All Real Assets articles in Web Issue – Page 427
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PropertyEU Archive
Gap between prime and secondary yields widens
The average yield gap between prime and secondary office properties in European CBDs has widened to around 85 basis points at end Q2 2009, back to mid-2006 levels. This is one of the key conclusions of Savills European Quarterly data bulletin, which examines office, retail and industrial sectors. During the ...
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PropertyEU Archive
Westimmo boosts new business
Westdeutsche ImmobilienBank (Westimmo) saw net interest income rise 3% in the first six months of the year to EUR 86.9 mln compared with EUR 84.4 mln in the same year-earlier period. Operating profit rose 16% to EUR 11 mln.
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PropertyEU Archive
US investors flee European market
The withdrawal of US buyers is one of the most significant changes in the structure of the European commercial real estate market over the last two years since the credit crunch took hold, according to new research from CB Richard Ellis.
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PropertyEU Archive
BVK buys Centrium office building in London for EUR 147m
German investor Bayerische Versorgungskammer (BVK) has acquired the 17,000-m[sup]2[/sup] office property Centrium in London for about £128 mln (EUR 147 mln) from US real estate investor Tishman Speyer, Thomas Daily has reported. The transaction price, which was settled in cash, corresponds to an initial net yield of about 7.25%.
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PropertyEU Archive
Corio cautiously upbeat on 2009
Dutch retail property group Corio reported a higher-than-expected second-quarter operting profit of EUR 52 mln. The company expects full-year operating profit to increase modestly from the EUR 204 mln reported at end-2008, Reuters reported, citing lower financing expenses and acquisitions.
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PropertyEU Archive
YIT sells residential projects for EUR 36.6m
Finnish construction group YIT has sold five rental housing projects to Icecapital Housing Fund II for EUR 36.6 mln. The projects contain 296 apartments in all and are located in different parts of Finland - Nurmijärvi, Mäntsälä, Lahti, Jyväskylä and Kuopio. Building work has commenced and the projects will be ...
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PropertyEU Archive
Harbert acquires four multi-let estates from Segro
Asset manager Harbert Management Corporation and Canmoor Asset Management have acquired four multi-let industrial estates in Southeast England from Segro, the pan-European industrial property REIT, for almost £104 mln (about EUR 118 mln).
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PropertyEU Archive
Segro sees signs UK is bottoming out
Europe's largest listed industrial landlord, Segro said on Thursday it is confident signs of recovery in the UK commercial property market can be sustained, as values continue falling on the continent, newswire Reuters reported.
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PropertyEU Archive
Prologis to develop new facility in Scotland
Prologis, the world's leading provider of distribution facilities, announced on Thursday it will develop a new, 153,314 m[sup]2[/sup] distribution facility in Scotland for a leading UK retailer. The existing Prologis customer currently occupies more than 300,000 square feet at ProLogis Park Coventry in the West Midlands, UK.
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PropertyEU Archive
Five-star Kempinski Hotel in Halle sold to German investor
Acting on behalf of a private company, Christie + Co has sold the K&K Kongress-und Kulturzentrum, a mixed-use complex in Halle, Germany, which includes the luxury Kempinski Hotel Rotes Ross, to Aurum AG, a company owned by German entrepreneur Hans Rudolf Wöhrl, for an undisclosed sum.
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PropertyEU Archive
Valad books A$1.5b loss
Diversified Australian property company Valad Property Group booked a A$1.49 bn (EUR 871 mln) loss for the 2008/09 financial year. The company is currently in the process of managing down its UK and European activities.
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PropertyEU Archive
F&C REIT acquire EUR 19m Cheshire distribution warehouse
F&C REIT Asset Management has purchased a distribution unit at Midpoint 18 Middlewich, Cheshire from Aviva's Norwich Property Trust for £16.5 (EUR 18.7 mln).
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PropertyEU Archive
Rabo Real Estate sees profit fall 27%
Rabo Real Estate Group booked a net profit of EUR 68 mln in the first six months, a decline of 27% compared to the same period last year. FGH Bank saw the level of its lending portfolio virtually unchanged at EUR 17 bn at end-June. Despite the recession, margins on ...
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PropertyEU Archive
German funds see EUR 400m outflows in July
Germany's open-ended property funds registered average outflows of just over EUR 400 mln in July, according to new figures from fund industry body BVI.
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PropertyEU Archive
AXA Immoselect reopens following redemption ban
Axa Immoselect, Axa Investment Managers' open-ended property fund that invests across Europe, has lifted its ban on redemptions imposed last October to stave off a liquidity crisis. From Friday, it will take back participation certificates from investors, allowing them to withdraw from the fund.
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PropertyEU Archive
Regional German banks boost market share
Regional German financiers including Helaba, Berlin Hyp and WestImmo have all boosted their lending volume in the past year in the face of tighter financing conditions across Europe. This is one of the key conclusions of the annual PropertyEU ranking of Top Financiers in Europe published in PropertyEU Magazine this ...
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PropertyEU Archive
Upturn in small deals in July
Persistent reports of renewed interest among investors in UK and European real estate failed to translate into more large transactions in July. PropertyEU’s research team recorded just 16 deals in which transaction volumes of EUR 50 mln-plus were reported in July.
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PropertyEU Archive
GPT sees losses widen
Australia's GPT Group reported a loss of A$1.2 bn (EUR 701 mln) in the first half, reflecting the write-down of its European joint venture with Babcock & Brown for A$1.09 bn. This compares with a A$67.7 mln loss a year earlier. Operating profit declined 22% to A$183 mln, the company ...
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PropertyEU Archive
Deutsche Hypo loan production down 59% in H1
German property financier Deutsche Hypo said it approved some EUR 431 mln in new real estate loans in the first half of 2009, down 59% on the comparable 2008 level as the bank rolled back its lending business abroad, notably in the US and UK. The bank’s overall real estate ...
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PropertyEU Archive
Orco sees portfolio shed 12% in H1
Orco Property Group said the value of its real estate portfolio stood at EUR 1.83 bn at end-June, down 12% on the EUR 2.13 bn value at end-December 2008 due to difficult economic conditions and a 'conservative valuation of projects put on hold'. Net asset value came to EUR 15 ...
