All Real Assets articles in Web Issue – Page 56
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PropertyEU Archive
NH Hotels to finalise Jolly Hotels takeover
NH Hoteles said its Grande Jolly unit is offering EUR 25 per share for the remaining 25.53% of Jolly Hotels that the holding company does not already own. NH said the stake, currently in the hands of minority shareholders, is valued at EUR 127.6 mln.
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PropertyEU Archive
Helaba shelves IPO for residential unit
German bank Landesbank Hessen Thuringia (Helaba) has confirmed it has put the idea of floating its residential real estate subsidiary GWH on ice, but it did not elaborate on its reasons for the decision. GWH administers 50,000 dwellings, including 40,000 in its own portfolio, and had a turnover of EUR ...
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PropertyEU Archive
St Modwen picked for Medway's £1bn regeneration
UK-based St Modwen has been appointed by Medway's city council as its partner to carry out a £1 bn (EUR 1.5 bn) development to transform Medway in 'a world-class city'. St Modwen, a regeneration specialist, is to embark in a major 15-year programme that will deliver new shops, restaurants, ...
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PropertyEU Archive
VIB set to invest EUR 200m in commercial property
Real estate holding company VIB Vermoegen is planning new investments in commercial real estate for 2007 and is currently negotiating new high-yield investments amounting to a total volume of EUR 200 mln, the Bavaria-focused group has indicated in a press release.
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PropertyEU Archive
UK property derivative market grows to £4.68 bn
Total trades in the UK Commercial Property Derivatives market grew to £4.68 bn (EUR 6.94 bn) by the end of 2006, according to the IPD Annual Index. The total volume for 2006 was £3.57 bn, a 300% increase over the previous two years.
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PropertyEU Archive
VGH to invest EUR 60m in Hannover
Insurance group VGH is planning to invest some EUR 60 mln in the German city of Hannover for the development of three properties. The firm will occupy one building and it is looking for tenants for the remaining buildings that comprise offices and residential units. Completion is scheduled for the ...
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PropertyEU Archive
Blackstone purchases Deutsche Hotels for EUR 720m
US private equity group Blackstone has acquired the German Deutsche Inter Hotels for EUR 720 mln, strengthening its position as the world's biggest hotel landlord.
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PropertyEU Archive
Slough Estates sells Basildon sites
Slough Estates International (SEI) has sold seven sheds and an office building to investment and asset management group Catalyst Capital for £30.8 mln (EUR 45.8 mln). The transaction includes two investments at Southfields Industrial Estate in Basildon, southern England.
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PropertyEU Archive
Bouygues develops new business district near Paris
Construction work has begun on the Seine Ouest project, a new business district to be developed in Issy-les-Moulineaux in the western outskirts of the French capital. Launched by a partnership between French developer Bouygues Immobilier, the Paris and Issy-les-Moulineaux's city authorities, the office scheme will comprise 160,000 m[sup]2[/sup] of lettable ...
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PropertyEU Archive
'Green building' lobby group sets up in UK
Thirty six leading property companies are joining forces in the UK to launch a green organization to promote sustainability in the industry, which currently accounts for 45% of UK's carbon emissions. The new UK Green Building Council (GBC) will be presented at the international forum Ecobuild in London. It will ...
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PropertyEU Archive
Colonial plots retail expansion in Europe
A group of investors led by Domingo Diaz de Mero is planning to buy a 10% stake in Colonial after the Spanish firm merges with peer Inmocaral. The investors interested in Colonial are part of the investment group Global Consulting, which is chaired by Mero and also includes the Sanahuja ...
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PropertyEU Archive
Reform of open-ended funds hit by delay
The re-enactment of the German Investment Act, which includes a number of new regulations for open-end property funds, has been delayed due to the harsh criticism voiced by interest groups and capital investment companies, newspaper Borsen Zeitung has reported. The cabinet meeting scheduled for February 14 has been moved back ...
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PropertyEU Archive
Wereldhave explores Turkey, US
Dutch property group Wereldhave is examining Turkey and the west coast of the US for new investment opportunities. In particular, Wereldhave is studying the possibilities for development of retail and residential projects in Istanbul, the largest city in Turkey.
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PropertyEU Archive
Hermes sells Glasgow's Princes Square
UK asset manager Hermes is to sell its 50% stake in the Princes Square shopping centre in Glasgow, Scotland. The asking price for the centre, which is co-owned by the insurer Clerical Medical, is in excess of £61.13 mln (EUR 91.14 mln), reflecting a net yield of 4.85%. The average ...
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PropertyEU Archive
Colliers leases 25,000 m[sup]2[/sup] of warehouse in Latvia
Commercial real estate firm Colliers International announced it has leased 25,000 m[sup]2[/sup] of warehouse premises to DHL Exel Supply Chain in the Eirkel business park in Jelgava, central Latvia. DHL Exel Supply Chain, a leading company in contract logistics, will occupy some 25,000 m[sup]2[/sup] of space.
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PropertyEU Archive
Istanbul land sale brings $1bn into Turkish pockets
Turkey's government may raise $1bn through the sale of a 96,500 m[sup]2[/sup] plot of land in Istanbul's upmarket district of Levent, Turkish newspaper Vatan has reported. Turkey's Zorlu Group and Global Yatirim Holding, in partnership with Israeli entrepreneur Sami Ofer, are said to be among the bidders for the land, ...
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PropertyEU Archive
Bouygues recruits 18,500 workers 'to keep pace with development'
Paris-based Bouygues has reported a sharp rise in order intakes in 2006 for its construction and real estate units. Construction order volume rose by 38% last year, surpassing the 31% increase by Bouygues Immobilier, the company said as it announced its 2006 results on Wednesday. Net profit jumped 50% to ...
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PropertyEU Archive
Norway's pension fund may plough $28 bn into real estate
Norway's $287 bn (EUR 217 bn) global pension fund may invest as much as 15% of its assets in property and leveraged buyout funds in a major move to boost returns, Knut Kjaer, head of the fund, said in an interview with website PropertyInvesting.
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PropertyEU Archive
Aareal purchases Finnish office
Aareal Nordic Fund, managed by a 100% subsidiary of Aareal Asset Management, has acquired its fifth property in Finland, bringing its portfolio in the country close to the EUR 100 mln mark. The 10,000 m[sup]2[/sup] office building is leased to Shell Oil and serves as their headquarters in Finland.
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PropertyEU Archive
Call for abolition of 'discriminatory' taxes on property funds
The Investment Management Association (IMA) is calling for the abolition of what it calls a 'discriminatory' tax regime for authorised funds investing in commercial property. These currently suffer a 20% corporation tax on rental income with no option to get it back as UK tax-exempt investors, while both property funds ...
