All Real Assets articles in Web Issue – Page 370
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PropertyEU Archive
Siemens sells residential portfolio
Siemens has sold a residential real estate portfolio to a consortium comprising of Bonn-based Wohnbau, the GBW Gruppe and Volkswohnung. The parties agreed not to reveal the purchase price.
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PropertyEU Archive
'Struggling' Immoeast posts EUR 1bn depreciation in nine months
Vienna-based Immoeast has reported depreciations of more than EUR 1 bn for the first three quarters of its 2008/09 business year. The developer of real estate in Central and Eastern Europe (CEE) said that it had continued to struggle with the extremely difficult market environment from 1 November 2008 to ...
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PropertyEU Archive
Vincent Tchenguiz to buy in the City for £200m - report
Vincent Tchenguiz is under offer to buy the Standard Chartered building on Basinghall Avenue in the City of London for £200 mln, the Financial Times has reported. The property entrepreneur is set to return to the mainstream commercial property market for the first time since the crash in 2007 with ...
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PropertyEU Archive
Risanamento's EUR 475m deal falls through
Risanamento, the Milan-based real estate developer, said it is no longer in talks with Dubai's sovereign wealth fund Limitless for the sale of its vast Falck redevelopment in Milan's Sesto San Giovanni district. The company added that there are 'no longer negotiations for the sale of the asset at present'. ...
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PropertyEU Archive
R.G.I. reports 67% drop in value of development portfolio
R.G.I. International, the AIM-listed developer of high-end properties in the Moscow region, saw a 67% decrease in the market value of its portfolio in the last nine months. Citing poor macroeconomic conditions and underlying market forces affecting Russian real estate, the developer said the total market value of its development ...
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PropertyEU Archive
Atrium books EUR 924m pre-tax loss
Atrium European Real Estate, the Central and Eastern European shopping centre specialist, has announced a pre-tax loss of EUR 924 mln for the year to end-December 2008. This amounts to a loss per share of EUR 3.954. The losses consisted of EUR 276 mln in termination costs to the previous ...
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PropertyEU Archive
Gazeley's Park achieves first ever BREEAM Outstanding
Gazeley's 35,500 m[sup]2[/sup] G.Park Blue Planet in Chatterley Valley, Staffordshire is the first ever building to achieve a BREEAM Outstanding rating by scoring exemplary credits in four areas of BREEAM and achieving an exceptional standard of sustainability as a carbon positive development. In a statement on Tuesday, Gazeley said the ...
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PropertyEU Archive
Brennan appointed new CEO of Gagfah
William Brennan is to succeed Burkhard Drescher as CEO of Gagfah on 1 August 2009. The listed German residential property group said Brennan has been appointed Deputy CEO of Gagfah's operating subsidiaries until he takes over as CEO.
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PropertyEU Archive
Delek Global to be taken private
Delek Global Real Estate, the AIM-listed developer, is to be taken private by its parent company, Delek Belron International (DBI). In a statement on Tuesday, the board of directors of DBI announced the terms of a proposal to acquire the remaining 15% stake it did not own in DGRE for ...
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PropertyEU Archive
ICSC steps up EU lobbying to help industry recover
The International Council of Shopping Centers (ICSC) is stepping up its lobbying work within the European Commission to highlight the economic importance of the shopping centre industry and the pioneering work that many of the sector’s leading companies are doing in developing energy-efficient centres to reduce costs and cut carbon ...
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PropertyEU Archive
Reita finds 'signs of life' in UK property market
Half of the UK real estate experts questioned did not detect any deterioration in investor sentiment in the past three months, according to a new survey published by Reita, the property investment and REITs group. The previous Property Investment Perspective (PIP) in November 2008 revealed that more than 80% said ...
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PropertyEU Archive
NAI apollo arranges 30,000 m[sup]2[/sup] letting
NAI apollo Frankfurt has concluded the letting of 30,000 m[sup]2[/sup] of logistics space to the XXXLutz-Group in Lozorno near Bratislava, Slovakia. The storage and office spaces in the recently built logistics building serve as a distribution centre of the XXXLutz-Group for Möbelix Austria, Hungary, Slovakia and the Czech Republic. The ...
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PropertyEU Archive
AMB Property leases 11,400 m[sup]2[/sup] of space near Paris
AMB Property France, an affiliate of New York-listed AMB Property Corporation, has announced the leasing of 11,400 m[sup]2[/sup] of logistics space to a French third-party logistics provider at the AMB Orléans Distribution Center. The fully leased facility is located in the POLE 45 logistics park.
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PropertyEU Archive
Conwert spends EUR 113m to expand holdings in Austria and Germany
Conwert Immobilien has carried out several transactions with a total investment volume of EUR 113 mln to expand its position in Austria and Germany.
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PropertyEU Archive
BNP Paribas Real Estate posts EUR 138m profit in 2008
BNP Paribas Real Estate has reported a profit of EUR 138 mln, down by 27% on 2007's record profit of EUR 188 mln but slightly higher than 2006's figure of EUR 132 mln. The company said 'its model has resisted the difficult market conditions' thanks to its multi-expertise structure, its ...
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PropertyEU Archive
London hotel profit down 17% as corporate guests stay away
The profitability of London chain hotels fell by 16.9% in February, according to the latest HotStats survey by TRI Hospitality Consulting. London hotels generated daily profit - expressed as income before fixed charges (IBFC) - of £47.75 per available room compared to £57.46 the same month a year earlier.
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PropertyEU Archive
AMB fixes price for 33 million stock offering
AMB, the New York-listed industrial property specialist, has fixed the price for its registered offering of 33 million shares at $12.50 per share. Merrill Lynch & Co, J.P.Morgan and Morgan Stanley will act as joint bookrunners for the proposed offering.
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PropertyEU Archive
Land Secs gets 95% sign-up for rights issue
Land Securities Group has announced that it has received valid acceptances for 275 million new ordinary shares, representing about 94.8% of the total number of new shares on offer in the 5-for-8 rights issue launched in February. The operation was designed to raise about EUR 860 mln.
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PropertyEU Archive
Two-tier industrial and logistics market emerges across Europe
Demand patterns for industrial and logistics property are increasingly being driven by the need for occupiers to cut operating costs and increase building efficiencies, according to a new market report by CB Richard Ellis. Against a backdrop of weakening demand for their products and services, occupiers are rationalising their use ...
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PropertyEU Archive
CBRE amends terms of corporate debt
CB Richard Ellis Group has sealed a refinancing of its credit facilities which will give it 'increased financial flexibility to navigate through a weaker market environment.' The amendment allows for a higher maximum leverage ratio, a lower minimum interest coverage ratio, and modifications to the calculation of EBITDA for financial ...
