All Real Assets articles in Web Issue – Page 385
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PropertyEU Archive
IMW in talks to sell EUR 230m of assets
Berlin-based IMW Immobilien said it is negotiating the sale of a EUR 230 mln portfolio after it unveiled a loss of EUR 160-170 mln in the year running to end-March 2009. The loss compares to a profit of EUR 32 mln a year before. The company said it is negotiating ...
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PropertyEU Archive
Bouygues starts development of Orange Porte Sud mall
French property group Bouygues Immobilier has started the development of the Orange Porte Sud shopping centre located in the new Porte Sud district in Orange, Southern France. Designed by architects Outsign, the scheme will consist of four parts providing a total of 32,000 m[sup]2[/sup] of retail space and 1,200 parking ...
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PropertyEU Archive
Eurocastle to raise more capital in EUR 1.6 bn debt reshuffle
Eurocastle Investment has said it intends to go to the markets to raise additional capital 'in the near term' to pay down its corporate debt. The Frankfurt and Amsterdam-listed closed-end investment company said it has already received a conditional pledge from an existing shareholder to take up EUR 15.5 mln ...
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PropertyEU Archive
GPR 250 Europe index posts first positive monthly return of 2009
The GPR 250 Europe index ended 22% higher in April 2009, the first positive monthly result of 2009. All countries in the index posted positive returns.
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PropertyEU Archive
LHI Leasing fund buys in Stuttgart for EUR 69m
German investor LHI Leasing has set up a new closed-end real estate fund to acquire the BMW dealership providing some 35,000 m[sup]2[/sup] of space in Stuttgart-Vaihingen. The investment volume of EUR 69 mln consists of EUR 57 mln provided by a number of investors in the fund and a further ...
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PropertyEU Archive
Land Securities completes £83m of retail asset sales
UK property group Land Securities has completed the sale of £83 mln (EUR 93 mln) worth of retail assets from its shopping centre and retail warehouse portfolios during the last two months. The sale of the portfolio generated an average initial yield of 7.55% and all properties were sold individually ...
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PropertyEU Archive
EU Directive on Alternative Investment Fund Managers misguided: PwC
The publication of the EU's proposed Directive on Alternative Investment Fund Managers, as it stands, could risk forcing the alternative asset management industry into radical restructuring due to an overreaching proposal to govern unregulated funds, PricewaterhouseCoopers has warned.
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PropertyEU Archive
Icade in exclusive talks to sell facility management business
French property group Icade said it has decided to engage in 'exclusive negotiations' with Groupe TFN in relation to the sale of Icade Eurogem, its facility management business. The decision follows a broad consultation open to all the sector's players, the company added.
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PropertyEU Archive
IGD Siiq opens new mall in Catania
Italy's IGD Siiq said on Monday that its Katanè shopping centre will open its doors on Tuesday in the Sicilian city of Gravina, near Catania. The mall, with a total of 15,000 m2, houses 70 stores and six larger shops and an 8,000 m[sup]2[/sup] hypermarket owned by Ipercoop Sicilia. IGD ...
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PropertyEU Archive
Pace of decline in Irish property market slowing - IPD
Total returns for the SCS/IPD Irish Quarterly Property Index were -9.3% in the first quarter of the year, compared with -16.8% in the last quarter of 2008. The return for the year to March 2009 stands at -39.1%. Capital growth was -10.9% in the first three months of 2009, less ...
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PropertyEU Archive
Falling occupancy hits Dublin office rents
Prime headline office rents in the Irish capital have dropped by more than 15% in the last 12 months due to declining demand, according to CBRE Ireland's bi-monthly research report.
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PropertyEU Archive
Ratisbona sells two hypermarkets in Portugal
German property developer Ratisbona has sold two hypermarkets in Portugal for an undisclosed amount. The transaction, brokered by Jones Lang LaSalle Portugal, is one of the first property investment deals so far this year in the country. The assets, which are leased to the Grupo Jerónimo Martins under the Pingo ...
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PropertyEU Archive
Dresdner Bank leases 72,000 m[sup]2[/sup] of office to Deutsche Bahn
International property services firm Atisreal has advised Dresdner Bank in the leasing of a 72,000 m[sup]2[/sup] office portfolio to railway group Deutsche Bahn in one of Germany's biggest leasing deals in the past 20 years.
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PropertyEU Archive
Hypo Real Estate posts EUR 382m net loss in Q1 2009
Hypo Real Estate has reported a net loss after tax of EUR 382 mln for the first quarter of 2009. The struggling German property financier attributed the swing to a pre-tax loss of EUR 406 from a pre-tax profit of EUR 190 mln in the year-earlier period to the crisis ...
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PropertyEU Archive
Parcolog Invest buys 13,300 m[sup]2[/sup] of logistics space
French OPCI Parcolog Invest, part of the Italian insurance group Generali, has acquired from developer Faubourg Promotion, part of the Idec group, a newly developed logistics platform with an area of some 13,300 m[sup]2[/sup]. The asset, located in Mans, Allonnes, is leased with a six-year rental contract to Mutual Logistics, ...
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PropertyEU Archive
DTZ appointed to market sale of Estonian hotel
Alvarelli Invest has appointed DTZ hospitality group to arrange the sale of the Grand Rose Spa Hotel in Kuressaare, Estonia. The Grand Rose Spa Hotel opened in 2007 after significant renovation of an historic hotel dating from 1902. Completed to high standards, the hotel consists of two seamlessly joined buildings ...
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PropertyEU Archive
Prologis closes refinancing for California fund
US-based logistics company6 Prologis announced this week that it has closed on a $137.5 mln (EUR 102 mln), five-year, secured financing with a major life insurance company on behalf of its Prologis California Fund. The financing has a loan-to-value of approximately 50% with 21 industrial properties located in the ...
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PropertyEU Archive
Conwert to forego dividend payout
Vienna-based Conwert Immobilien is proposing forfeiting dividend payouts over 2008 in a bid to bolster its financial situation. Management cited 'growing insecurity regarding the further economic development' in its explanation.
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PropertyEU Archive
Hungarian investor turns to Dutch office market
Hungarian property tycoon Gábor Várszegin has unveiled plans to invest EUR 100 mln this year in the purchase of office properties in the Netherlands. The investor, which operates through Budapest-listed property firm, Fotex, aims to take advantage of opportunities in the Dutch property market following recent corrections.
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PropertyEU Archive
King Sturge German index sees mixed signals
The monthly King Sturge Real Estate Climate Index for Germany dropped from 52.9 points in March to 51.4 points after pushing upward from its historic low-point in December 2008 during the three opening months of this year. By contrast, the Real Estate Economic Situation rose for the first time since ...
