All Real Assets articles in Web Issue – Page 377
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PropertyEU Archive
Grainger's fund in £32m asset sale
UK property company Grainger said its 21.6%-owned and managed fund G:res is negotiating the sale of £32 mln (EUR 37 mln) of assets as it struggles to meet loan to value covenants. The company added that it is to revise certain elements of the fund's business plan to increase the ...
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PropertyEU Archive
GPT Halverton appoints new senior fund manager
GPT Halverton, a pan-European fund and asset management business, has appointed David King to the new role of senior fund director. The firm said the appointment continued GPT Halverton's strategy of establishing a 'best-in-class' pan-European real estate investment management platform.
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PropertyEU Archive
German government in bid to buy Hypo Real Estate
The German Federal government is finally moving to fully nationalise struggling German real estate financier Hypo Real Estate. Soffin, the German bank stabilisation fund, confirmed on Thursday that it is making a voluntary public takeover offer for HRE at a price of EUR 1.39 per share.
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PropertyEU Archive
ING restructures real estate business
ING Real Estate Investment Management is to be placed under a new global investment management organisation which Dutch financial giant ING is creating as part of a major restructuring of the entire group.
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PropertyEU Archive
Icade in exclusive talks to sell management business
French property company Icade said it has entered into 'exclusive negotiations' with Procivis Immobilier regarding the sale of its property management arm, Icade Administrations de Biens. In a statement on Thursday, Icade said the decision comes after weeks of discussions with different candidates regarding the disposal.
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PropertyEU Archive
Multi chosen to develop Ijmuiden city centre
Multi Vastgoed, the Dutch subsidiary of Multi Corporation, was chosen by the municipality of Velsen, in competition with three other developers, to develop the inner-city of IJmuiden in the Netherlands. In May the company will consult the city council about the project. Multi's plan offers the opportunity to significantly accelerate ...
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PropertyEU Archive
Pirelli RE chief Puri Negri steps down
Pirelli RE announced on Thursday that Carlo A. Puri Negri is leaving the company after being in charge of the Milan-based company for almost 20 years. Giulio Malfatto is joining the group as new Managing Director, the group added. Malfatto is returning to the group having worked in Pirelli RE ...
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PropertyEU Archive
Fitch, Moody's mull further rating cuts on European CMBS
Fitch Ratings echoed peer credit rating agency Moody's on Thursday to warn of a risk of further deterioration in the market for commercial real estate-backed debt, the Financial Times reported. Fitch Ratings said that deteriorating loan credit quality is creating downward pressure on ratings and highlighted uncertainty over whether loans ...
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PropertyEU Archive
Swiss property insulated from credit crunch woes: IPD
Switzerland has become Europe's first real estate market to produce positive capital growth for 2008, at 1.2%, according to the IPD Switzerland Annual Property Index. Switzerland has also produced the Continent's highest nominal total returns for 2008, at 6.1%, a full percentage point down on 2007 but surpassing the 5.9% ...
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PropertyEU Archive
Equity Estate leases 12,000 m[sup]2[/sup] in Willebroek logistics centre
Equity Estate has announced the leasing of 12,373 m[sup]2[/sup] of space within the Willebroek logistics centre Tri-Access, owned by its Sharia compliant fund Queristics Investment. The company said it has reached an agreement with the Belgian service provider Forlog for the leasing of the last available unit as from 1 ...
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PropertyEU Archive
Credit expected to return to the UK market in Q2 - BoE
The UK government's efforts to kick-start the economy are starting to have some effect, with UK lenders expecting to have more credit available for households and businesses in the second quarter of this year, a new survey has shown.
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PropertyEU Archive
BNP Paribas REIM sells office asset in Milan for EUR 23m
BNP Paribas REIM's Portfolio Immobiliare Crescita fund in liquidation has clinched its first sale with the disposal of an office building near Milan to the Mediolanum Real Estate fund for around EUR 23 mln. The transaction price is 8.37% higher than the property's value at end-December 2008, the company said.
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PropertyEU Archive
Henderson Group completes acquisition of New Star
Henderson Group, the parent company of Henderson Global Investors, has completed the acquisition of New Star Asset Management Group. Mark Skinner, previously director of retail fund sales and marketing at New Star, will lead the UK retail business at Henderson.
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PropertyEU Archive
HSBC mulls selling Canary Wharf HQ again
HSBC is examining the possibility of re-selling its head office in London's Canary Wharf just months after buying the property back at a hefty discount to unravel what had been the largest single-asset real estate transaction in UK history.
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PropertyEU Archive
Colonia Real Estate agrees capital increase
Colonia Real Estate has raised EUR3.6 mln from a new capital increase without subscription rights for shareholders. The revenues will be used to optimise existing financing and to strengthen equity, the company said in a press release.
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PropertyEU Archive
AXA REIM creates new transactions department in France
AXA REIM has decided to bring together its activities on the French property market under a new transactions department with the aim to increase flexibility and adapt the business to the new market environment.
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PropertyEU Archive
Beni Stabili launches redevelopment of Milan towers
Italy's Beni Stabili has started the redevelopment of the two Garibaldi tower projects in Milan, which the company bought in 2004 from the public railway group Ferrovie dello Stato for EUR 113 mln. The Milan-based developer and investor, which is controlled by France's Fonciere des Regions, will invest up to ...
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PropertyEU Archive
Vinci names new management boss
French property and construction group Vinci has appointed Harve Reminiac as new Chief Executive of its Vinci Gestion and CDB Gestion property management unit. Reminiac, aged 41, was formerly the CEO of Nexity Saggel Property Management.
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PropertyEU Archive
Norwegian oil fund puts brakes on spending plans
Norway's ministry of finance has signalled its intention to delay its real estate investment plans as global market conditions continue to deteriorate.
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PropertyEU Archive
Eurocastle refinances corporate loan facility
Frankfurt and Amsterdam-listed Eurocastle Investment has refinanced its EUR 175 mln corporate loan facility which is now to mature in its entirity by 30 June 2011. The company said that the interest rate on the loan has increased from 2% to 8% over three-month Euribor and financial covenants have been ...
