All Real Assets articles in Web Issue – Page 436
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PropertyEU Archive
Colonia wins workout mandate for Level One portfolio
A subsidiary of German real estate group Colonia has been awarded the contract to manage the commercial property portfolio amassed by the insolvent firm Level One.
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PropertyEU Archive
Orco unveils debt restructuring plan
Troubled Central European property developer Orco is offering its bondholders a debt-for-equity swap as part of its restructuring plan. The company, which was granted protection from its creditors by a Paris court last March, is proposing that the creditors exchange their bonds worth EUR 411 mln for a mix of ...
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PropertyEU Archive
OVG leases 15,000 m[sup]2[/sup] to Commerzbank in Frankfurt
OVG Investment Management has leased 15,000 m[sup]2[/sup] to Commerzbank, on behalf of IVG Institutional Funds, in Frankfurt. As a result of this transaction the Pollux building occupancy rate exceeds 50%.
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PropertyEU Archive
Sistema-Hals sheds $111m in H1 2009
Russian real estate developer Sistema-Hals has posted a net loss of $110.8 mln (EUR 76 mln) in the first six months of 2009 as a result of 'depressed conditions in the Russian real estate market.' The figure compares to a net profit of $8.7 mln for the same period in ...
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PropertyEU Archive
Insurer reportedly buys HQ from Unibail-Rodamco for EUR 120m
Dutch insurance giant Aegon has reportedly acquired its 40,000 m[sup]2[/sup] headquarters in The Hague from real estate group Unibail-Rodamco for about EUR 120 mln.
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PropertyEU Archive
Songbird acquires Commerzbank stake in Canary Wharf for EUR 125m
AIM-listed Songbird Estates is purchasing 54 million shares in Canary Wharf from Germany's Commerzbank for £112.5 mln (EUR 125 mln). The transaction increases Songbird's interest in the 650,000 m[sup]2[/sup] London office estate from 60.8% to 69.3%.
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PropertyEU Archive
Switzerland's Partners Group raises EUR 275m for opportunity fund
Swiss alternative asset manager Partners Group said it has raised EUR 275 mln for a new fund targeting distressed properties in emerging markets worldwide. The Global Real Estate 2008 vehicle, which is already 40%-invested, has completed its first acquisition with the purchase of eight properties in China at a 50% ...
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PropertyEU Archive
Blackstone takes 50% in British Land's Broadgate estate
Private equity giant Blackstone is acquiring a 50% stake in British Land's Broadgate holdings. In return Blackstone is assuming £987 mln (EUR 1 bn) of debt on the City of London office estate and a cash payment of £77 mln (EUR 85 mln).
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PropertyEU Archive
Jaguar/Land Rover appoints Cushman as global partner
Cushman & Wakefield has been appointed by Jaguar Land Rover as its global real estate partner for the next three years. The account is managed by C&W’s Client Solutions team and services provided include strategic consulting, transaction management, office and industrial agency, planning, valuation, rent review/lease renewals and building consultancy.
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PropertyEU Archive
Codic's Atlantis awarded first BREEAM office label
European property developer Codic has announced that it has been awarded the first BREEAM certificate for an office building for its Access and Bridge buildings in the Atlantis project in Brussels.
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PropertyEU Archive
Russian bank says PIK unable to service loan
Russian property developer PIK Group is out of funds to service the $262 mln (EUR 178 mln) loan that it received last autumn from Vnesheconombank (VEB) , the bank's chairman Vladimir Dmitriyev told the Russian newspaper Kommersant.
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PropertyEU Archive
ETC seals Bulgaria's largest office lease
Bulgaria's European Trade Centre has announced the leasing of 30,000 m[sup]2[/sup] of office space in its ETC business park development in Sofia. The developer has leased around 23,000 m[sup]2[/sup] of space to the Bulgarian telecom operator Vivacom and a further 7,000 m[sup]2[/sup] to the French supermarket chain Carrefour. The tenants ...
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PropertyEU Archive
Pinnacle changes name into PointPark Properties
Arcapita's logistics property arm Pinnacle said it is changing its name into PointPark Properties as to 'clear up any public confusion about its identity and increase the recognition of its assets'.
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PropertyEU Archive
Land Secs poaches GPE's Noel to head London portfolio
Land Securities has appointed Robert Noel as managing director of its London Portfolio. The appointment will take effect from 1 January 2010.
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PropertyEU Archive
Australian fund buys Land Secs' stake in Bullring mall for EUR 232m
Land Securities announced on Monday that it has sold its one third ownership of the Bullring shopping centre in Birmingham to the Future Fund, an investment fund for the Australian government, for £210 mln (about EUR 232 mln). The transaction volume reflects a net yield of 6.85% after settlement of ...
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PropertyEU Archive
Reyal Urbis forced to sell EUR 300m of assets
Cash-strapped Spanish property company Reyal Urbis has put some of its trophy assets on the market in a move aimed at raising capital and reducing its debt mountain, according to Spanish business newspaper Expansion. The company, which is headed by Rafael Santamaría, has put a number of shopping centres, office ...
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PropertyEU Archive
Gide Loyrette Nouel advises Neinver on Katowice project
Law firm Gide Loyrette Nouel has said it advised Spanish retail developer Neinver in connection with the construction of a shopping and office centre fully integrated with the main railway station in the Polish city of Katowice. The French-based adviser said it had advised Neinver during tender proceedings and negotiations ...
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PropertyEU Archive
BBVA confirms sale-and-leaseback plans
Banco Bilbao Vizcaya Argentaria (BBVA) has confirmed plans to sell and lease back some of its branches as part of an effort to raise capital. The Spanish bank said in a statement to the Spanish financial market watchdog CNMV that it is holding negotiations to sell the properties but no ...
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PropertyEU Archive
Situs launches loan servicing business in Germany
Global commercial real estate advisory firm the Situs Companies has boosted its European business with the acquisition of GSSG, a German loan servicing company. The German firm is now part of Situs Global Servicing (SGS).
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PropertyEU Archive
LaSalle launches co-investment fund with US pension fund
LaSalle Investment Management announced on Monday that it has entered into an agreement with the Teacher Retirement System of Texas (TRS) to invest an initial $205 mln (EUR 139.6 mln) in real estate opportunities in North America and, eventually, around the globe. The discretionary investment fund will be managed by ...
