All Real Assets articles in Web Issue – Page 566
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PropertyEU Archive
Pandox JV to acquire Norgani Hotels for EUR 1bn
Oslo Properties, a 100% owned subsidiary of Norwegian Property (NPRO), has entered into a preliminary agreement to sell Norgani Hotels for NOK 8.3 bn (just over EUR 1 bn).
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PropertyEU Archive
Massena's net profit falls 35% on REIT suspension
Fonciere Massena, the real estate investment arm of Groupe des Assurances du Crédit Mutuel, saw its net profit drop by 35% in the first half of 2010, mostly reflecting higher taxes of EUR 7 mln.
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PropertyEU Archive
AFI Development swings to loss
AFI Development, the Russian development arm of Africa-Israel Investments, swung to a net loss of $63 mln (EUR 50 mln) in the first half of 2010, following devaluations of its land bank and hotel property portfolio.
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PropertyEU Archive
French developer Project buys sites in Berlin
French project developer and fund manager Project has acquired three development sites in the Berlin area. The investment, which has a total investment volume of nearly EUR 30 mln, is earmarked for the group's Project Real Equity Fonds 8, currently being placed with investors.
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PropertyEU Archive
CBRE receives United Technologies mandate
CB Richard Ellis has been appointed real estate advisor for United Technologies Corporation's property portfolio in Europe, the Middle East, Africa (EMEA) and Russia.
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PropertyEU Archive
Large opportunistic funds 'throw in the towel': Clerestory
Investment managers seeking to raise over $1 bn in equity capital for 'large-cap' opportunistic real estate fund strategies virtually disappeared off the map in the first half of 2010, according to the latest research from Clerestory Capital. Only one large-cap fund was represented among the 31 new non-listed funds aiming ...
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PropertyEU Archive
FPF takes over SNI's commercial property unit
French SIIC Foncière Paris France (FPF) has announced the signing of a preliminary agreement to acquire the commercial property arm of Société Nationale Immobilière (SNI), a unit of Caisse des dépôts et consignations. The financial details were not disclosed.
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PropertyEU Archive
Westimmo gets offers from national and international players
State-owned German bankWestLB has received three bids for its real estate lending unit Westdeutsche Immobilienbank, or Westimmo, according to WestLB spokesman Walter Hillebrand-Droste. 'The offers are from national and international investors. The management board will now take a close look at these offers,' he said, declining to provide further details.
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PropertyEU Archive
Deka spends EUR 145m on D640 in Barcelona
Deka Immobilien, advised by Cushman & Wakefield, has acquired a class-A office building, known as D640, in Barcelona for EUR 145 mln. The transaction is the largest single-asset deal in the Spanish market so far in 2010, according to C&W.
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PropertyEU Archive
SNS Property Finance books EUR 189m loss on impairments
SNS Property Finance saw its net losses soar more than 50% to EUR 189 mln in the first half of 2010 following impairments linked to the winding down of its international real estate financing activities.
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PropertyEU Archive
Evans Randall buys London scheme for EUR 296m
Evans Randall has acquired the newly completed Drapers Gardens development in the City of London for £242.5 mln (EUR 296 mln). The vendor is a joint venture including Canary Wharf Group and a subsidiary of the Morgan Stanley Real Estate Funds.
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PropertyEU Archive
Real I.S. purchases London office asset for EUR 63m
German fund manager Real I.S. announced on Wednesday that it has purchased an office building in midtown London for £52 mln (EUR 63 mln).
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PropertyEU Archive
Westimmo provides EUR 74m financing for ECE mall in Hungary
Inner-city mall specialist ECE has agreed a EUR 74 mln loan facility with German financier WestImmo for the construction of Árkád Szeged shopping centre in the southern Hungarian city of Szeged.
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PropertyEU Archive
European markets less attractive for global investors: DTZ
European property markets have become less attractive than other global markets in the past year due to strong yield compression and increased risk premiums in some markets combined with a sluggish rental growth outlook. That is one of the key findings of the European all-property DTZ Fair Value Index launched ...
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PropertyEU Archive
AXA REIM invests in Swiss hotel project
AXA Real Estate Investment Managers (AXA REIM) started construction last week of the first Hilton Garden Inn hotel in Switzerland. The investor is planning to spend around CHF 50 mln (EUR 40 mln) to develop the hotel next to the conference centre in the city of Davos. Swiss construction group ...
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PropertyEU Archive
Open-ended property funds reduce risk-return profile: BVI
Open-ended property funds reduce risk in portfolios of both private and institutional investors and improve the risk-return profile - despite lower returns, according to a report published on Wednesday by the BVI, which represents the German investment and asset management industry.
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PropertyEU Archive
Ghelamco starts development of new Polish project
Belgian real estate developer Ghelamco has announced the start of construction for a new development project in Poland, following the sale of its Trinity Park III building to a fund managed by SEB Asset Management earlier this year.
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PropertyEU Archive
Corio swings back into the black in H1
Listed retail property specialist Corio swung back into the black in the first half of the year with a net profit of EUR 158 mln following a loss of EUR 196.4 mln in the year-earlier period. The turnaround was attributed to an increase in the value of the portfolio and ...
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PropertyEU Archive
Hansteen to acquire portfolio for EUR 16.5m
Hansteen Holdings, the London-listed investor in UK and Continental European real estate, has exchanged contracts to acquire a multi-sector portfolio of 12 freehold and leasehold assets in Scotland for a total cost of £13.5 mln (EUR 16.5 mln).
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PropertyEU Archive
NCC sells housing project in Berlin for EUR 19m
Finnish construction and development group NCC has announced that its German unit has sold a proprietary housing project in northern Berlin for SEK 176 mln (almost EUR 19 mln).
