All Real Assets articles in Web Issue – Page 475
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PropertyEU Archive
Icade to invest EUR 250m in redevelopment of Descartes tower in Paris
French listed property developer and investor Icade has announced plans to completely renovate its Descartes tower at La Défense business district in Paris. The company said its decision follows the imminent departure of the sole tenant in the skyscraper, IBM, which will vacate the building by year-end.
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PropertyEU Archive
Commerz Real purchases Stockholm retail park for EUR 28m
German open-ended manager Commerz Real has signed the deed to acquire the Danderyd Retail Park development in Stockholm for about EUR 28 mln. The shopping centre consists of nine separate properties with a gross lettable area of roughly 14,300 m[sup]2[/sup].
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PropertyEU Archive
GPE JVs acquire £35m of assets in London
UK property investment company Great Portland Estates (GPE) said on Monday that two of its joint ventures have exchanged contracts to acquire two long leasehold properties on Regent Street, London, W1 from clients of F&C REIT. The transaction price amounts to a total of £35 mln (EUR 39 mln).
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PropertyEU Archive
Deka acquires Munich office project for EUR 75m
German investment firm Deka Immobilien has purchased an office project in Munich for an investment volume of EUR 75 mln. The vendor was French property company Icade. The 19,000-m[sup]2[/sup] property is being added to Deka's open-ended real estate fund Deka-ImmobilienEuropa.
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PropertyEU Archive
Cap & Reg's Junction fund sells two retail parks for £82m
Capital & Regional, the co-investing property asset manager, said on Monday that the Junction Fund has sold the Kittybrewster retail park in Aberdeen and the Slough retail park in Slough to fund managers Threadneedle Property Investments. The transaction price amounts to around £82 mln (EUR 91 mln), reflecting a net ...
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PropertyEU Archive
Helical Bar and PCP joint venture acquires Glasgow mall
London-listed developer-investor Helical Bar, in a joint venture with Prime Commercial Properties (PCP), has acquired the long leasehold interest in the Clyde Shopping Centre, Clydebank, Glasgow, for a cash consideration of about £69 mln (EUR 77 mln). The vendor was Co-operative Insurance Society (CIS).
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PropertyEU Archive
Union Investment adds office building to Vienna holdings
German fund manger Union Investment Real Estate has acquired the 'Rund Vier' office building in Vienna from IC Projektentwicklung. The parties agreed not to disclose the financial details.
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PropertyEU Archive
Anders Kupsu leaves Skanska for MD post at Diligentia
Anders Kupsu is stepping down as president of Skanska Commercial Development Nordic to take up the position of managing director of Diligentia, one of Sweden's largest real estate companies. Kupsu will leave Skanska in spring 2010 after 20 years with the company and assume his new position on 1 July.
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PropertyEU Archive
Segro sells two assets in France
UK logistics property company Segro said it has sold two logistics and business properties in France to two private investors. The financial details of the transactions were not disclosed.
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PropertyEU Archive
Benson Elliot completes hotel conversion in Düsseldorf
Benson Elliot Capital Management has completed a EUR 6 mln office-to-hotel conversion programme at the Deutsch-Japanisches Center in Düsseldorf. The project transformed 5,000 m[sup]2[/sup] of office space into 85 executive hotel rooms and 650 m[sup]2[/sup] of convention space that can accommodate up to 1,000 delegates at the city's 5-star Nikko ...
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PropertyEU Archive
Unilever picks Marr Plaza business centre as new Moscow HQ
The Russian affiliate of Unilever has signed a new lease agreement with private investor Marr Capital for the Marr Plaza business centre in Moscow. The consumer goods giant will use the property through 2020 as its headquarters in the Russian capital.
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PropertyEU Archive
Dutch fashion chain WE to expand in France and Germany
Dutch fashion chain WE plans to increase its network of stores to around 300 from 177 at present by expanding strongly in France and Germany. The company told Dutch financial newspaper Het Financieele Dagblad that it will generate more turnover abroad than at home for the first time next year ...
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PropertyEU Archive
Sofia Property Fund faces insolvency claim
London-listed Sofia Property Fund, formerly Lewis Charles Sofia Property Fund, said on Tuesday that its Bulgarian subsidiary faces insolvency court proceedings but intends to vigorously oppose the application. Developer Westhill, which has partnered with the fund on selected projects, has indicated it has lodged a claim with the relevant court ...
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PropertyEU Archive
TK Development sells retail park in Sweden
Danish property developer TK Development said on Monday it has sold Enebyängen, its 14,300 m[sup]2[/sup] retail park project in Danderyd, Sweden, to German open-ended fund manager Commerz Real for some SEK 280 mln (EUR 27 mln). The property is earmarked for Commerz Real's Haus Invest Europa fund.
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PropertyEU Archive
IVG hives off German property management
German listed property company IVG Immobilien announced on Tuesday that it is transferring its German property management activities to two specialist partner companies in order to focus on its core investment and fund activities. Outside Germany, management of IVG assets is largely handled by third-party service providers.
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PropertyEU Archive
Recovery in property markets nears take-off: ING REIM
Parts of Continental Europe are close behind the UK and some Asian countries that are poised to lead the way to recovery in commercial real estate, according to ING Real Estate Investment Management’s annual global research study.
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PropertyEU Archive
MGPA fund buys UK land bank firm for EUR 59m
MGPA, the private equity real estate investment advisory company, has completed the acquisition of the UK land bank company, Lands Improvement Holdings plc (LIH), for £52.5 mln (EUR 59 mln). The vendor was Clerical Medial Investment Group, part of the Lloyds Banking Group (CMIG). MGPA carried out the acquisition on ...
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PropertyEU Archive
XXI Century seals restructuring of $60m loan
AIM-listed XXI Century Investments announced on Wednesday that it has reached agreement on the restructuring of a debt facility after months of negotiations. In the larger of the two agreements, the company which develops and invests in Ukrainian real estate, formalised the restructuring of its $60 mln (EUR 41 mln) ...
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PropertyEU Archive
Investec GLL fund acquires Warsaw scheme for EUR 71m
Luxembourg-based Investec GLL Special Global Opportunities Real Estate Fund is purchasing the Marynarska Point property in Warsaw from the European commercial development unit of international construction firm Skanska for SEK 740 mln (almost EUR 71 mln).
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PropertyEU Archive
Aviva appoints Catriona Allen to multi-manager position
Aviva Investors has appointed Catriona Allen as fund manager, Real Estate Multi-Manager. Allen joins from Blackrock Investment Management, where she was portfolio manager of the Blackrock UK Property Fund of Funds which transferred from Blackrock to Aviva Investors in late November along with the Blackrock European Property Fund of Funds.
