All Real Assets articles in Web Issue – Page 369
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PropertyEU Archive
Mirland plunges in the red, slashes dividend
Mirland Development swung to a loss of $104 mln (EUR 76 mln) in 2008 from a profit of $70 mln a year earlier, mainly due to currency devaluation and a negative fair value adjustment to its property portfolio. The Russian property developer said Net Asset Value fell 60% in 2008 ...
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PropertyEU Archive
Prologis Europe leases 63,000 m[sup]2[/sup] in France
Prologis European Properties, Europe's largest owner of modern warehouse distribution facilities, announced on Monday that it has renewed three leases in France, covering a total of 62,900 m[sup]2[/sup].
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PropertyEU Archive
Deka acquires office asset in Cologne for EUR 18m
Deka Immobilien has acquired the 'Kontor 19' office and commercial building in Cologne for EUR 18 mln. The 5,400-m[sup]2[/sup] asset is being contributed to Deka's WestInvest ImmoValue fund.
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PropertyEU Archive
Amsterdam seeks EUR 200m savings in construction programme
Amsterdam's local authority plans to shelve or postpone a large number of construction projects in the Dutch capital due to the credit crisis, according to city alderman Maarten van Poelgeest. Speaking at a recent city council meeting, Van Poelgeest - who is in charge of planning policy in Amsterdam - ...
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PropertyEU Archive
Euro Ejendomme to target EUR 300m on German care homes
Danish property investor Euro Ejendomme is launching a new German care home fund for Scandinavian institutional investors. The Care Fund will have an investment volume of EUR 300 mln and will seek to acquire both developments and existing care home properties in Germany. The fund is seeking assets with at ...
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PropertyEU Archive
Chagala acquires partner's share in mall venture
Chagala Group, the London-listed Kazakh real estate developer-owner, has acquired its partner's 49.9% share in the Chagala Zere Malls venture. Chagala said the partner, Zere Limited, a real estate developer in the provincial cities of Kazakhstan, had been affected by the economic downturn and was unable to continue supporting the ...
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PropertyEU Archive
Wakefield Trinity Walk development in administration
KPMG has been appointed as administrator of the stalled Trinity Walk shopping centre development in the UK city of Wakefield. The EUR 223 mln development is a joint venture between Manchester-based developer Modus Properties and CIREF, a Jersey registered closed-ended property investment and development company, KPMG said. Shepherd Construction is ...
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PropertyEU Archive
AEW's Episo fund shops in London
AEW Europe's EUR 800 mln Episo fund has made its fifth investment with the acquisition of an office property in the City of London for £67 mln (EUR 71.6 mln). The long leasehold interest in City Place House, a core City of London building, was purchased from Prupim for a ...
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PropertyEU Archive
BayernLB appoints insider as new property chief
Edgar Zoller has been appointed to the management board of German bank BayernLB, assuming responsibility for its property business. Zoller, 52, will take up his new post on 1 May, replacing Rudolf Hanisch who retires on that date.
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PropertyEU Archive
LaSalle appoints new head of portfolio management for Northern Europe
LaSalle Investment Management has appointed Insa von Jürgensonn as a Regional Director and Head of Portfolio Management Northern Europe, effective from 1 March 2009. Based in LaSalle's Munich office, Von Jürgensonn reports into Simon Marrison, co-head of Europe, and will be responsible for managing all assets in Northern Europe as ...
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PropertyEU Archive
Hammerson gets overwhelming backing for rights issue
Hammerson has received overwhelming backing from its investors for a 7-for-5 rights issue. Back in February, the company became the first major real estate investment trust in the UK to embark on a heavily discounted rights issue to reduce debt and strengthen its balance sheet.
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PropertyEU Archive
Plaza buys further stake in Hungarian project
Leading emerging markets property developer Plaza Centers, in partnership with Hungarian commercial bank MKB Bank, has acquired a further 27% stake in its Dream Island project in Budapest, Hungary, from CP Holdings, a company controlled by Bernard Schreier. Plaza and its 50/50 joint venture partner MKB Bank, a subsidiary of ...
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PropertyEU Archive
Commerz Real opens Malmo Entre shopping centre
German real estate investment group Commerz Real has announced the opening of the 40,000 m[sup]2[/sup] Malmo Entre shopping centre in the southern Swedish city of Malmo.
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PropertyEU Archive
Cordea Savills names new CFO
Cordea Savills has announced the appointment of Peter Johnson as the group's Chief Financial Officer. He will have overall responsibility for group and fund finance, and operations.
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PropertyEU Archive
UK group champions tax-efficient PAIF regime
The Association of Real Estate Funds (AREF) has called on the UK government to remove barriers preventing widespread adoption of the Property Authorised Investment Funds (PAIF) regime.
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PropertyEU Archive
DTZ issues warning of 'significantly greater losses'
DTZ has warned that its losses for the year to end-April 2009 will be 'significantly greater' than previously anticipated. The profit warning comes as the property adviser struggles to re-orientate its business and revenues in light of the market downturn.
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PropertyEU Archive
Nationalisation 'only option' for Hypo Real Estate
The nationalisation of Hypo Real Estate, Germany's second largest property financier, is the 'only option', according to Timo Tschammler, managing director of International Investment at global real estate adviser DTZ.
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PropertyEU Archive
Orion eyes opportunities in Spain, opens Madrid office
Orion Capital Managers has opened an office in Spain to take advantage of attractive real estate investment opportunities. In a statement on Monday, the company said it has appointed Roberto Roca as Investment Director to run the office, which will be located in Madrid. Orion will be transferring staff from ...
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PropertyEU Archive
Warburg - Henderson sells in Hamburg
Warburg - Henderson, the Hamburg-based joint venture of MM Warburg Bank and Henderson Global Investors, has sold an office property in Hamburg's city centre for EUR 10 mln. The property, leased to Framode and Pimkie, was owed by Warburg - Henderson European Core Property Fund No. 1, which acquired it ...
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PropertyEU Archive
Sedes Holding A.S invests in prime Istanbul office space (TR)
Turkish real estate investor Sedes Holding has acquired five office floors in Yapi Kredi Plaza, located in Istanbul's central business district for EUR 10.5 mln. The transaction volume represents a yield of 7.75%. Sedes purchased the 4,800 m[sup]2[/sup] of office space from Yapi Kredi Koray REIT in Yapi Kredi Plaza ...
