All Real Assets articles in Web Issue – Page 90
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PropertyEU Archive
Athens set to house 150,000 m[sup]2[/sup] of new Class A offices
A total of 150,000 m[sup]2[/sup] Class A office space is currently under construction in Athens, the new Athens Office Market Overview issued by Colliers International Hellas reported. The existing Class A office space available for immediate take-up in the Greek capital at the start of 2007 comes to 50,000 m2, ...
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PropertyEU Archive
Macquarie Goodman to develop 45,000 m[sup]2[/sup] distribution centre
Office supply giant Corporate Express, formerly Buhrmann, has chosen Australia's Macquarie Goodman to develop a new distribution centre in Waldaubersheim in western Germany. The new 45,000 m[sup]2[/sup] property will be the largest logistics centre in the property portfolio of Corporate Express.
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PropertyEU Archive
ECE joint venture plans EUR 1 bn investment in Russia and Ukraine
ECE Projektmanagement, the German inner-city shopping centre developer, and US-based Developers Diversified Realty (DDR) have set up a joint venture to develop shopping centres in Russia and Ukraine. In a joint statement, the parties said the joint venture has EUR 225 mln in equity capital and 'will realise shopping centres ...
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PropertyEU Archive
Prestbury in EUR 1 bn hospital leaseback deal
Prestbury has contracted to acquire, through its Prestbury 1 Limited Partnership, a £686 mln (EUR 1 bn) freehold portfolio of 21 private hospitals across the UK from Swedish-based healthcare provider Capio. The properties will be leased back on new 30-year leases with annual fixed increases at an initial rent of ...
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PropertyEU Archive
Yukos HQ sold for EUR 190m
The former head office of Russian oil company Yukos in central Moscow has been sold to Prana for a price around $240-260 mln (EUR 190 mln). The owner of the building was Yukos' subsidiary Dubininskoe. The 20-storey, 24,560-m[sup]2[/sup] building was completed in 2003 and is managed by CB Richard Ellis ...
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PropertyEU Archive
Hansteen raises total acquisitions to EUR 285 mln
Hansteen, the London-listed investor in continental European real estate, has announced the acquisition of a further EUR 24.6 mln of commercial property in Germany and the Netherlands, bringing the total of property acquired by the company since listing on the Alternative Investment Market (AIM) in London during November 2005 to ...
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PropertyEU Archive
Ediston launches new £400m property fund
Edinburgh-based Ediston Properties has launched a new property fund targeting a size of some £400 mln (EUR 584 mln). The Ediston Opportunity Fund is backed by 16 institutional clients, mainly pension funds, who have committed £250 mln for immediate investment.
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PropertyEU Archive
Vastned acquires Amsterdam office property
Vastned Offices / Industrial has acquired the 'Parijs' multi-let office building, part of the Capital Center in the south-east of Amsterdam for EUR 9 mln from Oppenheim Kapitalanlagen Gesellschaft. The property's occupancy rate stands at 70%, giving a net initial yield of 4.6%. Vastned said the net initial yield will ...
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PropertyEU Archive
Morgan Stanley RE makes first acquisition in Poland
Morgan Stanley Real Estate's Special Situations Fund III has acquired a 25% stake in Wan, a Warsaw-based real estate development company active in the residential, office and logistics sectors. The transaction was Morgan Stanley Real Estate's first investment in Poland.
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PropertyEU Archive
UK to reduce tax relief on vacant assets
The British Government published new legislation last Friday aimed at bringing vacant properties back into use and encouraging regeneration of town centres. The new bill, expected to raise some £900 mln, will reduce the tax relief for vacant business buildings as well as introduce allowance to support the renovation of ...
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PropertyEU Archive
Hufvudstaden buys Stockholm property
Real estate company Hufvudstaden has acquired the Rännilen 15 property at Smalandsgatan 12 in central Stockholm from Handelsbanken Liv. The purchase price is SEK 312.5 mln (EUR 46 mln). The rentable floor space comprises 3,400 m2, of which 2,200 m[sup]2[/sup] office space, 650 m[sup]2[/sup] retail space and 550 m[sup]2[/sup] storage. ...
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PropertyEU Archive
WestInvest fund buys in Luxembourg
Open real estate fund WestInvest ImmoValue has acquired the Immo Charlotte project in Luxembourg. The transaction took the form of a share deal of between EUR 55 mln and EUR 60 mln. The development was sold by Ramko, Vincent Boutens and Dexia bank Belgium. The project is located in the ...
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PropertyEU Archive
Carrefour to open Moscow store
French retailer Carrefour is planning to open its first store in Russia at the beginning of 2008, newspaper Kommersant reported. Carrefour's Aurelie Launay said in an interview with the daily that Carrefour has reached agreement with the owners of a new shopping mall in western Moscow that will be completed ...
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PropertyEU Archive
Degi fund enters Italy
Degi Global Business fund has acquired the retail gallery of the Due Colonne mall in Brindisi, in Italy's southern region of Apulia, for EUR 73 mln. The mall, which opened on March 28, 2007, was sold by a consortium of Italian retail developers Coopsette and Aligros. The property is located, ...
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PropertyEU Archive
UK to divest £1 bn of real estate
The UK Government is planning to hand over about £1 bn of disused property to community groups in a move to revive local facilities, the Guardian newspaper has reported. Local councils will have to identify empty, unused assets, including schools and hospitals, that could be transferred to local communities.
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PropertyEU Archive
Africa Israel to invest EUR 180m in Moscow
The Cypriot unit of Africa Israel Development has acquired two Russian companies that own several office developments in three sites in the east of Moscow. AFI Development, listed in London and chaired by Erez Meltzer, said it expects the purchase and fit-out costs to be around $243 mln (EUR 180 ...
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PropertyEU Archive
Sponda acquires 20 hectares in Moscow
Finnish real estate investment company Sponda has purchased a 20-hectare land site in the Moscow region from Llc Bamo-Land for roughly EUR 6 mln. Sponda is planning to develop a 75,000 m[sup]2[/sup] A-class logistics facility on the site, which has already been granted planning permission. Construction is set to start ...
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PropertyEU Archive
Castellum acquires EUR 21m commercial asset
Castellum's Fastighets Corallen unit has acquired a commercial property in Sweden for SEK 194 mln (EUR 21 mln). The office and industrial building is located in the industrial area of Västra Mark in Växjö, southern Sweden. The building was built during the 1960s and was refurbished and extended over the ...
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PropertyEU Archive
Kenmore spends EUR 47m on industrial properties
Kenmore's European Industrial Fund (KEIF) has bought three industrial portfolios, with a total of 55,000 m[sup]2[/sup] of lettable space, for EUR 47 mln. The closed-end investment company acquired a portfolio of six fully-let semi-industrial assets in the Helsinki region from Machinery OY Finland for just over EUR 22 mln. The ...
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PropertyEU Archive
Wichford enters Germany with EUR 57m buy
British property investment company Wichford has made its debut in continental Europe by the acquisition of 95% of a courthouse complex in Halle, Germany for EUR 57 mln. Completed in 1997, the property generates a rental income per annum of EUR 3.26 mln. The net initial yield comes to 5.43%.
