All Real Assets articles in Web Issue – Page 354
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PropertyEU Archive
Prologis European Properties sells stake in PEPF II at 28% discount
Prologis European Properties has announced the completion of the sale of its remaining investment and future commitment to Prologis European Properties Fund II (PEPF II) to six institutional investors. The group raised gross proceeds of EUR 14.4 mln from the sale of its remaining 10% interest in PEPF II, and ...
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PropertyEU Archive
KPP Retail acquires Galeria Sandomierz
Keen Property Partners Retail has expanded its portfolio of regional shopping centres in Poland with the acquisition of Galeria Sandomierz and a new retail development planned for Gniezno. The acquisition of Galeria Sandomierz follows the recent takeover by KPP Retail of Park Handlowy Eden in Zgorzelec and the Graf centre ...
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PropertyEU Archive
Architecture firms feel the pain
Leading UK architectural firm Foster + Partners is to lay off hundreds of its employees due to the weakening property development market. The company, which has designed some of the most famous buildings in the world including London's Gherkin tower, is understood to be making 300-400 staff redundant, about 25% ...
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PropertyEU Archive
DIC Asset sells three more properties
DIC Asset said it has sold three properties in Germany for a total volume of about EUR 13 mln. The Frankfurt-based company sold a mixed-use property of some 5,000 m[sup]2[/sup] of office and retail space on Rathausplatz in Eschborn, near Frankfurt, to the Eschborn town council. Additionally, two smaller properties ...
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PropertyEU Archive
Bucharest's Sema Parc awaits credit thaw
The global financial crisis has brought the real estate market in Romania to a shuddering halt, but the massive multi-functional Sema Parc project in Bucharest is not under huge financial pressure internally, according to the developer River Invest.
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PropertyEU Archive
Moody's downgrades CB Richard Ellis
Moody's Investors Service, citing strained credit metrics, has downgraded the ratings of CB Richard Ellis' senior debt to Ba2 from Ba1. The credit rating agency said the action reflects its view that improving these metrics over the intermediate term will be difficult given the deep economic downturn and ongoing challenges ...
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PropertyEU Archive
Michael Lange leaves JLL Russia & CIS
Michael Lange, chairman of Jones Lang LaSalle Russia & CIS, has announced he intends to leave the firm after 15 years to develop his own business interests and pursue other aspirations. Lange will leave towards the end of the first quarter of this year.
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PropertyEU Archive
Top executive Morgan Stanley suspended - report
Morgan Stanley has suspended its global head of real estate investing after an investigation revealed that actions by an employee believed to be the former China property head 'appear to have violated' the foreign corrupt practices act, a US law that prohibits corporate bribery, the Financial Times reported.
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PropertyEU Archive
Property sector set to recover first
The property sector will take a further beating in the next two years as the current financial crisis deepens, but it will rebound from before the rest of the economy, according to Roger Bootle, managing director Capital Economics. 'Rents for commercial property will fall and we will see further falls ...
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PropertyEU Archive
Investors support launch of INREV Guidelines
More than 90% of investors in the non-listed property funds market support the implementation of the INREV Guidelines, which have been published in a new format this week. In its latest members' survey, 92% of investors looked to fund managers to adhere to the INREV Guidelines, which bring together eight ...
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PropertyEU Archive
France Telecom/Orange agrees to pre-let 32,000-m[sup]2[/sup] Paris project
Private equity real estate investor MGPA and French investor-developer Generale Continentale Investissements (GCI) have pre-let the Balthazar building in Paris to France Telecom/Orange.
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PropertyEU Archive
Top 5 investment deals, 9-13 February 2009
The largest real estate investment transaction reported by PropertyEU between 9 - 13 February 2009 was the sale by British Land of a 50% stake in its Meadowhall shopping centre for £588 mln (EUR 673 mln) to AIM-listed property investor London & Stamford and a partner.
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PropertyEU Archive
HSH sees loss of EUR 2.8 bn in 2008
German commercial bank HSH Nordbank expects to report a net loss of EUR 2.8 bn before tax and one-off charges for 2008. In a statement on its preliminary results, the state-owned bank said the figure compares to net profit of EUR 285 mln a year ago. The EUR 2.8 bn ...
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PropertyEU Archive
Aareal taps rescue fund for EUR 525m
Property financier Aareal Bank is tapping the German bank rescue fund SoFFin for EUR 525 mln to strengthen the company's balance sheet, even though it announced an unaudited pre-tax profit of EUR 117 mln for 2008.
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PropertyEU Archive
Pfandbrief market shows signs of 'sweeping recovery', German association says
There are 'signs of sweeping recovery' in the volumes of pfandbrief covered bonds being issued despite the financial market crisis, according to the Association of German Pfandbrief banks (VDP). A survey conducted by the VDP indicates that the aggregate volume for pfandbrief issuance in January this year was more than ...
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PropertyEU Archive
UK commercial property capital value falls ease in January
The pace of UK commercial property capital value falls eased in January to a decline of -3.01%, according to the IPD UK Monthly Index. After three successive record monthly capital value declines over the final quarter of last year, peaking at -5.84% in the month of December, the tempered decline ...
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PropertyEU Archive
CBRE Investors launches two office projects in France
CB Richard Ellis Investors announced on Monday that it has launched two office developments in Montevrain, France, with a total surface area of 24,500 m[sup]2[/sup].
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PropertyEU Archive
De Ponga steps down as CEO of Metrovacesa
Spanish leading property company Metrovacesa said on Monday that Jesus Garcia de Ponga has stepped down as CEO and a member of the management board, with immediate effect. The company did not say if it has launched a search for a successor.
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PropertyEU Archive
Cofinimmo sees modest valuations decline
Cofinimmo, the largest real estate investment trust in Belgium, has said its diversified portfolio recorded a drop in fair value of 1.96% in 2008. The valuation decline coupled with changes in the IAS 39 valuation of interest rate hedging instruments led to a net loss of EUR 14.85 mln ...
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PropertyEU Archive
Land Securities mulls major rights issue
Land Securities has confirmed that it is considering launching a rights issue. The announcement follows media reports suggesting the company intended to raise up to £750 mln (about EUR 836 mln) from investors to pay down debt.
