All Real Assets articles in Web Issue – Page 89
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PropertyEU Archive
Meinl EL signs contract for EUR 300m Russian shopping centre
Austria-based Meinl European Land (MEL) has signed a contract to buy a EUR 300 mln shopping centre in the Moscow suburb Pushkino. The 250,000 m[sup]2[/sup] shopping centre, combined with an entertainment centre, is due for completion in 2009. Metro Group is expected to be an anchor tenant.
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PropertyEU Archive
DIC buys Hansainvest German RE portfolio for EUR 465m
German property investment firm Deutsche Immobilien Chancen (DIC) said it had acquired a portfolio of 54 properties from German peer Hansainvest for a total of EUR 465 mln. The portfolio, with a total floor space of 351,000 m2, comprises 65% office space, 15% retail and 15% logistics properties.
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PropertyEU Archive
Aberdeen property fund acquires Dutch wholesale market
Aberdeen property investors said it has acquired a B2B wholesale market property in the Dutch town of Venlo from Dutch firm TCN Property Projects. The property will be included in the firm’s European balanced property fund, which has total assets of EUR 191 mln. The 20,000 m[sup]2[/sup] property is occupied ...
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PropertyEU Archive
Irish investors buy Amsterdam's Byzantium complex
A group of Irish investors, advised by real estate consultant Cushman & Wakefield, have acquired Amsterdam's Byzantium office and shopping complex from Warburg-Henderson for an undisclosed sum. The 4,699 m[sup]2[/sup] complex is located in the centre of the Dutch capital and is fully let, Cushman & Wakefield said.
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PropertyEU Archive
Rugby Estates announces REIT listing plan
UK property company Rugby Estates has announced that its new company, Rugby Estates Investment Trust (REIT), intends to raise about £47 mln (almost EUR 70 mln) through a listing on London Stock Exchange's main market. The company will convert to real estate investment trust (REIT) status within 12 months. Rugby ...
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PropertyEU Archive
JLL warns on UK rate hike
Property advisor Jones Lang LaSalle has cautioned that Thursday's interest rate increase in the UK will lead to a sharper economic slowdown than expected in 2008 and with returns ‘softening more quickly in the present cycle'.
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PropertyEU Archive
Beni Stabili Q1 profits down 30%
Italian real estate company Beni Stabili reported on Friday that its first-quarter profit fell by 30% due to higher expenses and taxes. Net income dropped to EUR 7 mln from EUR 10 mln a year earlier. The announcement coincided with the news that Beni Stabili shareholders have approved Fonciere des ...
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PropertyEU Archive
Hendeson agrees pre-letting of 201 Bishopsgate
Henderson Group plc and British Land have exchanged contracts for a pre-letting of 11,500 m[sup]2[/sup] at British Land's 201 Bishopsgate development in the City of London. Henderson will be entering into new 20.5 year leases with an option to extend for a further five years.
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PropertyEU Archive
CLS takes 27% stake in Catena
Property investment company CLS has acquired almost 28% of the share capital of Catena for EUR 40 mln. The acquisition of the 3 million shares makes London-listed CLS the largest shareholder in Catena. The transaction sum is being paid partly in cash and partly through financed debt, Bloomberg reported.
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PropertyEU Archive
Blackrock Land jv invests EUR 42m in Brussels office
Dublin-based Blackrock International Land has entered into a 50-50 joint venture with Belgium's EuroCapital Property to acquire a new office building in Brussels for a total outlay of almost EUR 42 mln. The projected initial yield is expected to exceed 6.2%.
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PropertyEU Archive
Rockspring buys at 5.49% yield
Rockspring Property Investment Managers has acquired the Verulam Point modern office building in St Albans, about 35 km north of London, for £17.9 mln (EUR 26 mln). The property was purchased on behalf of Rockspring Hanover Property Unit Trust from The Church Commissioners, for a 5.49% net initial yield.
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PropertyEU Archive
Insurer buys Stockholm offices for EUR 50m
Health insurer AFA Sjukforsakringsaktiebolag is buying the Gangaren 15 office property in Stockholm from Swedish construction and development giant Skanska for SEK 456 mln (about EUR 50 mln). Skanska's capital gain is SEK 132 mln (EUR 14 mln). Occupancy is scheduled for October 2007. Gangaren 15 comprises 11,000 m[sup]2[/sup] of ...
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PropertyEU Archive
PGGM commissions new EUR 54m HQ from Ballast Nedam
Dutch civil service pension fund PGGM has commissioned Dutch construction company Ballast Nedam to build its new EUR 54 mln head office in Zeist. The new building, due for completion in 2010, will have 50,000 m[sup]2[/sup] of office space and parking spaces for 1,200 cars.
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PropertyEU Archive
Nozar shops in Paris with EUR 83m buy
Investment company Pramerica has sold the quoted investment company SCI to Spanish investor Nozar for EUR 83 mln. The company owns some office and retail units in the ninth arrondissement of Paris. The property, covering some 8,500 m[sup]2[/sup] of space, comprises the former head office of the Sudameris and Intesa ...
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PropertyEU Archive
Halverton makes acquisitions in Germany and Netherlands
Halverton Real Estate Investment Management has acquired an industrial complex in Paderborn, Germany on behalf of its HBI fund for EUR 28 mln. The net initial yield comes to 8.9%.
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PropertyEU Archive
Lord Foster sells stake in architect firm
Lord Norman Foster, the Pritzker Prize-winning architect, has sold a minority stake in his London-based firm, Foster & Partners, to 3i Group Plc to fund the company's expansion in China, the Middle East and Russia. Foster announced the sale to Europe's largest publicly traded buyout firm last week in a ...
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PropertyEU Archive
Spain passes bill to curb property speculation
Spain's lower house has passed a bill aimed at curbing property speculation as well as increasing transparency and sustainability in the housing sector. The legislation, which still needs to be approved by the senate, is expected to come into force by July 1, 2007. The bill was backed by all ...
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PropertyEU Archive
Brixton fully lets Southall development
UK property investor and developer Brixton has announced that it has fully let its 5,500 m[sup]2[/sup] scheme at Great Western Industrial Estate, Southall. The development, comprising six units ranging from 300 m[sup]2[/sup] to 3,700 m[sup]2[/sup].
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PropertyEU Archive
Fabege distributes Klovern holding
Fabege, one of Sweden's largest listed property companies, has distributed 47 million shares in Swedish peer Klovern to Fabege's shareholders. Following the redemption offer, Fabege will not hold any shares in Klovern. Fabege obtained the shares in November 2006 as part payment for 46 properties sold to Klovern.
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PropertyEU Archive
Sardinia levies luxury tax on real estate
Italy's Sardinia island has introduced a luxury tax for non-residents who own property in the island or dock their yachts on Sardinia's coasts, Italian daily Corriere della Sera reported. The region's centre-left government, led by Renato Soru, passed legislation imposing a package of taxes on second homes, private yachts, aircraft ...
