All Real Assets articles in Web Issue – Page 68
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PropertyEU Archive
RGI raises EUR 178m in share sale
Moscow-based RGI International has raised $237 mln (EUR 178 mln) in a second share offering of almost 23 million new shares at $10.44 each. RGI is planning to use $140 mln to fund the acquisition of the Chelsea and Victory Park developments in Moscow. RGI raised $192 mln in its ...
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PropertyEU Archive
Zhukovsky set to house mall by 2009
Construction will start this year on a 45,000 m[sup]2[/sup] shopping and entertainment centre in the Moscow satellite town of Zhukovsky. The project, involving a total investment of $40 mln, will be developed by SVA Torgovy Tsentr. Completion is expected for 2009. The Zhuk mall will be located in the ...
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PropertyEU Archive
Matrix to list £300m portfolio in London
The Matrix Group is planning to list its £300 mln European portfolio on the London stock exchange in May 2007. The Guernsey-registered open-ended fund aims to raise about £150 mln by selling shares prior to the listing. Its investment unit Matrix European Real Estate Investment Trust (MEREIT) is expected to ...
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PropertyEU Archive
GE sells London offices to ING fund for EUR 76m
GE Real Estate UK has sold an office property in the West End of London to ING Central London Fund for £51.4 mln (EUR 76 mln). The transaction reflected a net initial yield of 4.15% after expiry of rent-free periods. The property comprises 32,170 square feet (2,900 m2) of newly ...
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PropertyEU Archive
Orco, Morgan Stanley to acquire Berlin commercial landlord
The Berlin Senate gave approval on 20 March for the sale of the city's publicly-owned commercial landlord, Gewerbesiedlungs-Gesellschaft mbH (GSG), Berlin, to a joint venture between ORCO Property Group and a fund managed by Morgan Stanley Real Estate. The sale is stil subject to the approval of the Berlin Parliament ...
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PropertyEU Archive
Africa-Israel to float Russian unit
Africa-Israel Group, the Tel-Aviv listed conglomerate headed by Israeli billionaire Lev Leviev, has confirmed it intends to press ahead with the flotation of its Russian unit, AFI Development unit, on London's main market. The details for the offering to international institutional and professional investors have yet to be finalised.
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PropertyEU Archive
Nexity, Credit Foncier agree on share swap
Caisses d'Epargne's real estate lending arm Credit Foncier and property developer Nexity have agreed on a share swap of 3.5 Nexity's shares for every two Credit Focier shares. This is an alternative to Caisse D'Epargne's original takeover plan, which has been abandoned in the face of regulatory and financial obstacles. ...
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PropertyEU Archive
XXI Century Investments Public develops Kiev office
Ukrainian XXI Century Investments Public is to develop an office centre at Melnykova street in Kiev, next to its Kvadrat Lukaynivka shopping mall. The Ukrainian real estate company reached a lease agreement with local authorities for a 0.23 hectare site where it will develop its 25,000 m[sup]2[/sup] office complex. The ...
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PropertyEU Archive
GTC starts construction of Krakov office
Polish developer Globe Trade Center has started the construction of the Edison building, part of an office complex located at a major intersection in Poland's third-largest city Krakow. The building will provide 10,000 m[sup]2[/sup] of office space as well as a 400 m[sup]2[/sup] retail area. Completion is scheduled for the ...
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PropertyEU Archive
Liberty International shops in Covent Garden
Liberty International's subsidiary Capital & Counties has acquired five shops under London's Royal Opera House from the Irish consortium Clarendon Properties and Anglo Irish Bank for £127.5 mln. The deal, involving some 3,158 m[sup]2[/sup] of retail space, makes Liberty International the largest landlord in the Covent Garden district. The company ...
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PropertyEU Archive
Tax reforms 'may slow G-REIT momentum'
German companies may postpone conversion to real estate investment trust (G-REIT) status or put off launching new G-REITs until the SPD and CDU/CSU coalition government introduces corporate tax reforms that will lower the effective tax rate from 2008, according to an analyst familiar with the German property sector.
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PropertyEU Archive
Schibsted sells Oslo office
Norwegian publishing company Schibsted is currently in talks for the sale of an office building on Apotekergaten in Oslo, for EUR 41.15 mln. The deal has been conducted as a sale-and-lease-back transaction through Schibsted's fully-owned subsidiary, Schibsted Eiendom, with an unnamed client represented by Aberdeen Property Investors Norway. The company ...
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PropertyEU Archive
Dawnay Day makes EUR 187m foray into US
London-based finance and property group Dawnay Day has moved into the US with the acquisition of a large residential and commercial portfolio in New York for close to the asking price of $250 mln (EUR 187 mln). The portfolio consists of 47 buildings that include 1,137 apartments and 55 commercial ...
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PropertyEU Archive
CleriMed hires Invista for £300m pan-European fund
Fund manager Invista Real Estate has been appointed by UK insurer Clerical Medical (CleriMed) to establish a pan-European property portfolio. The fund will have a target size of £300 mln (EUR 443 mln) over the coming three to five years. It will invest directly in commercial real estate assets in ...
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PropertyEU Archive
NIBC Bank buys EUR 490 m German loan portfolio
The Frankfurt-based real estate markets team of NIBC Bank has signed an agreement to acquire a mortgage loan portfolio from German mortgage bank Allgemeine Hypothekenbank. The portfolio has a volume of EUR 490 mln. NIBC said in a statement that it is the first time that an international company has ...
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PropertyEU Archive
Rubicon moves into Austria with EUR 58m purchase
Rubicon Europe Trust (REU) Group has moved into Austria with the purchase of two medical centres in Salzburg and Innsbruck for AUD $96.7 mln (EUR 58 mln) from Signa Holding. The transactions were bought by REU through a Luxembourg asset holding company at a 3.7% discount to the EUR 60.2 ...
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PropertyEU Archive
Two Portuguese investors plough EUR 950m into Cape Verde
Two Portuguese real estate companies, Design Resorts and Sacramento Campos, are planning to invest a combined EUR 950 mln in the construction of tourist resorts on the island of Santiago in Cape Verde. Design Resorts' Francisco Mendonça told Portuguese news agency Lusa that the company will start construction of its ...
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PropertyEU Archive
Australia's Mariner makes first German acquisition
Mariner Financial has acquired a portfolio of office buildings in Germany for approximately EUR 48 mln. The purchase, carried out by Mariner's London office, was the first venture in Germany by the Sydney-listed financial services company.
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PropertyEU Archive
Australian property funds in 'massive shift' to Europe
Australian property funds shifted their investment focus to Europe in 2006 by investing EUR 4.5 bn in the region - a 350% increase on the year before. Germany (EUR 2.6 bn) and the UK (EUR 1.2 bn) attracted the majority of the Australian investment, according to property advisor Jones Lang ...
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PropertyEU Archive
Polygon raises its stake in Countrywide
Hedge fund Polygon Investment Partners has increased its stake in Countrywide from 14.6% to 22.7%. The move has taken place just before the UK's biggest estate agency Countrywide is due to decide about a £1 bn takeover offer by the US private equity group Apollo, the Financial Times newspaper reported.
