All Real Assets articles in Web Issue – Page 391
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PropertyEU Archive
Corio sees direct result drop 4.6% in Q1
Amsterdam-listed retail specialist Corio reported that its direct result fell 4.6% year-on-year in the first quarter to EUR 49.7 mln. The decline primarily reflected the sale of the Dutch offices and industrial portfolio effected 30 September 2008. Net rental income rose 12.2% to EUR 82,8 mln compared with the year-earlier ...
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PropertyEU Archive
C&W's loss widens in Q1
Cushman & Wakefield reported a loss of EUR 47.3 mln in the first quarter of 2009, according to a statement issued by Exor, the holding company of the Italian Agnelli family which owns 72% of the London-based firm. The figure compares to a loss of EUR 24.1 mln in ...
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PropertyEU Archive
Orco sees net losses widen in Q1
Orco Property Group reported that net losses widened to EUR 45.7 mln in the first quarter, reflecting interest charges of EUR 21.5 mln. and non-cash currency losses of EUR 17.9 mln. In the year-earlier period, the group booked losses of EUR 12.8 mln.
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PropertyEU Archive
Colonial sells Principe Pio mall to Corio for EUR 125m - report
Dutch property company Corio is on the verge of acquiring the Principe Pio shopping centre in Madrid for some EUR 125 mln, Spanish newspaper Expansion reported. According to the paper, the deal is expected to be signed next week. Proceeds from the sale will be used to reduce debt. Príncipe ...
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PropertyEU Archive
Deka enters Canada with EUR 186m acquisition
Germany's Deka Immobilien Investment has entered the Canadian market with the acquisition of the Bentall V office and commercial building in Vancouver for CAD$ 300 mln (EUR 186 mln). The vendor was Canadian property company SITQ, a subsidiary of the Caisse de dépôt et placement du Québec, headquartered in Montreal.
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PropertyEU Archive
BCO goes global with 2009 Specification Guide
The British Council for Offices (BCO) is to take its Specification Guide global to cater for demand from markets around the world, the London-based organisation announced on Thursday. It is initially targeting the Middle East, but other key markets are also being considered.
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PropertyEU Archive
Catella Real Estate buys retail asset in Oslo for EUR 25m
Munich-based Catella Real Estate has acquired a retail asset in Oslo on behalf of its re-opened property fund Focus Nordic Cities. The investment amount comes to EUR 25 mln. The property provides some 6,000 m[sup]2[/sup] of retail space mostly let to retail chain ICA and 146 parking spaces. The seller ...
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PropertyEU Archive
Apache seeks to raise £300m of equity
Apache Capital Partners, a London-based co-investing property investment manager, is looking to raise £200-300 mln (EUR 227-341 mln) on its first raise for three UK property funds. In a statement on Tuesday, the company said that, depending on its success, it will seek to raise a similar amount again on ...
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PropertyEU Archive
Arab Investments to close EUR 350m of deals in Germany
London-based Arab Investments is close to completing over EUR 350 mln worth of deals in Germany for its two Shariah-compliant funds. This week, the investor acquired Berlin's Zehlendorfer Welle retail property from developer OFB Projektentwicklung for some EUR 70 mln, or a yield of 6.1%. The transaction includes 70% of ...
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PropertyEU Archive
Harbert acquires Lyon business park for EUR 40m
Harbert Management Corporation has announced the acquisition of Parc Mail business park, in the French city of Lyon from Goodman's European Business Parks Fund (GEBPF) for just under EUR 40 mln.
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PropertyEU Archive
Private investor buys 5% of DIC Asset
Germany's DIC Asset announced on Wednesday that Solvia Vermögensverwaltung has joined as a new strategic investor through the purchase of a nearly 5% stake. DIC Asset, which operates in the German commercial real estate market, has sold 1.5 million shares acquired from the recently-completed buyback programme to the private asset ...
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PropertyEU Archive
Pace of decline in capital values accelerates, says RICS
The pace of decline in capital values accelerated in the first quarter with countries in both Western Europe and Emerging Europe hit by price falls, says RICS Global Property Survey published on Tuesday. France, the Netherlands and the Republic of Ireland saw capital values drop significantly with real estate professionals ...
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PropertyEU Archive
GE RE sells Nike HQ in Barcelona
GE Real Estate has sold the Nike headquarters in Barcelona to a private investor for some EUR 10 mln. Savills advised the seller. The office building is located ni the Mas Blau business park near the city airport and provides 5,376 m[sup]2[/sup] of space let t Nike with a 10-year ...
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PropertyEU Archive
Neddex buys two logistics buildings in the Netherlands
Dutch property firm Neddex has acquired two logistics assets in a sale-and-leaseback transaction with Broekman Group. The properties, which are located in Sittard-Geleen, the Netherlands, offer 37,000 m[sup]2[/sup] of total lettable area let with a 12-year contract to Broekman. The assets generate an annual rent of EUR 1.685 mln. Mik ...
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PropertyEU Archive
UK commercial market to recover later this year
The UK commercial property market will begin to recover later this year and selective entry into this market could provide excellent risk-adjusted returns, according to a new report by Cordea Savills, the international property fund manager.
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PropertyEU Archive
Land Securities, Delancey JV pulls out of major mixed-use project
The Metro Shopping Fund, a joint venture between Land Securities and Delancey, was forced to withdraw its planning application for a major mixed-use development at Clapham Junction, London. The company had been seeking planning permission for a large mixed-use project consisting of 556 homes in a high-rise scheme, new shopping ...
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PropertyEU Archive
Reijnen to leave Nieuwe Steen Investments
Nieuwe Steen Investments said on Wednesday that Anka Reijnen has decided to leave the Dutch property investment company during September 2009. During the last year, Reijnen occupied the position of Chief Financial Officer, having performed the duties of CEO for the previous five years. The precise date of resignation will ...
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PropertyEU Archive
British Land sees portfolio shed 28% of value
British Land saw the value of its property portfolio fall by £3.2 bn (EUR 3.6 bn) in the year to end-March, a decline of 28%. But the group, which raised £740 mln through a rights issue in February, said that it remained well within its banking covenants despite the greater-than-expected ...
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PropertyEU Archive
Mountgrange raises EUR 340 mln for UK property fund
Mountgrange Investment Management, the UK property fund and asset manager, announced that it has closed its first fund, the Mountgrange Real Estate Opportunity Fund, with a total of £300 miln (EUR 340 mln) of committed equity. The company claims the fund raising is one of the largest and most successful ...
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PropertyEU Archive
Aberdeen announces series of appointments to indirect property team
Aberdeen Property Investors Indirect Investment Management (API IIM), has strengthened its team following the completion of the integration process resulting from the acquisition of Goodman Property Investors.
