All Real Assets articles in Web Issue – Page 359
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PropertyEU Archive
Energy firm suspends CEO over Russian real estate deals
London-listed Russian energy company Sibir has suspended its CEO Henry Cameron while the firm investigates controversial real estate deals with its main shareholder, Chalva Tchigirinski.
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PropertyEU Archive
Corio defies crisis as direct result remains stable
Dutch property company Corio posted strong full-year results on Tuesday with net rental income increasing by 14% to EUR 317.7 mln in 2008, from EUR 278.9 mln a year before. Direct result increased by 0.5% over the year to EUR 204.1 mln from EUR 203.1 mln in 2007.
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PropertyEU Archive
Segro sells Reflets Defense to Silic
UK industrial property group Segro said on Thursday that it has sold the Reflets Defense complex to French firm Silic for a total of EUR 23 mln. The property, located in Nanterre, provides 6,000 m[sup]2[/sup] of office space leased to the general council of Hauts-de- Seine with a 6-9 year ...
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PropertyEU Archive
Savills expands Paris valuations department
International property adviser Savills has recruited Isabelle Sanchez Turon as an associate in its valuation department in Paris. Turon began her career in 2004 at CB Richard Ellis in London. She has most recently worked for two years at Atisreal (BNP Paribas Property) in Paris as a valuer in ...
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PropertyEU Archive
Doughty Hanson keeps powder dry
Doughty Hanson & Co Real Estate's acquisition in January of Old George Mall in Salisbury, UK for £60 mln (EUR 67 mln) should not been seen as it calling the bottom of the market, according to the seasoned fund manager.
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PropertyEU Archive
Swedish real estate returns fall to new low, SFI/IPD index shows
Total returns for Swedish property fell to -3.3% in 2008, a substantial drop from the 14.7% return achieved in 2007, according to the SFI/IPD Swedish Annual Property Index. Swedish property outperformed equities but lagged behind bonds, which returned -39.5% and 15.7% respectively.
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PropertyEU Archive
Hong Kong, Tokyo overtake London as the world's most expensive office locations
London has lost its status as the world's most expensive office location for the first time in nine years. According to the new Office Space Across the World 2009 report from global real estate advisor Cushman & Wakefield, Hong Kong and Tokyo are now the world's two most expensive locations ...
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PropertyEU Archive
MyZeil opens in Frankfurt
MyZeil shopping centre, which features more than 80 retail units on 77,000 m[sup]2[/sup] of space, has opened in Frankfurt, Germany. The mall is an integral part of Palais Quartier, the major mixed-use project being developed by Dutch companies MAB Development and Meyer Bergman.
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PropertyEU Archive
Hammerson gains on JPMorgan upgrade
Listed Anglo-French property group Hammerson advanced strongly on Wednesday as analysts at JPMorgan upgraded the company from neutral to overweight. Hammerson, the 4th largest UK real estate investment trust (REIT) was up 7.4% to 333.7 pence in afternoon trading after hitting a high of 344 pence.
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PropertyEU Archive
Sistema-Hals buys further 25% of Yalta project
Russian developer Sistema-Hals said on Friday that it has increased its stake in a mixed-use project in Yalta, Ukraine, from 75% to 100%. The project consists of about 2.4 hectares of land centrally located in Yalta and just 500 metres away from the beach. Sistema-Hals plans to build a multi-use ...
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PropertyEU Archive
Jelmoli closes EUR 40m acquisition of Tivona
Swiss property company Jelmoli said on Friday that it has closed the acquisition of the remaining 55.5% stake in Tivona AG for CHF 60 mln (EUR 40 mln) in cash and 80,000 Jelmoli shares. All closing conditions have been fulfilled and Tivona will be fully consolidated with immediate effect, the ...
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PropertyEU Archive
Gecina posts 9% increase in cash flow
French property group Gecina saw a 9.14% increase in its cash flow per share in 2008 and said it expects cash flow to rise by over 10% in 2009 as a result of 'an expected reduction in the average cost of debt and operating expenses, as well as an increase ...
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PropertyEU Archive
More rights issues ahead in the UK property sector
As companies seek to strengthen their capital position, a number of UK listed property groups have announced capital raisings over the past weeks but fears are growing in the market over shareholders' ability to support these initiatives. Liberty International, the largest shopping centre owner in the UK, announced at the ...
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PropertyEU Archive
BPT launches Nordic fund in 'ocean of opportunities'
Copenhagen-based Baltic Property Trust, the largest commercial real estate investor in the Baltic Sea region, has said its new Nordic fund will start acquiring assets in the ‘ocean of opportunities’ in Denmark, Finland, Norway and Sweden from June this year. The closed-end, unlisted BPT Nordic Opportunity fund will have a ...
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PropertyEU Archive
Carlyle completes refurbishment of Paris tower
US global private equity firm Carlyle Group has announced the completion of the refurbishment of the Tour 9 office building in Montreuil, Paris. The renovated tower is 26 storeys high, with an internal floor area of 35,000 m[sup]2[/sup]. It is located in the heart of the new downtown part of ...
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PropertyEU Archive
CEE hotel sector feels the pain, says CBRE
Hotel development pipeline across the CEE region remains robust, but tight lending conditions has resulted in some major projects being postponed, according to the latest CEE Hotel Market Overview issued by CB Richard Ellis Hotels. Developers are focusing on existing projects while the availability of finance remains scarce, CBRE ...
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PropertyEU Archive
Doughty Hanson developments will weather crisis
Doughty Hanson & Co Real Estate believes its focused development programme in Europe should be able to weather the current global economic crisis as the first project is not due for delivery until next year. The Via Imbonati project in Milan will comprise 32,000 m[sup]2[/sup] of office space and 276 ...
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PropertyEU Archive
ECE teams up with pension fund to develop Oldenburg scheme
German property developer and investor ECE said it is teaming up with a pension fund of British American Tobacco (BAT) to invest EUR 115 mln in the development of a retail scheme in Oldenburg, Germany. The project is being financed by Hamburg-based Sparka. The scheme will offer 12,500 m[sup]2[/sup] of ...
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PropertyEU Archive
Standard Life says outflows still negative but stable
Standard Life Investments, one of the UK fund managers which froze redemptions from its property funds in January, said the funds continue to register negative outflows but the situation seems to have stabilised over the past weeks. 'Outflows have eased but they are still negative,' Anne Breen, head of SLI's ...
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PropertyEU Archive
Immofinanz settles inter-company loan with EUR 1.5bn sale of Austrian unit
Austrian real estate group Immofinanz is selling its Austrian property arm, ImmoAustria Immobilien Anlagen, to its Central and Eastern European subsidiary, Immoeast, for EUR 1.46bn. The deal is primarily designed to repay the EUR 1.7 bn inter-company loan from Immoeast to the rest of the Immofinanz group.
