All Real Assets articles in Web Issue – Page 73
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PropertyEU Archive
Land Securities sells in Newcastle
Land Securities announced that it has sold The Gate leisure scheme in Newcastle to PropInvest for £76.5 mln. The deal reflects a net initial yield of 4.8%. Property advisor Knight Frank advised Land Securities.
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PropertyEU Archive
Gecina buys 55,000 m[sup]2[/sup] French logistics warehouse
French property firm Gecina said it had acquired a 55,000 m[sup]2[/sup] logistics warehouse in Trappes - Elancourt, west of Paris. The asset is fully leased to two leading global logistics firms, Gecina said. The new acquisition takes Gecina's total logistics property holdings to 690,000 m2, with a further 300,000 m[sup]2[/sup] ...
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PropertyEU Archive
IVG weighs EUR 1.5bn REIT launch
German property investment firm IVG may float German commercial properties worth EUR 1.5 bn in the form of real estate investment trusts (REITs), Financial Times Deutschland reported, citing IVG ceo Wolfhard Leichnitz.
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PropertyEU Archive
British Land wins £1bn London regeneration project
British Land has been awarded the contract for one of the largest regeneration projects in London, the revamp of the Euston station in the north of the city. The redevelopment is valued at some £1 bn (EUR 1.4 bn) and will involve a 15-acre site around the station. The masterplan ...
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PropertyEU Archive
Morgan Stanley, Credit Suisse back EUR 2.2bn Fordgate deal
Fordgate's acquisition of a EUR 2.2bn portfolio of European offices from German private bank Bankhaus Wölbern is structured as a CMBS deal and is backed by Morgan Stanley and Credit Suisse. The deal comprises offices in Germany, the Netherlands (72 properties), Switzerland and Belgium, which have been brought together ...
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PropertyEU Archive
ING UK Real Estate NAV up 26% in 2006
Dutch financial group ING's UK property arm, ING UK Real Estate said its net asset value per share increased by 26%, in the period from the company's incorporation in September 2005 to end-2006, due to continued favourable conditions on the UK commercial property market. The Guernsey-registered closed-ended investment company made ...
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PropertyEU Archive
Retail dominates Portuguese property market rise in 2006
Total property returns in Portugal rose to 12% in 2006, the highest return since 2002, and way above bond returns of 0.2% and inflation of 2.5%. The rise in property returns was dominated by the retail sector, which saw returns rocket by 15.9% last year, driven by strong investor demand ...
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PropertyEU Archive
Sweden to scrap real estate tax in 2008
The Swedish government has presented a plan to modify the country's controversial real estate tax, an issue that analysts said helped the current centre-right coalition win last year's national elections. The 'Alliance for Sweden' coalition made it one of its central election promises to reform the real estate tax last ...
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PropertyEU Archive
Colony says Carrefour can raise EUR 30bn from property sell-off
French supermarket operator Carrefour could raise more than EUR 30 bn from the sale of its property holdings, according to Thomas Barrack, founder of US private equity firm Colony Capital. This is way more than the French retailer says the holdings are worth. Colony and French billionaire Bernard Arnault last ...
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PropertyEU Archive
Caisse d'Epargne set to take 38% of Nexity
Caisse d'Epargne will become Nexity's core shareholder taking over at least 38% of the property developer. The two groups said that Nexity will subsequently become the regional lender's property arm. In exchange, Nexity will also take a 25% stake in Caisse d'Epargne's real-estate finance unit Credit Foncier. A final agreement ...
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PropertyEU Archive
Hotel Majestic on the market for EUR 500m
The bidding period for the central Paris Hotel Majestic has ended and the winner of the prestigious property, a few steps from Avenue des Champs-Elysees, could be made public as soon as today. The hotel and conference centre was used as Hitler's Paris head office, and was returned after the ...
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PropertyEU Archive
HUT, Crown Estate join forces in £680m deal
Hercules Unit Trust (HUT) and Crown Estate have teamed up in a £680 mln (EUR 998 mln) joint venture limited partnership. The 50/50 joint venture incorporates HUT's 51,096 m[sup]2[/sup] Fort Kinnaird Shopping Park in Edinburgh, Crown Estate's 22,854 m[sup]2[/sup] Gallagher Retail Park in Cheltenham and the 13,006 m[sup]2[/sup] Shires ...
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PropertyEU Archive
Scottish Widows acquires mixed-use property in Birmingham
Scottish Widows Investment Partnership (SWIP) has acquired the 46,079 m[sup]2[/sup] City Centre House office and retail block in Birmingham from fund manager Prupim for £161 mln (EUR 237 mln). The price reflects a yield of 5%. CB Richard Ellis and Lewis Ellis advised Prupim and Jackson Criss acted for SWIP.
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PropertyEU Archive
Klepierre could be hit by Carrefour property move
French property company Klepierre could be badly affected if Carrefour moves to sell off its estimated EUR 20 bn property holdings, said analyst Boudewijn Schoon at Dutch merchant bank Kempen & Co. The analyst noted that Klepierre’s recent share price losses were more than likely due to the uncertainty surrounding ...
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PropertyEU Archive
CityPoint sale sets new London office investment record
A new record for the office investment market in London was set in early April when Boston-based Beacon Capital Partners reportedly agreed to acquire the 34-storey Citypoint skyscraper at Ropemaker Street in the City of London for around £650 mln (EUR 957 mln).
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PropertyEU Archive
EC eyes cross-border real estate investments
The European Commission is to set up a committee to look at ways to increase EU-wide investment in non-listed, open-ended real estate funds. Internal Market and Services Commissioner Charlie McCreevy said that while open-ended
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PropertyEU Archive
Sacyr taunts French Eiffage
Spanish construction group Sacyr said it has raised its stake in France's Eiffage just under the one-third level which would trigger a full takeover bid, but added it is not planning to cross that threshold. Sacyr Vallehermoso has a 33% interest in Eiffage and 29% of voting rights.
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PropertyEU Archive
Kenmore, La Salle set up new joint venture
Kenmore has sold the Concorde Park office building in Maidenhead, some 40 km west of London, for £15.25 mln (EUR 22.3 mln). The UK commercial property company has also set up a new joint venture with the global real estate manager LaSalle Investment Management to fund the refurbishment of the ...
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PropertyEU Archive
Reem Investments to plough $1bn in Morocco
Abu Dhabi-based Reem Investments plans to invest $1 bn (EUR 745 mln) in the construction of the Atlas Garden tourist and real estate complex near Marrakech, Morocco. The 200-hectare scheme will include three hotels with more than 2,500 beds and an 18-hole golf course, residential areaa, a trade centre and ...
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PropertyEU Archive
Bellway gets £1.2bn Leeds regeneration plan
Bellway Homes has signed a contract with Leeds City Council for a £1.2 bn (EUR 1.76 bn) 20-year regeneration scheme that will transform some of Leeds' most deprived areas. Members of Leeds City Council's Executive Board agreed on Friday to back a strategic partnership with developer Bellway that will deliver ...
