All Real Assets articles in Web Issue – Page 91
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PropertyEU Archive
Varal purchases in Madrid and Barcelona
Spanish property company Varal Real Estate has invested EUR 38 mln in the acquisition of two buildings in Eixample, Barcelona. Varal also signed an agreement to acquire another 3,500 m[sup]2[/sup] asset in Recoletos de Madrid for EUR 16 mln, the company said in a press release.
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PropertyEU Archive
Beni Stabili shops in Milan
Italy's Beni Stabili has acquired a logistics building near Bari, southern Italy, for EUR 20 mln on behalf of the Beni Stabili Italian Real Estate Fund. 'This is the fund's first logistics investment, and will allow us to diversify the fund's portfolio in terms of asset location and improve our ...
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PropertyEU Archive
Westbrook mulls Shell-Mex House buy
US fund manager Westbrook is currently in talks to purchase the Shell-Mex House on London's Strand for more than £500 mln (EUR 730 mln), the Financial Times has suggested. The art deco building is owned by entrepreneurs Robert and Vincent Tchenguiz, David and Simon Reuben, and Jack Dellal, who acquired ...
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PropertyEU Archive
Romanov buys former RBS head office
Vladimir Romanov, owner of Hearts football club in the UK, has invested some £20 mln (EUR 30 mln) to acquire the former head office of the Royal Bank of Scotland (RBS) in central Edinburgh. The Lithuanian entrepreneur, who bought the property from Morgan Stanley, said he is planning to refurbish ...
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PropertyEU Archive
Dublin rejects plans for residential skyscraper
Developer Sean Dunne's plans to develop a 32-storey tower in the south of Dublin have been blocked by the city council, the Irish Independent newspaper has reported. The City Council said that new developments in the district of Ballsbridge can't pass the eigth-storey threshold.
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PropertyEU Archive
Real estate is Russia's 'new oil'
Real estate will fuel economic growth in Russia, Cushman & Wakefield's Moscow director Sergey Riabokobylko told Bloomberg on Tuesday. 'Construction is the new economic driver in Russia', Riabokobylko said. According to the global advisor, property investors such as Russia's second-richest man Oleg Deripaska are ploughing money into the country's 'new ...
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PropertyEU Archive
Tremon to launch IPO
Spanish real estate company Tremon intends to launch an Initial Public Offering (IPO) in Madrid next month. The group, valued at some EUR 2.8 bn, will list 25% of the company in June and an additional 10% in the following six months, according to Spanish newspaper Bolsa Cinco.
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PropertyEU Archive
Colonial posts EUR 205m net profit in 1Q 2007
Grupo Colonial's turnover came to EUR 192 mln in 1Q 2007, the Spanish real estate company said in the first report after it completed the merger with peer Inmocaral last April. Profits after tax came to EUR 206 mln. In like-for-like terms, rental income experienced a significant increase of 4.6%, ...
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PropertyEU Archive
Sacyr nearly triples profit in 1Q 2007
Spanish construction company Sacyr Vallehermoso posted net profits of EUR 203 mln in 1Q 2007, up 175% on the same period in 2006. EBITDA (earnings before interest, taxes, depreciation and amortization) rose by 25% to EUR 292 mln. Business activities represented 55% of Ebitda, the company said in a press ...
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PropertyEU Archive
SEB warns of real estate slowdown in 2008
The real estate market is currently in 'excellent shape' but is expected to slow down in 2008, according to a report issued by bank SEB. The property market is expected to continue performing positively this year, sustained by strong investor demand in Europe and Asia. The bank warned that growth ...
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PropertyEU Archive
Kuwaiti firm sells Adidas building for EUR 50m
Kuwaiti real estate company Salhia Real Estate has sold the future UK headquarters of German sportswear maker Adidas to the National Farmers Union Mutual Insurance Society for 33 mln (about EUR 50 mln), Bloomberg has reported.
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PropertyEU Archive
Protego buys portfolio for EUR 55m
UK real estate investor Protego Real Estate Investors has acquired a portfolio of five industrial distribution assets and a logistic centre from private investors. The acquisition, carried out via the joint venture with Challenger Financial Services, is valued EUR 55 mln. The deal reflects a net initial yield of 6.58%
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PropertyEU Archive
Blackrock, Cornerstone invests in London offices
Blackrock International is teaming up with the Irish investment and management company Cornerstone Capital Management to acquire and develop three offices in the City of London. When completed, the properties will provide some 165,000 m[sup]2[/sup] of net lettable space, the company said. Blackrock is investing EUR 25 mln for a ...
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PropertyEU Archive
Klepierre buys two Polish malls
Klepierre has acquired two shopping center developments in the Polish cities of Rybnik and Sosnowiec from Plaza Centers Europe (PCE) for EUR 90 mln. The facilities of the fully-let shopping centers include a cinema, a bowling alley and several restaurants.
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PropertyEU Archive
Jeudan moves into shopping centres
Danish real estate company Jeudan has purchased two buildings for DKK 2.4 bn (EUR 322 mln). The company spent EUR 228 mln on the purchase of a retail and shopping center portfolio from SH Investering as part of Judan's strategy to investment in shopping centres. Jeudan also bought the city ...
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PropertyEU Archive
Nanterre court to rule on Eiffage dispute
The French commercial court of Nanterre, near Paris, is expected to rule on the Eiffage dispute that ended up last month with the controversial cancellation of the voting rights of 89 Spanish shareholders of the French construction group. Grupo Rayet, the Spanish second-largest shareholder in Eiffage, has filed a lawsuit ...
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PropertyEU Archive
IVG launches new European office vehicle
German listed property company IVG Immobilien has launched a customised European Core+ Office SICAV fund for institutional real estate investors. The fund, which is legally incorporated as a SICAV in Luxembourg, invests in selected European office locations. The minimum commitment for prospective investors is EUR 5 mln, and the target ...
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PropertyEU Archive
MMI shops in Ile-de-France
French property company MMI Investissements has acquired three different types of property assets in the Ile-de-France region. The company has bought a majority stake in a 1,085 m[sup]2[/sup] development project in Moussy le Neuf, Seine-et-Marne, at a yield of 9.65%. Gemofis acted as advisor for the buyer.
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PropertyEU Archive
Ingra plans share issue
Croatian construction company Ingra is planning to sell up to 10,000 shares, about 25% of its capital, to raise EUR 40 mln next month, newspaper Vecernij List reported. The share issue is designed to finance three projects, including the development of a sport and business facility hall in Zagreb through ...
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PropertyEU Archive
Sainsbury rules out property sale
Sainsbury has ruled out selling its property assets in the near future. During a conference call to present its results for the second half of 2006, chairman Philip Hampton of the UK's third-largest supermarket chain said Sainsbury is 'right to retain ownership of its properties'. Sainsbury has been considering using ...
