All Real Assets articles in Web Issue – Page 55
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PropertyEU Archive
Metrovacesa's board approves split-up plan
Spain's largest developer Metrovacesa said its management board has approved the proposal to split up the group by the end of the year. Under the plan agreed by Metrovacesa's majority shareholders, Rivero and his investor partner Bautista Soler will become 'reference shareholders' of France's Gecina, in which Metrovacesa holds a ...
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PropertyEU Archive
Russian Mian enters Bulgaria
Russian consortium Mian has entered the Bulgarian commercial property sector through the purchase of a 5,000 m[sup]2[/sup] plot of land in Sofia for EUR 10 mln. The group, with assets valued at EUR 670 mln, said it will develop an office complex with a 24,000 m[sup]2[/sup] build-on area on the ...
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PropertyEU Archive
US investor buys into London hotel joint venture
Chicago-based private real estate investor Walton Street Capital has purchased a 50% interest in the joint venture that owns the Morgan Hotel group's two London hotels - Sanderson and St Martin's Lane. The stake was purchased from MHG's previous partner, Burford Hotels, for $52 mln (EUR 40 mln).
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PropertyEU Archive
CBRE purchases Italian EDConsulting
Global property advisor CB Richard Ellis Group (CBRE) has acquired EDConsulting, a real estate services company in Italy specialising in retail properties. The financial details for this transaction have not been disclosed.
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PropertyEU Archive
Inmoracal, Colonial merger gets green light from shareholders
Inmocaral's shareholders have voted in favour of the planned merger with Inmobiliaria Colonial at an extraordinary general meeting. The Spanish group told the national stock market regulator CNMV that its shareholders have also voted in favour of a proposed EUR 6.2 mln capital increase.
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PropertyEU Archive
TriGranit eyes Poland
Hungarian TriGranit will invest EUR 2 bn in Poland over the next five years, researchers at merchant bank Kempen & Co said, citing an article in Polish newspaper Parkiet. Budapest-based firm will start construction of an office building and a housing development this year. The combined valued of these two ...
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PropertyEU Archive
UK Treasury to earn £1bn REIT 'windfall'
The British Treasury is to earn a £1 bn-plus 'windfall' in 2007 from the conversion charge that property companies must pay when they opt for tax-efficient real estate investment trust (REIT) status, according to a report in a British newspaper.
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PropertyEU Archive
Meinl set to develop EUR 200 mln Istanbul mall
Vienna-listed Meinl European Land has won a public tender to buy a 90,000 m[sup]2[/sup] plot of land in Istanbul for EUR 100 mln. Meinl is planning to develop a EUR 200 mln shopping centre with a lettable area of around 50,000 m[sup]2[/sup] on the site. The shopping centre will be ...
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PropertyEU Archive
Norwegian Property launches EUR 260m refinancing scheme
Norwegian Property is to issue NOK 2.1 bn (EUR 260 mln) worth of bonds on the Norwegian capital markets to refinance five of its properties, including two acquired as part of a NOK 2.1 bn acquisition in late 2006. The bond issuance is one element of an overall refinancing plan ...
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PropertyEU Archive
DCD, Witkoff buy London landmark for £280m
The Witkoff Group, a New York-based real estate investor, and a subsidiary of London's DCD Group have jointly acquired Devonshire House in London from Land Securities for over £280 mln (EUR 417 mln). The 15,619 m[sup]2[/sup] landmark building is on an island site in Piccadilly between Stratton Street, Berkeley Street ...
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PropertyEU Archive
Sjaelso acquires Swedish development property for EUR 40m
Danish real estate company Sjaelso Gruppen plans to convert a 37,000 m[sup]2[/sup] development property it has acquired in the Swedish capital Stockholm for retail purposes. The company has entered into an agreement through its Swedish subsidiary IBI Sverige to acquire the property at Alvsjo, near one of the largest trade ...
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PropertyEU Archive
DIC sells EUR 47m German office
Frankfurt-based Deutsche Immobilien Chancen (DIC) has sold an office building in the central German city of Bad Homburg to Madrid-based Falcon RE Investments and Morgan Stanley RE Funds (MSREF) for EUR 47.5 mln.
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PropertyEU Archive
Hammerson sees 5.7% rise in pre-tax profits
UK property company Hammerson has said it is to pay a £101 mln (EUR 150.5 mln) charge to the Treasury following the company's decision to convert to a real estate investment trust (REIT) in January. Hammerson revealed the exact amount of the conversion charge during the presentation of its ...
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PropertyEU Archive
Rodamco boosts development activities ahead of FBI changes
Rodamco Europe plans to strengthen its development activities in the countries in which it is active in Europe. 'This will lead to more income, higher margins and a better-quality portfolio', ceo Maarten Hulshoff said at the presentation of the annual results Monday.
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PropertyEU Archive
Africa-Israel to list Russian joint venture
Africa-Israel Investments, the conglomerate chaired by Israeli billionaire Lev Leviev, has submitted a draft of a prospectus for an initial public offering of shares in its Russian real estate joint venture Stroicom on the London Stock Exchange (LSE).
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PropertyEU Archive
Nunez y Navarro buys Bayer HQ in Barcelona
Catalonia-based Nunez y Navarro has purchased Bayer's Barcelona headquarters for EUR 100 mln. The complex includes two adjacent buildings providing 9,000 m[sup]2[/sup] of office space in the central street Corcega y Pau Claris, near Paseo de Gracia.
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PropertyEU Archive
Sodexho quashes rumour of JLL bid
French food and services group Sodexho Alliance has poured cold water on a newspaper report that it was about to make a $5 bn (EUR 3.8 bn) bid for global property advisor Jones Lang LaSalle.
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PropertyEU Archive
Construction starts for Duisburg Forum centre
Construction started on Monday for the development of the multi-functional Forum Centre in the centre of Duisburg, western Germany. Developed by Multi Development, the project includes retail, leisure and gastronomy areas, and is part of the major City Palais development, featuring offices, a Mercator Hall concert and congress centre, a ...
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PropertyEU Archive
Third of Rotterdam development for offices - official
About 33% of the 400,000 m[sup]2[/sup] development planned in the vicinity of Rotterdam's central train station will be allocated to offices, it has emerged. Last week, a spokesperson for the municipality suggested the vast majority of the space would be used for offices, with the addition of 100 residences ...
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PropertyEU Archive
Dunedin sells The Stones in Edinburgh
Edinburgh-based Dunedin Property Group is selling a trio of buildings at South Gyle Business Park, Edinburgh, for over £34 mln (EUR 50.6 mln). Global property consultant Jones Lang LaSalle is acting as advisor for the seller.
