All Real Assets articles in Web Issue – Page 57
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PropertyEU Archive
Hansteen announces share placing
UK property company Hansteen has announced a conditional placing of 53,435,115 new ordinary shares in order to raise £70 mln (EUR 104 mln) proceeds 'to be used to accelerate the assembly of property portfolios, particularly in Continental Europe'. The placing, at a price of 131 pence per share, is dedicated ...
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PropertyEU Archive
Arab investors buy London's highest tower development
German capital investment company Union Investment Real Estate has sold London's highest proposed development - the Bishopsgate tower - to the Pinnacle Ltd, an offshore investment vehicle sponsored by Arab Investments. The financial details of this transaction have been kept confidential by the two companies but some media outlets suggested ...
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PropertyEU Archive
Morgan Stanley buys office near Paris
Morgan Stanley's open investment fund P2 Value has acquired an office development in Arcueil, a southern suburb of Paris, for EUR 81.13 mln. The property will provide some 13,774 m[sup]2[/sup] of offices and 580 parking spaces, French newspaper Business Immo reported. Let to France telecom on a 9-year leasing contract, ...
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PropertyEU Archive
WP Carey International purchases French logistics portfolio
W.P. Carey International, a subsidiary of investment firm W. P. Carey & Co. has acquired a portfolio of 61 French logistics properties through a sale and leaseback transaction with the Fraikin Group for $68 mln (EUR 51.5 mln).
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PropertyEU Archive
MIPIM chalks up new 'occupancy' record
Some 25,000 property professionals are expected to attend the MIPIM property market in Cannes on the French Riviera, a 16% increase on the record set in 2006.
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PropertyEU Archive
Cordea Savills launches Pan European property fund in Italy
Property fund manager Cordea Savills is launching the Pan European Property Fund, with lender Mediobanca acting as sole underwriter. The fund's placing, which will close on March 30, 2007, is aimed exclusively at qualified investors in Italy.
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PropertyEU Archive
Israeli investor shops in Germany
Israeli investor Igal Ahouvi has purchased a portfolio of six conference hotels across Germany from the telecommunication company Deutsche Telekom. The portfolio includes hotel sites in Bad Honnef and Neuss, eastern Germany, Konigs Wusterhausen in Brandenburg, Hamburg, Leipzig and Ismaning in Bavaria. The properties provide some 80,000 m[sup]2[/sup] of hotel ...
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PropertyEU Archive
Metrovacesa's net profit trebles in 2006
Spanish property giant Metrovacesa said it net profit rose 192.8% to EUR 1.79 bn in 2006, a three-fold increase year-on-year. The figure is well above the forecast of EUR 1.1 bn made by Spain's largest property firm following the release of its third quarter results, and higher than analyst estimates ...
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PropertyEU Archive
EUR 4bn barrack handover begins in Italy
Italy's ministry of defence has handed over 201 former military barracks, worth over EUR 1 bn, to the Government Property Agency (Agenzia del Demanio). The operation is part of an agreement to transform barracks located in city centres into 'buildings of public utility'.
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PropertyEU Archive
Helical Bar sells Garden mall for EUR 55m
Property development and investment company Helical Bar has sold its leasehold interest at the Garden shopping centre in Letchworth, south-east England, to a joint venture between Vale Retail and Tyburn Lane Private Equity for £37.55 mln (EUR 55.68 mln). The transaction value reflects a net initial yield of 4.3%.
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PropertyEU Archive
Electra buys 70% of office building in Frankfurt
Electra Real Estate has acquired 70% of an office building in Frankfurt for EUR 66.5 mln. The 22-storey building provides some 18,400 m[sup]2[/sup] of office space and is fully leased to business services company Ernst & Young at EUR 4.1 mln per annum until 2015.
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PropertyEU Archive
Westcore enters Austria with EUR 81m purchase
San Diego-based Westcore Properties has strengthened its presence in Europe with the purchase of a three-building portfolio in Vienna from Philips Electronics for $108 mln (EUR 81.7 mln). The portfolio includes over 120,773 m[sup]2[/sup] of lettable space on a 250,905 m[sup]2[/sup] site. The project consists of Green park centre, a ...
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PropertyEU Archive
M&S rules out bid for Sainsbury
Marks & Spencer has ruled out launching a bid for Britain's third largest supermarket chain Sainsbury at this stage. M&S, Britain's largest clothing retailer, said in response to recent speculation that it 'has been considering its position in relation to a possible combination with Sainsbury', but it has decided to ...
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PropertyEU Archive
Immoeast purchases Bucharest business park
Austria property investment company Immoeast has acquired the S. Park business park developed by Primavera Development close to Piata Presei in northern Bucharest, Romanian newspaper Ziarul Financiar reported. The transaction value stands at a value of about EUR 90 mln, including EUR 60 mln of transaction costs. The deal was ...
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PropertyEU Archive
Tishman Speyer buys German property company
Tishman Speyer, a major US-based real estate company, has purchased a 90% stake in Gerrman property investment and management company Aktiengesellschaft Allgemeine Anlageverwaltung vorm. Seilwolff von 1890 (AAA) from its majority shareholders Gunter Rothenberger. The price for share was set at EUR 2.91 each. Tishman Speyer said it plans ...
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PropertyEU Archive
Fimit buys Europe's largest holiday resort
Fondi Immobiliari Italiani (Fimit) is acquiring Europe's largest holiday resort complex - the Forte Village - near Cagliari, Italy. The financial details of the transaction have not been disclosed but market sources said the centre is worth EUR 300 mln. Reached for comment by PropertyEU, Fimit said it would reveal ...
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PropertyEU Archive
Pramerica shops in Prague
FHA Czech, a subsidiary of US investment fund Pramerica Financial, has acquired the office and retail section of the A7 Arena Holesovice project in Prague from ING Real Estate Development. The transaction value comes to about EUR 37 mln, providing a yield of about 6.6%.
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PropertyEU Archive
Eurohypo to plough EUR 1.5 bn in Turkey
Real estate mortgage bank Eurohypo is considering investing as much as EUR 1.5 bn in Turkey in 2007, according to ceo Bernd Knobloch. The bank, which entered the Turkish market 15 months ago, invested some EUR 600 mln last year, 2% of its total trade volume, he told the Turkish ...
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PropertyEU Archive
VER to invest up to 10% in real estate funds
Finnish state pension fund VER is planning to increase its exposure to real estate and private equity funds to as much as 10%, the fund's managing director Timo Loyttyniemi told IPE real estate. The EUR 10.3 bn fund increased its alternative exposure from 1.3% to 4.1% last year, and ploughed ...
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PropertyEU Archive
Fintecna to auction 19 state buildings
Fintecna, a state-owned company operated by the Italian treasury, has put 19 real estate premises up for sale, Italian newspaper Il Sole24Ore has reported. The properties include the prestigious 11,500 m[sup]2[/sup] Litta building at Corso Magenta in Milan and Lavoro building - Palazzo del Lavoro, in Turin, designed by Pierluigi ...
