All Real Assets articles in Web Issue – Page 383
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PropertyEU Archive
Henderson sells Kew Retail Park for £31m
UK Commercial Property Trust, managed by Ignis Asset Management, has purchased the 6,000 m[sup]2[/sup] Kew Retail Park outside London from Henderson UK Retail Warehouse Fund for £31 mln (EUR 35 mln) representing a net initial yield of 6.89%. The scheme houses retailers such as Mothercare, TK Maxx, Gap, Next and ...
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PropertyEU Archive
Sponda signs new EUR 82m credit facility with Helaba
Finnish property company Sponda said on Monday that it has signed a new EUR 82 mln credit facility with German lender Helaba. The five-year credit facility will enable Sponda to refinance its bonds that mature in 2010. For Helaba, this facility further underlines its commitment to the Nordic markets. The ...
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PropertyEU Archive
Fashion retailers also hit by downturn
Fashion retailers are feeling the cold winds of the current downturn, according to Frederic Fontaine, CEO of Corio France. 'Fashion retailers will be looking to reduce their spaces,' he said, adding that he expected the difficulties to continue through 2009 and 2010. 'We will see more adjustments to the ...
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PropertyEU Archive
Foruminvest to develop inner city shopping centre in France
Foruminvest said on Monday that it has reached an agreement with the city of Beauvais, France, for the development of the Jeu de Paume inner city shopping centre located north of Paris. The agreement, which follows 'an intensive period of preparation', will see the Dutch property company build the city's ...
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PropertyEU Archive
Yields convergence points to deeper downturn, says Savills
Prime Central Business Disitrct office yields have already exceeded levels at the bottom of the previous investment cycle in 2003, and currently stand at 50 basis points higher in London (West End), Paris and Madrid, with Dublin at 150 basis points higher, according to new research issued by Savills on ...
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PropertyEU Archive
Deka shops in Maastricht
German fund Deka Immobilien has acquired an office complex in Maastricht, the Netherlands, for a total of EUR 21 mln, reflecting a yiled of 6.85%. The property, which consists of three office buildings, was sold by a private investor and consists of 9,050 m[sup]2[/sup] of office space, 970 m[sup]2[/sup] of ...
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PropertyEU Archive
European retail industry headed for U-shaped downturn
The European economy is headed for a U-shaped downturn, according to Prof. Norbert Walter, chief economist at Deutsche Bank and one of the keynote speakers at last week's annual conference of the International Council of Shopping Centers in Barcelona. 'US stocks have booked a recovery these past few weeks and ...
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PropertyEU Archive
Europe leads office rent repricing, says Knight Frank
Global prime office rents fell by an average of 4.25% in 2008, according to Knight Frank's Global Real Estate Markets Review and Outlook 2009. Knight Frank noted the strongest declines were in Europe, where rents fell by 12% on average and two-thirds of the continent's major office markets experienced negative ...
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PropertyEU Archive
Kempen & Co renews 10,000 m[sup]2[/sup] lease in Amsterdam's WTC
Kempen & Co, advised by DTZ Zadelhoff, has renewed its commitment to the E-Tower of Amsterdam's World Trade Centre. The merchant bank occupies 10,676 m[sup]2[/sup] of space since January 2002 with a staff of 400.
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PropertyEU Archive
Liberty seeks £600m cash injection
UK listed property company Liberty International has unveiled plans to raise gross proceeds of up to £600 mln (EUR673 mln) through the placement of new shares. The proceeds of the capital hike will be used to reduce net debt, increase the group’s available cash and undrawn committed financing facilities, improve ...
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PropertyEU Archive
XXI Century appoints new CEO
Ukraine's XXI Century Investments has appointed Zhora Tsagareishvili to the position of new Chief Executive Officer effective from 24 April 2009. Tsagareishvili, 34, has been working with XXI Century group for over six years and has been director of the real estate investment and development department of the company's Ukrainian ...
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PropertyEU Archive
MWB extends bank facilities
MWB Group Holdings), the hotels, serviced offices and retail group, has announces that Bank of Scotland and Royal Bank of Scotland have extended its banking facilities, totalling approximately £348 mln (EUR 390 mln) from their current term of 31 December 2009 to 31 December 2011.
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PropertyEU Archive
No forced office sales in Belgium this year: Savills
Office yields in Brussels may move out in the coming year, but the market is unlikely to see many signs of forced selling given that it less highly leveraged than London, property adviser Savills warns in a new report. The high level of yields being seen in London will also ...
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PropertyEU Archive
European pooled funds suffer both market and leverage woes, says IPD
The unprecedented 100 percentage--point spread of performance within the European unlisted real estate property fund market in 2008 reflected the geography of investment returns, the impacts of leverage, and a further penalty for some investors of adverse currency movements, research based on the new IPD European fund indices reveals.
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PropertyEU Archive
Property firms' thirst for cash spreads to Continent
A number of leading Continental European listed companies announced bond or share issues last week in efforts to raise new equity from investors. Altogether, the initiatives are expected to raise well over EUR 1 bn.
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PropertyEU Archive
ING sells CBS office to KBC
ING has sold the Double U office property located on the Henri Faasdreef in the Hague to the Belgian Bank/Insurer KBC. According to PropertyNL, PropertyEU's sister Dutch publication, the property was sold for around EUR 65 mln. The 30,000 m[sup]2[/sup] development was completed in 2008 and is leased to Centraal ...
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PropertyEU Archive
TCN names new CFO
Dutch real estate developer TCN said on Tuesday it has appointed Eugen Kool as its new Chief Financial Officer with effect from July 1, 2009. Kool (45) will join current board members Rudy Stroink, Arnoud van Raak and Tom Weghorst in the management of the company. He will replace Wito ...
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PropertyEU Archive
Dexus pulls out of Europe
Dexus Property Group has unveiled plans to sell off its entire A$325 mln (EUR 248 mln) European portfolio as it struggles to meet debt payments.The Australian group has appointed DTZ to sell its French property portfolio while a selling agent for its German property portfolio is to be appointed soon.
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PropertyEU Archive
Russian tycoon to return stake in Strabag
Embattled Russian billionaire Oleg Deripaska will return his 25% stake in Austria’s Strabag construction company to its shareholders, Deripaska’s Basic Element holding company told the Moscow Times on Monday. One of the biggest Russian casualties of the global economic crisis, Deripaska is estimated to have lost $25 bn (EUR19.12 bn) ...
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PropertyEU Archive
JLL unveils $61m loss in Q1
Jones Lang LaSalle has unveiled a first-quarter net loss of $61 mln or $1.78 per share, mostly due to expenses relating to its 2008 acquisition of Dallas-based The Staubach Co. and the German retail real estate services firm Kemper's. This compares to a profit of $2.8 mln for the year-earlier ...
