All Real Assets articles in Web Issue – Page 71
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PropertyEU Archive
Foruminvest to build complex in the Netherlands
Foruminvest has signed a partnership agreement with the municipality of 's-Hertogenbosch and housing association De Kleine Meierij for the development of a mixed-use complex in Rosmalen, the Netherlands. Foruminvest will build 12,000 m[sup]2[/sup] of shops, 150 houses and an underground parking garage for 500 cars. Soeters Van Eldonk Architects will ...
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PropertyEU Archive
REIT conversions continue in UK
A second wave of conversions has brought the number of UK quoted property companies operating as tax-efficient real estate investment trust vehicles (REITs) to 13. Three listed property investment companies have become the latest to convert. London-based Shaftesbury, Warner Estate, and Reading-based McKay Securities, which has property assets of £ ...
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PropertyEU Archive
Metro denies property disposal
Germany's Metro is not planning to sell its property assets, despite market rumours that a private equity firm would be interested in a deal, Wolfgang Baumgartinger, head of real estate at Metro Cash & Carry told news agency Reuters on Wednesday. 'There have been quite a few rumours recently, but ...
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PropertyEU Archive
Orco strenghtens its presence in Russia
Luxembourg-based Orco Property Group is purchasing 80% of Molcom, a logistics centre 15 km of Moscow. The project's total area amounts to 104,000 m2, and includes a 4-hectare land bank reserve which will ensure a potential future development pipeline in the Russian logistics and light industrial sector. This marks Orco’s ...
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PropertyEU Archive
CDP sells 10 Paris hotels
CDP Real Estate Europe has sold a portfolio of 10 Paris hotels to a private investor. The Jardins de Paris hotel sites involve a total of 430 2 to 3-star rooms, French newspaper Business Immo reported. The properties are in the city districts of Alésia, Saint-Lazare, Montparnasse, Boulogne, Nation Bercy, ...
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PropertyEU Archive
Conwert expands in Germany with EUR 160m investment
Conwert Immobilien Invest has made its largest acquisition in Germany with the purchase of 152 properties in Potsdam for EUR 160 mln. The portfolio consists of 1,616 apartments covering 112,200 m2, 34 offices with a total rental area of 5,800 m2, and 909 parking spaces. Conwert is a Vienna-listed residential ...
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PropertyEU Archive
Irish investor buys Stockholm property for EUR 283m
Danish property company Keops has sold the Fatburen office complex in Stockholm, Sweden to Dublin-based Vico Capital for SEK 2.66 bn (EUR 283 mln). The disposal was carried out by Keops to redeem bonds as interest rates rise, ceo Ole Vagner said.
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PropertyEU Archive
Eurocastle sells non-core assets for EUR 325m
Eurocastle Investment has signed a definitive agreement with the Whitehall Street Real Estate Funds to sell a portfolio of 78 properties for 325 mln. The sale price exceeds the carrying value by approximately 9% and will result in a realised gain of approximately EUR 26 mln, Eurocastle said in a ...
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PropertyEU Archive
Sponda finalises EUR 400m sell-off deal
Sponda, the Finnish real estate investment company, has completed the sale of shares in property companies, properties and land sites to Whitehall Street Real Estate and Niam Nordic Investment Fund III for approximately EUR 401 mln. Sponda said it will realise a profit of roughly EUR 15 mln on the ...
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PropertyEU Archive
Vivacon acquires 6,812 residential units in Germany
Cologne-based property company Vivacon has announced the acquisition of a portfolio of 6,812 residential units in western Germany. The financial details of the transaction were not disclosed, but Vivacon said it was the largest acquisition in the company's history. The units are located in Bremen, Hesse, Lower Saxony, North Rhine-Westphalia ...
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PropertyEU Archive
Solar panels become obligatory in Spain
Spanish companies developing or refurbishing properties with 3,000 m[sup]2[/sup] or more of space are obliged to add solar panels. Legislation to this effect was approved last year as part of the country's Technical Building Code, but became effective only from 29 March 29 this year.
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PropertyEU Archive
Dawnay Day Carpathian reaches target with Riga deal
Dawnay Day Carpathian (DDC) has agreed to purchase a 55% interest on completion of the Galleria Patollo shopping centre development in the Latvian capital of Riga. The development partner and vendor is Titan Invest, a Danish real estate company with over seven years experience working in Latvia.
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PropertyEU Archive
IFIL completes purchase of Cushman & Wakefield
IFIL has completed the purchase of a 71.52% stake in Cushman & Wakefield for EUR 474 mln. The company got approval from Italy's antitrust agency in mid-February to buy a stake in the world's largest privately-held real estate advisor. The acquisition was announced last December. IFIL is the investment company ...
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PropertyEU Archive
Fidelity targets direct property with new fund
Fidelity International is to launch a new pan-European semi open-ended 'bricks and mortar' fund this year, with a closed-ended retail fund to follow in 2008. The Citywire financial news service reported that the new funds are the beginning of Fidelity International's 'drive into the direct property market'. The company created ...
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PropertyEU Archive
L & G, Kenmore team up on new UK office fund
Legal & General Property and the Edinburgh-based property developer Kenmore Property Group have set up a joint venture to establish ARC Property Fund, a new UK regional core plus office fund that will acquire, refurbish and asset manage a multi-let regional office portfolio across the UK. ARC has been structured ...
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PropertyEU Archive
Germany introduces G-REIT
Germany has became the latest country with a real estate investment trust (REIT) structure. The Bundesrat, or upper house of parliament, approved the legislation on Friday that introduces the tax-efficient vehicle retroactively from 1 January this year.
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PropertyEU Archive
Italian real estate funds raise a record EUR 1.7 bn
Italian real estate funds attracted a record EUR 1.7 bn of investments in the second half of 2006, Assogestioni, the Italian association of investment fund managers, said on Tuesday. 19 new funds, including seven hedge funds, were launched in the last six months of 2006, raising the number of real ...
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PropertyEU Archive
Cable & Wireless strikes EUR 130m deal with British Land
British Land has announced an £88 mln (EUR 130 mln) sale and leaseback agreement with telecommunications company Cable & Wireless for nine properties. The majority of the Cable and Wireless properties are in London and operate as offices and network sites. The total floor space is 33,900 m[sup]2[/sup].
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PropertyEU Archive
Sando purchases Agofer for EUR 220 mln
Sando Imobiliaria has taken over Spanish peer Agofer for EUR 220 mln. In a statement issued on Tuesday, Sando said the transaction is in line with the company's goal of becoming one of the ten largest companies in the Spanish property sector. Sando is a construction company active in the ...
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PropertyEU Archive
Invista acquires 27 French logistics sites
Invista European Real Estate Trust (IERET) has purchased a portfolio of 27 French warehouses and one in Germany for EUR 231.5 mln. The majority of the assets, totalling 335,000 m[sup]2[/sup] of space, are situated around Amiens, north of Paris, and in Provence in the south of the country. The deal ...
