All Real Assets articles in Web Issue – Page 50
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PropertyEU Archive
Annexum buys six Golden Tulip hotels
Annexum Invest has bought six Golden Tulip hotels in the Netherlands for an undisclosed sum. The hotels are located in Amersfoort, Epe, Hoenderloo, Loosdrecht and two are in Beekbergen. They are all four-star hotels and have a total of 577 bedrooms and 110 function rooms. Annexum bought the hotels as ...
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PropertyEU Archive
US law firm signs up for Broadgate development
International law firm Mayer, Brown, Rowe & Maw is to move its UK operations to 20,700 m[sup]2[/sup] of office space at 201 Bishopsgate, one of the two new flagship developments at Broadgate in the City of London. The firm agreed non-binding heads of terms for the pre-letting with property giant ...
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PropertyEU Archive
Demand continues to drive Bucharest's real estate market
Bucharest's commercial real estate market is entering a new stage of development and growth, according to the latest 'Emerging City Winners' report issued by the global property consultant Jones Lang LaSalle (JLL). Bucharest is expected to have achieved over 9% GPD growth in 2006, making it Europe's fastest growing city ...
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PropertyEU Archive
Invesco buys three Paris offices
Invesco Property Income Trust has purchased a portfolio of French office properties for EUR 85 mln. The portfolio comprises three Paris buildings providing some 21,620 m[sup]2[/sup]. The properties are leased to 21 tenants and have an occupancy rate of 96.5%. The transaction reflects an initial yield of 6.5%, including a ...
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PropertyEU Archive
DTZ sells Lyon commercial portfolio
French property investment and management company Docks Lyonnais has acquired a portfolio of 60 commercial units in Lyon from property advisor DTZ Asset Management and Cargill for about EUR 100 mln.
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PropertyEU Archive
GSW acquires 1,300 apartments in Berlin
German residential property company GSW has confirmed that it has acquired 1,300 apartments in Berlin over the last year. The deals were transacted in several blocks and the properties have a combined gross lettable area of 89,000 m[sup]2[/sup]. The investment volumes for the transactions was more than EUR 50 mln. ...
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PropertyEU Archive
Sacresa borrows EUR 2 bn to finance Metrovacesa bid
Spanish Sacresa is borrowing EUR 2.1 bn to fund the increase of its stake in Metrovacesa, an undisclosed financial source has told the news agency Bloomberg. Sacresa's owner, the Sanahuja family, raised its stake in Spain's largest property group Metrovacesa to 39.6% last year.
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PropertyEU Archive
Curzon fund purchases Polish mall for EUR 85 mln
The Curzon Funds group is buying Galeria Pestka in Poland for EUR 85 mln from Walther Beheer, a Dutch property development subsidiary of Germany's Moebel Walther. The shopping centre is under construction in the city of Poznan and will be added to the PBW II Real Estate Fund run by ...
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PropertyEU Archive
Aedes set to pioneer Italian REITs
The board of Italian property company Aedes has approved conversion to a SIIQ, the Italian equivalent of the real estate investment vehicle (REIT). The decision follows the approval in late December of legislation to introduce the tax-efficient trusts as part of Italy's 2007 budget law. Although the Italian REIT is ...
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PropertyEU Archive
AXA REIM opens office in Stockholm
AXA Real Estate Iinvestment Managers (AXA REIM) has opened an office in Stockholm to help develop its business in Scandinavia, the company announced Wednesday. Jérôme Arnaud will head the operation, which will monitor developments in Sweden, Norway, Finland and Denmark.
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PropertyEU Archive
IVG bond issue heavily oversubscribed
German property company IVG Immobilien has raised EUR 400 mln from a convertible bond issue in a move to finance further expansion. The bonds were priced with a coupon of 1.75% and a conversion premium of 30% to the reference price of EUR 35.5560, implying a conversion price of EUR ...
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PropertyEU Archive
British Land sees end to property boom
The commercial property boom in the UK may be coming to an end, British Land, the second largest property company in Europe, has warned. The company's ceo Stephen Hester told the media during the presentation of the results for the last quarter in 2006 that the steep price increases of ...
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PropertyEU Archive
Boyner poised to sell retail units to CVCI
Turkish industrial group Boyner is selling the shares it owns in two leading Turkish companies to Citigroup Venture Capital International (CVCI) for close to EUR 343 mln, Istanbul newspaper Today's Zaman has reported.
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PropertyEU Archive
Vemosa snaps up central Madrid office
Spanish property developer Vemosa has acquired a famous Madrid building located at 30, Gran Via avenue for EUR 45 mln, the company said in a press release. Previously occupied by Telefonica, the office property is located in the centre of the Spanish capital and provides some 9,074 m[sup]2[/sup] distributed on ...
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PropertyEU Archive
Spazio plans major Italian industrial developments
AIM-listed Spazio Investment, managed by Italy's Pirelli Real Estate, has acquired two industrial properties from engine maker ACC Group for a combined value of EUR 22 mln in a sale-and-leaseback agreement. The properties are located in Pordenone and Belluno, northern Italy, and provide a gross lettable area of 79,000 m[sup]2[/sup]. ...
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PropertyEU Archive
HSH Nordbank weighs first REIT
Germany's HSH Nordbank plans to convert property company Hamborner into a real estate investment trust (REIT) when the investment vehicle is introduced in Germany later this year, Handelsblatt newspaper reported.
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PropertyEU Archive
One out of three Turkish malls are in Istanbul
Istanbul, Turkey's financial centre and most populous city, has a third of all shopping centers in the country, according to figures released by the Turkish Council of Shopping Centres AMPD. The city not only has 41 of Turkey's 127 retail areas but will also be home to almost half of ...
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PropertyEU Archive
MIPIM showcases skyscraper projects
Five of the world's most 'grandiose' skyscraper projects are to be showcased at MIPIM in the French Riviera city of Cannes from 13 to 16 March. Although sometimes dismissed as outdated, skyscrapers are 'symbols of their builder's technological and economic power,' the organisers of the international property market said in ...
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PropertyEU Archive
Neinver launches EUR 1.4 bn European fund
Spanish privately-owned developer Neinver has launched the IRUS European Retail Property Fund, the 'largest pan-European private real estate fund to be sponsored and managed by a Spanish entity'. The fund will have an estimated gross asset value of EUR 1.4 bn, which includes EUR 480 mln of equity commitments.
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PropertyEU Archive
Reyal, Urbis set to merge via a 13-for-5 share swap
The boards of Spanish property companies Reyal and Urbis have approved at an exchange rate of 13 Reyal shares for every 5 Urbis securities, the two groups have told the Spanish stock market regulator CNMV.
