a 20-25% fall in value over the course of last year, with land ...
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PropertyEU Archive
British Land to raise EUR 823m in rights issue
British Land confirmed on Thursday that it plans to raise £740 mln (EUR 823 mln) net of expenses in a 2-for-3 rights issue. The widely expected cash call by the second-largest real estate investment trust (REIT) comes days after one of its peers, Hammerson, announced a similar move.
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PropertyEU Archive
Epra and Nareit become full members of Reita in UK
The European Public Real Estate Association (Epra) and the US-based National Association of Real Estate Investment Trusts (Nareit) have become full members of Reita, the educational and awareness campaign in the UK for REITs and property investment. Up to now EPRA and NAREIT had supporting organisation status with Reita. In ...
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PropertyEU Archive
Iliescu becomes joint managing director at DTZ Echinox
Oana Iliescu has been promoted to the position of joint managing director of DTZ Echinox alongside Tim Wilkinson. DTZ Echinox has been the local DTZ representative office in Romania since 2002.
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PropertyEU Archive
IHG, Crocus Group to build world's biggest Holiday Inn in Moscow
InterContinental Hotels Group (IHG) and Crocus Group have signed a deal to build the world's biggest Holiday Inn hotel in Moscow, with an investment of more than $100 mln by Crocus Group.
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PropertyEU Archive
Swiss Life buys care centres in Germany
Hochtief Projektentwicklung has sold three care facilities in Germany to insurance company Swiss Life. The two sides agreed not to disclose the financial details of the transaction.
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PropertyEU Archive
European developers face up to new valuation rules
Falling property values across Europe add complexity to a new requirement under international accounting rules for developers to value investment properties under construction at fair value rather than on a cost basis. ‘It is difficult enough assessing existing properties in the current climate where there is little transaction activity. It ...
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PropertyEU Archive
Norwegian Property reports sale of office property, hotel project
Norwegian Property has entered into an agreement to sell a 10,800-m[sup]2[/sup] office property in Oslo for NOK 324 mln (EUR 37 mln), almost EUR 2 mln above the current valuation. The buyer is Arivest AS, a company owned by the Havila Ariel group. The current external financing of the property ...
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PropertyEU Archive
Multi sees redevelopment opportunities
New developments are being frozen or cancelled on a large scale throughout Europe, but there are still opportunities for redeveloping existing assets, according to Glenn Aaronson, CEO of Multi Corporation. Speaking at a press lunch at the Mipim trade fair in Cannes, Aaronson welcomed the trend, saying it would be ...
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PropertyEU Archive
Mirax seals $200m refinancing deal
Russian property development giant Mirax Group has reached an agreement to restructure a $200 mln loan with Credit Suisse. The company said the credit facility, which was due for repayment this week, has been extended for another two years.
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PropertyEU Archive
Atisreal predicts recovery in 2012
Europe's capital values are forecast to fall by a further 12.3% in 2009 but will eventually bounce back in 2010, booking growth of 3.3%, according to Atisreal's new Economic Forecast research report. The real jump in capital values, however, is not expected to take place until 2011, the report concludes, ...
