All Real Assets articles in Web Issue – Page 66
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PropertyEU Archive
Derwent London set to join UK REITs
Derwent London has confirmed it is planning to convert to tax-efficient real estate investment trust (REIT) status on July 1, 2007. The group will be required to pay a one-off charge calculated. Set at 2% of the group's gross qualifying assets, this comes to £46 mln (EUR 71 mln). ...
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PropertyEU Archive
IHG eyes Russian expansion
InterContinental Hotels Group (IHG) is continuing its Russian expansion with the opening of a new Crowne Plaza Hotel in St Petersburg and an InterContinental in Moscow. The two hotels are scheduled to open in early 2009 and in 2010 respectively.
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PropertyEU Archive
Spanish builder spends EUR 1.26bn on Hochtief stake
Actividades de Construccion & Servicios (ACS) is investing EUR 1.26 bn to acquire a 25% interest in construction company Hochtief from the company's largest investor August von Finck. Spain's biggest construction company offered EUR 72 per share for its German rival in a move to reduce its reliance on the ...
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PropertyEU Archive
ING RE sells German mall for EUR 100m
ING Real Estate Development has sold the Canstatter Carre shopping centre in the southern German city of Stuttgart to property fund Encore+ for about EUR 100 mln. The mall comprises 37,000 m[sup]2[/sup] of lettable area, including 15,000 m[sup]2[/sup] of office space and 730 parking spaces. The anchor tenants are food ...
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PropertyEU Archive
Corio to give French offices EUR 120m facelift
Dutch listed property company Corio is to redevelop office building 'Le Newton' in Clamart, 10km southwest of Paris. The 12,000 m[sup]2[/sup] property was built in the mid 1960s and has been part of Corio's portfolio since 1999. Corio received planning permission to build a new 42,000 m[sup]2[/sup] modern office building ...
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PropertyEU Archive
GE and Paradigm snap up 148 Kwik-Fit centres
GE Real Estate UK and Paradigm Real Estate Managers (PREM) have joined forces to acquire 148 Kwik-Fit garage services centres for £103.7 mln (EUR 151.6 mln). The portfolio, which is located across several UK town centres, has been purchased through a sale-and-leaseback transaction. The assets are let to Kwik-Fit UK ...
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PropertyEU Archive
Immoeast buys mall for EUR 185m
Austrian listed real estate company Immoeast has bought a 90,000 m[sup]2[/sup] shopping mall project in the Romanian port city of Constance for EUR 185 mln. The mall will be developed by Hungarian builder Trigranit, in which Immoeast has a 25% interest. Construction is to start next summer, with completion scheduled ...
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PropertyEU Archive
Capital & Regional in £3 bn shopping spree
UK retail property company Capital & Regional is considering investing up to £3 bn (EUR 4.4 bn) on shopping centres to double the value of its flagship Mall fund. The British group is reportedly in talks with institutions to raise up to £500 mln to fund the first stage of ...
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PropertyEU Archive
Rayet unveils EUR 350m European hotel plan
Spanish property company Rayet and hotel company In Hotels & Real Estate have set up a joint venture to invest more than EUR 350 mln in luxury hotels in major European cities. A Rayet spokesperson told PropertyEU that the company is planning to develop or acquire five-star hotel sites in ...
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PropertyEU Archive
Tesco, British Land unveil £650m joint venture
British retail giant Tesco has teamed up with UK's second largest property company British Land in a £650 mln (EUR 956 mln) sale and leaseback joint venture. The partnership involves 21 Tesco superstores, or about 3% of the total. Tesco aims to release value to fund its growth strategy.
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PropertyEU Archive
Trenport acquires Peugeot site
The 66-hectare Peugeot site in Coventry, England, has been sold to Trenport Investments for a sum believed to be in the region of £60 mln (EUR 88.2 mln).
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PropertyEU Archive
CGG opens offices in Paris and Amsterdam
Commerz Grundbesitz Group (CGG) continues its international expansion by opening offices in Paris and Amsterdam. In France and the Netherlands, CGG already manages a real estate portfolio worth about EUR 4 bn. Altogether, the groups manages real estate assets valued at EUR 12 bn.
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PropertyEU Archive
LLC Arsenal's mall in Moscow gets approval
Moscow's mayor Yuri Luzhkov has granted approval to construction company LLC Arsenal for its retail complex development in the southern administrative district of the Russian capital. The scheme will be developed on a 1.1-hectare area and will comprise 34,220 m[sup]2[/sup] of retail space. It will include a Russkoe Bistro national ...
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PropertyEU Archive
Siberian Crown set for expansion in Russia
Restaurant chain Rosinter and Sun InBev, owner of the Siberian Crown beer restaurant chain, have signed an agreement to expand Siberian Crown in Russia. Under the deal, the chain will acquire sites in Samara, Togliatti, Sochi, Krasnodar, Kazan, and Tobolsk as well as in 'any other cities agreed upon ...
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PropertyEU Archive
CA Immo to set up EUR 700m hotel fund
Austrian real estate company CA Immo International is planning to set up a new hotel fund called H1 Hotelfonds together with Austrian insurer UNIQA. The two companies will act as equal lead investors in the new fund, which will have a total volume of EUR 700 mln and a life ...
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PropertyEU Archive
Icade acquires Esso head office for EUR 96m
Icade Fonciere des Pimonts has signed an agreement with ExxonMobile's French subsidiary Esso for the purchase of Esso's headquarters in Rueil Malmaison, Ile de France, for EUR 96 mln, excluding costs.
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PropertyEU Archive
Africa Israel debuts in Ukraine
Africa Israel plans to build a mixed-used complex with 150,000 m[sup]2[/sup] of floor space in the Ukrainian city of Zafrojia - the first project by Israeli billionaire Lev Leviev's conglomerate in the country. The complex will comprise luxury residences, a shopping mall and offices built on 46,000 m[sup]2[/sup] of land ...
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PropertyEU Archive
Savills links up with Dubai's Asteco
Property advisor Savills has teamed up with Dubai-based Asteco to open up cross-border real estate investment opportunities worldwide for the clients of both firms. The agreement allows Asteco to use the Savills branding and network of offices to further its business globally.
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PropertyEU Archive
RREEF buys five UK properties
Deutsche Asset Management's property and alternative investment unit RREEF has invested EUR 33.8 mln in the purchase of the mixed-use Caudwell portfolio from Doughty Hanson. The deal reflects a net initial yield of 6%. The portfolio comprises five office and industrial buildings in the British Midlands, and includes around 8.1 ...
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PropertyEU Archive
Zublin buys two Paris offices
Zublin Immobiliere France has bought two office buildings located in the western business district of Paris for EUR 76 mln. The first property, situated on the Ile de la Jatte, in Neuilly-sur-Seine, provides some 9,115 m[sup]2[/sup] of office space. Its two main tenants are Roche Laboratories and Yves-Saint-Laurent Beaute. The ...
