All Real Assets articles in Web Issue – Page 373
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PropertyEU Archive
Warner Estate sells Birmingham mall for £91m
Birmingham City Council has completed the purchase of the long lease of Pallasades shopping centre above New Street Station in the city. The municipality said the purchase of the Pallasades is 'a major milestone on the road to delivering the transformation of the £600 mln New Street Gateway ...
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PropertyEU Archive
SEB acquires Osborne Clarke's HQ in Bristol
SEB Asset Management has acquired the headquarters of international law firm Osborne Clarke in Bristol, UK, for £28 mln (EUR 30 mln) including transaction costs. The 8,130 m[sup]2[/sup] class A office building was purchased for one of SEB's open-ended special real estate funds and is located in Temple Quay, Bristol's ...
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PropertyEU Archive
Aedes' banks give go-ahead to Vi-Ba, Isoldi bid
Italy's troubled property company Aedes Immobiliare said that over three quarters (83%) of its creditor banks have given the green light to its new strategic plan for 2009-2013. Under the plan, the company plans to raise equity of EUR 150 mln through a capital increase which will be largely subscribed ...
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PropertyEU Archive
Henderson appoints new manager for Herald fund
Henderson Global Investors has appointed David Turner as the new manager of its EUR 900 mln Herald fund which invests in pan-European retail property. Turner was previously head of investment Europe at Protego Real Estate Investors where he was responsible for managing the Nordic Retail Fund, a closed-end fund focusing ...
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PropertyEU Archive
Rutley receives takeover bid approach
Knight Frank's private equity unit Rutley Capital Partners has received a takeover offer for its listed fund, Rutley European Property. In a statement on Monday, the company's board announced that it has received approaches from third parties which 'may or may not lead to an offer being made for the ...
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PropertyEU Archive
Lebanese firm buys in London's West End
Lebanese property investment company M1 Group has acquired the freehold of Times Place at 45 Pall Mall in London's West End from Legal & General. Located in St James's, Times Place covers a total area of 60,000 sq ft (5,500 m2) and was completed as a new development by City ...
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PropertyEU Archive
Plaza Centers sees profits plunge, scraps dividend
CEE developer Plaza Centers saw its profits drop by 70% in 2008 from EUR 227 mln in 2007 to EUR 68 mln in 2008. Net Asset Value was down by 35% to EUR 0.7 bn at end-2008 from EUR 1.06 bn in 2007. The company said that its board has ...
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PropertyEU Archive
Townsend hires former C&W partner to head new European office
US asset manager the Townsend Group has announced the opening of its European office in London. Townsend currently provides real estate, real asset and infrastructure advisory and investment services for institutional clients in North America, Asia and Europe. The allocations that Townsend advises on total more than $100 bn.
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PropertyEU Archive
ULI unveils 11 finalists for European Awards for Excellence
The Urban Land Institute (ULI) said it has selected 11 developments as finalists in its Awards for Excellence competition for the EMEA region. The 2009 finalists were selected from 39 entries from 17 countries. The winners of the competition will be announced on 27 May at ULI's Trends Conference in ...
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PropertyEU Archive
Union Investment buys Italian shopping centre for EUR 143m
Hamburg-based Union Investment Real Estate has acquired the Monza shopping centre in Northern Italy for its UniImmo: Deutschland open-ended real estate fund. The investor purchased the property from ImmobiliarEuropea for around EUR 143 mln. CB Richard Ellis advised the vendor while Jones Lang La Salle acted for the buyer.
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PropertyEU Archive
Babis Vovos posts EUR 172m loss, scraps dividend
Greek property developer Babis Vovos swung to a pre-tax loss of EUR 172 mln in 2008 from a profit of EUR 12 mln a year following a EUR 83.4 mln depreciation of its investment portfolio. Net Asset Value per share plunged by 26.6 % in 2008 to EUR14.66.
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PropertyEU Archive
Russian billionaire buys 25% stake in Pik
Nafta Moskva, the Russian oil and bank group controlled by billionaire Suleiman Kerimov, has acquired a 25% stake in Russian property developer Pik Group. In a statement on Wednesday, the company said the stake was sold by its main shareholders, Chief Executive, Kirill Pisarev and Chairman Yury Zhukov. There will ...
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PropertyEU Archive
Lenders target prime assets with established borrowers
Some 59% of Europe's largest banks are effectively closed to new business and are not lending against commercial real estate, a survey by Cushman & Wakefield has found. However, there is appetite from the remainder for lending against well let prime assets with established borrowers, the adviser added.
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PropertyEU Archive
MPC's Usce shopping centre opens its doors in Belgrade
MPC Properties, a joint venture of MPC Holding and Merrill Lynch Global Real Estate Principal Investments, said on Wednesday that its Usce shopping centre opened its doors in Belgrade, Serbia, this week. The centre is the largest shopping gallery in the region of Belgrade, with a total built area of ...
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PropertyEU Archive
Colonial fails to find investors for Riofisa
Spanish property company Colonial said it is rethinking the sale of its shopping centre development unit Riofisa in light of the 'difficult situation in the real estate and financing markets.' In a statement to the Spanish stock market regulator this week, the company said that it will look for alternative ...
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PropertyEU Archive
Perial launches first OPCI vehicle
French asset manager Perial said on Wednesday that it has obtained the green light from the financial market authority AMF for the launch of its first OPCI vehicle, Majestal I. The new investment vehicle will have a core plus-value added strategy and will have a life term of 12 years. ...
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PropertyEU Archive
Mirax gets green light for London tower
Russian property developer Mirax said its skyscraper project for London has received final approval from the Public Committee. Earlier, the project, located on the bank of the Thames, was approved by the Department for Communities and local government.
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PropertyEU Archive
RICS set to raise global valuation standards
The Royal Institute of Chartered Surveyors (RICS) has set in motion a global consultation on its proposal to develop an enhanced regulatory framework for valuation that will raise professional standards, improve confidence for clients and help secure the accurate valuations that underpin most economic activity (1 April 2009).
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PropertyEU Archive
Habitat reports EUR1bn loss in 2008
Habitat, the Spanish property developer which filed for administration last December, posted a loss of EUR 1 bn in 2008 and unveiled EUR 2.8 bn of corporate debt this week with a total of 1,600 creditors. CEO Bruno Figueras told Spanish newspaper Cinco Dias that the company was working 'to ...
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PropertyEU Archive
WDP to issue EUR 21m in shares to buy 3 DHL sites
Shareholders of closed-end real-estate investment company WDP have approved a proposal for the company to acquire three logistics sites from international courier DHL. The sites located in the axis between Breda in the Netherlands and Brussels have a total construction potential of 85,000 m[sup]2[/sup].
