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Euro Property articles from August 2005

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<a href="http://www.accessmylibrary.com/archive/435260-euro-property/august-2005.html" title="Articles and back issues from Euro Property">Articles and back issues from Euro Property</a>

Euro Property archives from August 2005

CGI taps hot Paris market for [euro]600m sales programme.
August 1, 2005... The open-ended fund manager aims to follow London sales with Paris disposals cashing in on a fall in yields German open-ended fund manager CGI is seizing its chance to realise profits in Paris by placing a portfolio worth more than [euro]600m...

AXA's French launch aims for [euro]250m equity target.
August 1, 2005... Axa Real Estate Investment Managers France has launched a [euro]250m French property fund for European investors. The French Institutional Fund, which has raised [euro]55m of equity at its first closing, is structured as a societe civile de...

Jacobson makes move from DB to Citigroup.
August 1, 2005... Nick Jacobson, Deutsche Bank's managing director of real estate investment, has left the bank to join Citigroup. Jacobson, who is on gardening leave, will join Citigroup's real estate and lodging investment banking team in October. He joined...

Insight prepares [euro]600m diversified Pan-Europe fund.
August 1, 2005... UK manager starts European push with HBOS backing UK fund manager Insight Investment has launched a [euro]600m pan-European fund to target western continental European markets. Pre-funding for the Insight European Real Estate Trust (IERET) will...

KanAm wins with [pounds sterling]143m Olympic bid.
August 1, 2005... German fund manager KanAm is betting on Olympic glory with its latest London purchase, a self-contained estate of four buildings in east London. It has paid [pounds sterling]143.5m for East India Dock, totalling 54,950m[sup.2], a scheme within...

Grainger joins Czech developer on Prague retail scheme.
August 1, 2005... Grainger Trust has formed a joint-venture with Czech developer Discovery Group. The UK listed property company has an 85% stake in the joint venture, which has bought a company owning a 4.2ha site in the Zizkov district of Prague. The site will...

Cash and shares deal nets Paris park for Hammerson.
August 1, 2005... UK property company Hammerson has bought Villebon 2, a retail park near Paris, for [euro]150m in cash and shares. The acquisition of the park was carried out through the purchase of shares in companies held by a group of private individuals....

AIM listing boosts Dawnay Day fund.
August 1, 2005... UK private property company Dawnay Day has raised [euro]140m of equity for its [euro]1bn retail property fund targeting central and eastern Europe. It raised the capital through a listing of the Dawnay Day Carpathian fund on the Alternative...

Co-op recruits AXA REIM to run [pounds sterling]2.5bn portfolio.
August 1, 2005... Axa Real Estate Investment Management (REIM) has won a mandate to manage the Co-operative Insurance Society's [pounds sterling]2.5bn property portfolio. AXA REIM will manage 160 high-street shops, offices and logistics sites. The portfolio is...

Curzon gathers [euro]187m for Euro office/logistics vehicle.
August 1, 2005... CCPll will target redevelopment opportunities and has a [euro]300m final equity target Curzon Global Partners (CGP), an affiliate of IXIS AEW Europe, has raised [euro]187m for the first closing of its eurozone value-added fund. Its equity...

Investors pour $1bn into LaSalle's second Asia vehicle.
August 1, 2005... LaSalle Investment Management has closed its $4bn Asia Opportunity Fund II. The successor fund to the $800m LaSalle Asia Recovery Fund raised $1bn from 34 US, Middle Eastern, European and Asian investors. It will buy retail, office,...

MSREF and Rabobank circle as Holland's AM seeks buyer.
August 1, 2005... The Dutch developer, which has a [euro]9bn development pipeline, is seeking bids of around [euro]700m in a deal that may split the residential and retail businesses The management of Dutch developer AM has confirmed that it is in talks to sell...

Aberdeen fund of funds reaches [euro]205m closing.
August 1, 2005... Aberdeen Property Investors (API) has attracted an additional [euro]44m for its first pan-European fund of property funds, which has reached a [euro]205.5m second closing. Anders Astr"m, managing director of API's indirect investment management...

CBRE to service loans in Europe.
August 1, 2005... CB Richard Ellis has expanded its US loan-servicing business to Europe, where it wants to target portfolio lenders and the commercial mortgage backed securities (CMBS) market. CB Richard Ellis Loan Servicing is being launched with US subsidiary...

Cash glut prompts KanAm to close fund to investors.
August 1, 2005... High returns have attracted strong inflows to the non-domestic open-ended fund, which - against the sector trend - risked taking in more cash than it could invest KanAm has asked its distribution partners to stop selling shares in its KanAm...

Carlyle teams up for Italian job.
August 1, 2005... Private equity firm The Carlyle Group and private investor Operae have teamed up to buy a [euro]255m Italian portfolio from the Beni Stabili Group. The 26 assets - mainly in Milan, Rome and Turin, and totalling 120,000m[sup.2] - include...

Pramerica changes from yellow to blue in Spain.
August 1, 2005... Pramerica Real Estate Investors (PREI) has made a [euro]15m equity investment in Spanish self-storage operator Bluespace. The capital injection, on behalf of PREI investors, will allow Bluespace to enter the Madrid market and expand in...

Securitisation is German first for Hypo.
August 1, 2005... Hypo Real Estate Bank International has completed its first German true-sale commercial mortgage-backed securitisation issue. The issue, which is based on a [euro]246.5m loan to a consortium of borrowers led by Fortress-managed listed property...

ING gains Magna Park in [pounds sterling]1.3bn deal for Abbey portfolio.
August 1, 2005... Fund manager ING Real Estate has bought a [pounds sterling]1.3bn portfolio of 128 UK properties from Abbey. The 600,865m[sup.2] portfolio, which produces an annual passing rent of [pounds sterling]80m, includes the 50,170m[sup.2] Magna...

Euronews in brief.
August 1, 2005... IVG sells Finnish assets German property company IVG has raised [euro]35m by selling three Finnish assets. German fund manager LB Immo Invest has bought the 12,100m[sup.2] Elimaenkatu office building; fund manager Rockspring Property Investment...

Slough buys into Dutch market.
August 1, 2005... UK property company Slough Estates has entered the Dutch market by acquiring a majority stake in Mainland, a property developer in the west of the country. Slough said purchase of the 60% stake from the Kuiper Group, which gives it access to a...

Fortress to float German resi assets after [euro]1.5bn takeover.
August 1, 2005... US investor plans to merge and float Gagfah and new residential acquisition NILEG US investor Fortress has bought residential property company NILEG from German Landesbank Nord/LB for [euro]1.5bn. Fortress plans to merge NILEG with Gagfah, the...

UK group snaps up German retail.
August 1, 2005... UK private equity investor William Pears Group has bought a [euro]55m portfolio from German supermarket developer KIZ. The deal, which reflects a 7.5% yield, is the first tranche of a two-part sale of 17 assets to William Pears. The second...

Three deals bring Patron [euro]700m of European assets.
August 1, 2005... The group buys portfolios in France, UK and Germany Private equity group Patron Capital Partners has completed European deals worth more than [euro]700m. In France, it is understood to have paid around [euro]500m for a 222,965m[sup.2] portfolio...

Coop plans [euro]1.3bn Nordic assets sale.
August 1, 2005... Supermarket chain Coop Norden has instructed Catella Corporate Finance to sell one third of its property portfolio in a deal which could raise more than [euro]1.3bn. Coop wants to raise capital for investments and boost its financial strength...

Europa secures [euro]150m of UK and Italian property.
August 1, 2005... Italian property fund Europa Immobiliare No. 1 has paid [euro]150m for three properties in Milan, Rome and London. The 31,000m[sup.2] Parco dei Medici building in Rome and the 14,500m[sup.2] Via Cardano office building in Milan were bought from...

Arlington recruits IXIS team for French launch.
August 1, 2005... UK fund manager Arlington has set up a French investment management business with a team recruited from IXIS AEW Europe. Pierre-David Baylac, former real estate manager at IXIS, will head the office and will be joined by IXIS colleague...

In brief.
August 1, 2005... GE takes Czech loan package GE Commercial Finance Real Estate Central Europe has bought a [euro]35m portfolio of non-performing loans from Konpo, part of Czech Republic state agency Ceska Konsolidacni Agentura. GE now has [euro]115m of...

UK players rediscover lost Continent.
August 1, 2005... The check-in desks at Heathrow airport have been brimming with property executives of late, as usually stay-at-home UK investors have finally rediscovered the Continent. UK newcomers to mainland Europe cannot be avoided in this latest issue:...

People.
August 1, 2005... McCarthy to manage Lehman Bros assets John McCarthy is to join Lehman Brothers as head of asset management for the investments of the Lehman Brothers European Real Estate fund. The fund has investments in the UK, Sweden, Holland and...

Investors find an indirect answer to property riddle.
August 1, 2005... The growing fund of funds sector is offering investors of all sizes a route into diversified, lower-risk property investment Property derivatives and the prospect of UK and German real estate investment trusts have received much publicity in...

Insight Investment.
August 1, 2005... The asset management arm of HBOS, which already handles [pounds sterling]6.5bn of UK property, last month entered continental Europe for the first time with the launch of a [euro]600m vehicle Insight Investment - one of the UK's largest...

Property investment wave flows from pensions crisis.
August 1, 2005... Institutions will allocate [euro]24bn a year to property to tackle pensions burden, CBRE predicts The European pensions crisis could result in at least [euro]24bn flowing into the property sector every year, according to CB Richard Ellis...

More pain ahead for fundsas failed sales halt recovery.
August 1, 2005... Depressed German market fails to meet Degi's and DB Real Estate's price expectations The strong performance of the European investment market has one blind spot: Germany. While portfolios offered for sale in other countries are securing huge...

Sonae Sierra.
August 1, 2005... The Portuguese shopping centre specialist likes to develop in partnership with other companies but also owns and manages centres across Europe Portuguese shopping centre specialist Sonae Imobiliaria has been reborn as Sonae Sierra. The new...

APN.
August 1, 2005... The Australian property company has benefited from its country's compulsory pensions savings system and is now directing equity into a fund targeting European retail assets Last month, APN launched a Aus$400m ([euro]252m) fund targeting...

Citycon.
August 1, 2005... Having reached the limits of expansion in its domestic retail market the Finnish company has started buying shopping centres in the neighbouring Nordic and Baltic countries Finnish retail property company Citycon has got two deals under its...

Central Europe.
August 1, 2005... A rapid fall in yields is not deterring investors from buying in the Czech Republic, Hungary, Romania and Slovakia, where GDP growth is good and retail is the flavour of the month Central and eastern Europe are hot regions for international...

Secondary markets appear on investors' Czech list.
August 1, 2005... Prague is still buyers' favourite location but lack of stock is forcing them to look further afield The Czech Republic is the favourite central and eastern European destination for international investors. Last year the country was ranked...

Eastern cities offer second shot at high-yield target.
August 1, 2005... Investors must act fast to buy in cities like Bucharest and Bratislava before yields fall too far As yields compress in central Europe, property investors and developers are looking further east. Slovakia, once outshone by the Czech Republic,...

Key data: Occupiers/investment.
August 1, 2005... UK occupiers lead rush for outsourced office space UK companies will need around 23m m[sup.2] of overseas offices over the next 10 years to satisfy their requirements for outsourced and off-shored operations, according to Cushman & Wakefield...

Key data: INREV.
August 1, 2005... New additions swell INREV index to 100 vehicles INREV, the European association for non-listed property vehicles, has updated its 2004 index with the addition of 13 funds. The additions bring the total number of funds surveyed for the index to...

Key data: The listed sector.
August 1, 2005... ■ The EPRA/NAREIT Europe Index gained 2.9% in June, bringing its 2005 performance so far to 15.2%. Sweden led for the fourth consecutive month, rising 9.1%. The Netherlands also did well with a 6.1% rise, France added 1.5% and the index's...

Key data: Non-listed sector.
August 1, 2005... ■ The European Central Bank (ECB) has said that there are few signs yet of a sustained recovery in economic activity in the eurozone, and that while there has been some improvement in consumer confidence, growth remains subdued because of...

Key data: German open-ended funds.
August 1, 2005... ■ Germany's open-ended funds had net inflows of [euro]240.7m in June compared to outflows of [euro]63.6m in May. With [euro]256.4m, CS Euroreal was the fund experiencing the biggest inflows. Difa's Fonds Nr.1 witnessed the biggest...