All Real Assets articles in Web Issue – Page 93
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PropertyEU Archive
Unibail's shareholders back Rodamco merger
Unibail's shareholders have backed the EUR 9 bn merger between the French property giant and Rotterdam-based retail property specialist Rodamco Europe to create Europe's largest publicly traded property company. All resolutions submitted for a vote at the meeting on Monday were approved, with over 77% of the shareholders backing the ...
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PropertyEU Archive
Germany seeks buyer for proeprty liquidator
The German government is seeking a buyer for TLG, the former liquidator turned investor that sold thousands of eastern German properties inherited at the time of reunification of the country in 1990. Chairman Volkmar von Obstfelder of TLG told Bloomberg that the Berlin-based successor to the former Treuhand Gesellschaft will ...
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PropertyEU Archive
Cities must face up to changing role - EIRE conference hears
Cities around the world must come to terms with the need for social, cultural and economic transformation, Bill Kistler, President of Urban Land Institute Europe, told the opening conference of the Expo Italia Real Estate (EIRE) fair in Milan on Tuesday.
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PropertyEU Archive
St Martin's completes financing for Europe's largest mall
St Martins, the London-based international property investor and developer, has completed the financing for the acquisition of Europe's largest shopping centre, Cevahir mall in Istanbul.
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PropertyEU Archive
Degi launches new European retail spezialfonds
Real estate investment manager Deutsche Gesellschaft fur Immobilienfonds (DEGI) has launched its first real estate spezialfonds for more than one investor. The Degi Europe Retail fund is aimed at institutional investors who want to contribute at least EUR 20 mln to the fund.
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PropertyEU Archive
European RE returns at six-year high - IPD
Western European commercial real estate returns in 2006 were the highest in at least six years, as prices of shopping centers and offices rose, according to London-based Investment Property Databank (IPD). Investments in malls, offices and warehouses returned 13.3% in local currency terms, compared with 11.8% in 2005, IPD said ...
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PropertyEU Archive
Morgan Stanley, Pirelli eye two Italian funds
Morgan Stanley Real Estate Special Situations Fund and Italy's largest property manager Pirelli Real Estate have teamed up in a joint venture to bid almost EUR 54 mln for two Milan-listed real estate funds. Pirelli and the Morgan Stanley fund are to offer EUR 590 a share for 568,999 shares ...
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PropertyEU Archive
Derwent to sell EUR 221m property before REIT conversion
Derwent London plans to sell off £150 mln (EUR 221 mln) of property as the newly merged company adjusts its portfolio to focus exclusively on the UK capital. Chairman Robert Rayne explained to the annual shareholders meeting on Wednesday that the majority of the non-core assets will be sold after ...
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PropertyEU Archive
Genoa to get EUR 250m leisure and shopping complex
The Italian city of Genoa is to be home to a new shopping and leisure centre as well as a new stadium by 2011, Italian Gruppo Giacomazzi Real Estate announced at the Expo Italia real estate fair in Milan. This futuristic project, presented for the first time at the fair, ...
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PropertyEU Archive
Keops ceo sells 29% stake to Icelandic investor
Icelandic investment firm Fons Eignarhaldsfelag has bought a 29% stake in Danish real estate company Keops. The 52 million shares were sold by Keops ceo Ole Vagner through his holding company for DKK 1.25 bn (EUR 167 mln), or DKK 24 per share. Fons now holds a 32% stake in ...
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PropertyEU Archive
NIBC infrastructure fund raises EUR 300 mln
Merchant bank NIBC has announced that its NIBC European Infrastructure Fund I has completed an initial fund raising for EUR 300 mln with cornerstone investors NIBC Bank and Dutch pension funds ABP and PGGM. The final close of the fund at EUR 500 mln is expected before the end of ...
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PropertyEU Archive
ING Real Estate makes EUR 50m acquisition in France
ING Real Estate Investment Management has added to its French commercial portfolio through the EUR 50 million acquisition of the Marques Avenue Romans factory outlet for its Retail Property Fund France Belgium. The 11,850 m[sup]2[/sup] scheme consists of two fully let units and almost 500 parking spaces in the centre ...
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PropertyEU Archive
Private equity firm buys French homebuilder for EUR 601m
French private equity firm PAI Partners is to pay EUR 601 mln for a 49% stake in Kaufman & Broad, the largest homebuilder in Paris. The interest is being sold by its struggling American parent KB Home for EUR 55 a share. PAI is also buying stock from Kaufman & ...
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PropertyEU Archive
CGS acquires mixed-use property in Frankfurt
German property fund Commerz Grundbesitz-Spezialfondsgesellschaft (CGS) is to acquire the mixed-use Depot Sachsenhausen development in Frankfurt for EUR 45 mln from a joint venture of several development companies. Depot Sachsenhausen is a former tram depot that incorporates three historic building units with a total floor space of 13,000 m[sup]2[/sup] and ...
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PropertyEU Archive
Belgravia Property buys former Ahold HQ
Dutch property company Kadans Vastgoed has sold Fort Zaan, the former headquarters of retailer Ahold, to Belgravia Property Investment Management for an undisclosed sum. The six-storey building in the Dutch town of Zaandam provides 8,100 m[sup]2[/sup] of lettable area and 200 parking places. Kadans Vastgoed has split the entire plot ...
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PropertyEU Archive
Kenmore buys Astoria building in Rennes
Kenmore Property Group has made the first acquisition on behalf of its French office fund with the purchase of the Astoria office building in Rennes from local developer Prodim in a forward funding deal. The 2,900 m[sup]2[/sup] office development is scheduled for completion in January 2008. The purchase price was ...
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PropertyEU Archive
Astroc boss sells stake to Nozar at discount
Enrique Banuelos, chairman of Astroc Mediterraneo, has agreed to sell a 17% stake in the Spanish real estate company to peer Nozar for EUR 261 mln, or EUR 12.40 a share - just about 20% less than the company's current share price. The transaction will increase Nozar’s holding in Astroc ...
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PropertyEU Archive
Polish shopping centre group condemns building restrictions
The Polish Council of Shopping Centers has denounced plans to introduce restrictions for new shopping malls throughout the country. The plans pose a major threat to new developments, the council warned in a one-page advertisement published Wednesday in Polish newspapers.
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PropertyEU Archive
Commerz Grundbesitz to merge with CommerzLeasing
CommerzLeasing und Immobilien (CLI) and Commerz Grundbesitz Gruppe (CGG) are to integrate their activities before the end of the year. The merger
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PropertyEU Archive
Pirelli RE may seek EUR 1 bn listing for funds in Amsterdam
Pirelli Real Estate may seek a listing on either Euronext in Amsterdam or on the main market in London for the office funds Berenice and Tecla, Italian newspaper Milano Finanza reported on Thursday. Earlier this week, Pirelli and Morgan Stanley said they will launch a public offer for the two ...
