All Real Assets articles in Web Issue – Page 54
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PropertyEU Archive
Redilco steps up presence in France
Italian property group Redilco has acquired an office building in the ninth arrondissement of Paris, through its investment vehicle Compagnie D'Angely, for EUR 22.5 mln. The property previously housed the French head office of Italian Banco Popolare di Verona e Novara. Redilco said in a press release that it is ...
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PropertyEU Archive
Chagala sells EUR 80 mln shares
Kazakhstan property company Chagala has raised $104 mln (EUR 79.35 mln) in an initial public offering (IPO) in London, aimed at further expansion in Kazakhstan. The firm sold 19.7 million global depository receipts at EUR 7.43 each, which is the maximum price in the range used to market the sale, ...
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PropertyEU Archive
Accor set to sell 91 hotels
Hotel group Accor will sell 91 hotels in Germany and the Netherlands as part of a sale and leaseback strategy it announced in September, French newspaper Les Echos has reported. The divestment comprises 72 German and 19 Dutch hotel sites, particularly under the brands Novotel and Mercure, as well as ...
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PropertyEU Archive
DEGI acquires Paris office development
Real estate investment manager Deutsche Gesellschaft fur Immobilienfonds (DEGI) is investing some EUR 40 mln in the purchase of an office project in Saint Quentin en Yvelines, within Paris' metropolitan region of Ile-de-France. DEGI is acquiring the project, fully pre-let, for its DEGI International fund.
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PropertyEU Archive
Metrovacesa may delist shares before split up
Metrovacesa's share price fell 8.4% as trading resumed after a suspension on Monday when plans to split up Spain's largest property company in two groups were announced. The plan valued Metrovacesa at EUR 76.7 per share, while the company's share price closed at EUR 118 last Friday.
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PropertyEU Archive
Hochtief sells Munich Brainfactory
Essen-based Hochtief has sold its Brainfactory complex in Munich to life insurance and financial services firm Swiss Life. The financial details were not disclosed. Completed at the end of 2006, the complex includes two adjoining buildings providing a total of 8,000 m[sup]2[/sup] of office space. The property also has six ...
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PropertyEU Archive
CLS raises stake in Bulgarian Land
Property investment company CLS Holdings has increased its stake in Bulgarian Land Development (BLD) to 28.65%. CLS, led by Sten Mortstedt, has agreed to purchase about 7.2 million shares at a price of £1 each. AIM-listed BLD specialises in developing residential and commercial property across Bulgaria.
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PropertyEU Archive
KanAm buys Espace Petrusse in Luxembourg
German property investment fund KanAm grundinvest Fonds has acquired the Espace Petrusse development located in the central business district of the City of Luxembourg for EUR 109 mln. Once completed, the development will be the future headquarter of the world's largest steel company Arcelor Mittal on a 10-year leasing contract.
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PropertyEU Archive
Pescara to get major mixed-use complex
The municipality of Pescara in central Italy is to get a major mixed-use complex located on a 10-hectare site to house the headquarter of Italy's Abruzzo Region administrative office. The development, involving an investment of about EUR 50 mln, will include three 48-metre towers, providing some 20,000 m[sup]2[/sup] of office ...
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PropertyEU Archive
Political turmoil in Italy may delay SIIQ
The resignation of Italian prime minister Romano Prodi may not only stall Italy's nascent process of economic overhaul, but may also delay the introduction of real estate investment trusts (REITs) in the country, researchers at merchant bank Kempen & Co warned yesterday. 'The political turmoil could create some uncertainty about ...
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PropertyEU Archive
Rotterdam plans major office development
Rotterdam's local authority has plans for 400,000 m[sup]2[/sup] of new office space in the vicinity of the city's central train station at a time when Amsterdam is seeking to eliminate 40% of the planned office development in the Dutch capital. According to provisional plans drawn up by Rotterdam municipality, some ...
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PropertyEU Archive
Meinl expands further in Turkey
Austrian-based Meinl European Land (MEL) will pay about EUR 122 mln for 90,000 m[sup]2[/sup] of land on the Asian side of Istanbul, Turkish newspaper Vatan reported. MEL has been awarded the property by the state-run Emlak Konut Gayrimenkul Yatirim Ortakligi and may develop a shopping centre and a residential complex ...
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PropertyEU Archive
Tishman Speyer fills Milan office property
US property company Tishman Speyer has leased the last remaining floor of Via Santa Margherita 3 in Milan to the international law firm Linklaters. Tishman Speyer completed a 14-month refurbishment of the 12,300 m[sup]2[/sup] building in December 2006.
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PropertyEU Archive
Fordgate spends EUR 1.2 bn on Dutch offices
Fordgate, the real estate investment arm of the Gertner family, has bought a major portfolio of Dutch offices from German private bank and closed-end fund initiation business Bankhaus Woelbern. The estimated price tag of EUR 1.2 bn for the portfolio consisting of 72 properties surpasses the EUR 1 bn paid ...
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PropertyEU Archive
Risanamento issues EUR 220 mln convertible bonds
Italian property company Risanamento, controlled 73% by Luigi Zunino, has successfully completed the issue of EUR 220 mln convertible bonds. Risanamento said in a statement that the proceeds will be used to further strengthen its property portfolio.
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PropertyEU Archive
Fabege in SEK 800 mln property exchange
Swedish property major Fabege has sold the Racketen 10 property in Alvik, western Stockholm to Carnegie Fastigheter Sverige for SEK 700 mln (EUR 75 mln). The transaction resulted in a realised change in value before tax for Fabege of SEK 60 mln. Fabege is to retain a small portion of ...
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PropertyEU Archive
Adidas names JLL as global RE advisor
Adidas, the world's second-largest sporting goods company, has appointed Jones Lang LaSalle exclusively to provide transaction management and as preferred supplier for project management and consulting services across its global real estate portfolio. JLL already works for Adidas on over 50 projects worldwide, encompassing transaction management, property development, capital markets ...
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PropertyEU Archive
Interest in Repsol tower grows ahead of completion
Colonial's chairman Luis Portillo has said he is planning to enter the bidding to purchase the Repsol development in Madrid 'as soon as the details for the tender are announced'. His comment comes days after Sacyr's chairman Luis del Rivero revealed he is considering acquiring the skyscraper.
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PropertyEU Archive
Altarea to build Spanish mall
French group Altarea has announced it will invest EUR 31 mln in the development of the Family Village shopping centre in Salamanca, western Spain. Once completed, the mall will provide some 100,000 m[sup]2[/sup] of retail space and 600 parking spaces. The shopping centre specialist said that planning permission have been ...
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PropertyEU Archive
Redilco, AMB start construction of Siziano park
Italian real estate company Redilco has begun development of the first phase of AMB Siziano business park near Milan in northern Italy. The park is being developed by a 50/50 joint venture between Redilco Group and AMB Property Corporation, a global developer and owner of industrial real estate.
