Euro Property articles from February 2005

Euro Property archives from February 2005

Meinl European Land.
February 1, 2005... The Austrian retail specialist spent last year buying shopping centres in central and eastern Europe. Slovakia, where it already owns two centres, is a target for expansion in 2005 Austrian investor Meinl European Land is on the expansion...

F&C Property Asset Management.
February 1, 2005... The fund manager, originally spun off from Friends Provident in 1998, is set to launch the UK's biggest property unit trust. It already manages direct UK property assets valued at [pounds sterling]5.5bn F&C Property Asset Management (F&C) is...

Pillar Retail Europark Fund.
February 1, 2005... A Belgian retail park is the latest purchase for Pillar's fund, which recently raised an extra [euro]100m in equity and aims to acquire [euro]1bn of assets over the next 18 months A [euro]100m equity injection at the end of last year provided...

Benelux.
February 1, 2005... High vacancy rates and dated office stock have made it hard for investors to find suitable Belgian and Dutch property. But both markets are stable and showing recovery signs Although small in size, the Benelux countries offer property investors...

Hi-tech office zones go from boom town to ghost town.
February 1, 2005... Office areas awash with 'to let' signs are the legacy of the dotcom crash in Amsterdam, but rents have only fallen slightly and there are signs that the high vacancy rate is stabilising Nearly every office building around the Amsterdam Arena...

Government influence rules at heart of the EU.
February 1, 2005... Public-sector demand sustained the market in 2004 and an upturn is expected this year Brussels is only 200km south of Amsterdam, but its office market is in much better shape. The main reason for this, of course, is the continuous demand for...

International buyers aim to crack tight Benelux market.
February 1, 2005... Foreign investors are breaking into the Benelux retail market despite a shortage of stock The Benelux retail market has traditionally been the preserve of local investors, but the lack of suitable office investments is forcing international...

Zublin Immobilien.
February 1, 2005... The Austrian investor recently bought a large, mainly retail portfolio in Germany. It tends to target western Europe, but will move on to other areas once it has grown to a suitable size Quoted Swiss property company Zublin Immobilien made its...

East leads boom in retail development.
February 1, 2005... Retail space still soaring in eastern Europe Shopping centre development is set for another record year, according to Cushman & Wakefield Healey & Baker. More than 5.3m m[sup.2] of new space was due to open by the end of 2004, and the property...

West End office costs still the highest in the world.
February 1, 2005... Annual West End office costs are more than [euro]14,500 per workstation London's West End has retained its title as the world's most expensive office location, according to DTZ's eighth annual Global Office Occupancy Costs Survey. The survey...

INREV data.
February 1, 2005... ... ..... How the data was obtained and analysed EuroProperty recorded 110 deals by the major German open-ended funds in 2004 with a total volume of [euro]12bn. The figures are based on company reports, press releases, media reports and...

Borrowers warm to securitsation as debt finance continues to rise in 2005.
February 1, 2005... All sources of debt finance are expected to increase this year, according to the Urban Land Institute's Emerging Trends in Real Estate Europe report. Survey respondents said commercial mortgage-backed securities (CMBS) would be the main source...

Key data: Lending.
February 1, 2005... Total value of 2004 securitisations topped previous peak in 2002 verage deal size was down on 2002 at $725m LandSec deal rounds off record year for CMBS issues The European commercial mortgage-backed securities (CMBS) market boasted...

Key data: The listed sector.
February 1, 2005... European stocks outperformed in 2004, with Sweden leading the way The global index rose 24% over the year The EPRA Europe index rose 5.8% in December, rounding off a strong year for the sector. In 2004, the index rose 42%, led by Sweden at...

Key data: Non-listed sector.
February 1, 2005... Difa and SKAG saw a turnaround in December with net inflows Grundbesitz-global had the biggest inflow German open-ended funds managed to raise just [euro]3bn in inflows in 2004, compared to [euro]13.7bn in 2003. In both November and December...

Key data: Non-listed sector.
February 1, 2005... Three final closings in December represented [euro]1.2bn of equity Europolis raised [euro]1bn for eastern Europe fund How the data was obtained and analysed EuroProperty recorded 110 deals by the major German open-ended funds in 2004 with...

Canary deal puts Lazard on top of M&A advisers league.
February 1, 2005... Lazard up from fourth to top spot as mergers and acquisitions market bounces back in 2004 Property mergers and acquisitions activity more than doubled in 2004, according to the latest figures from Thomson Financial. Advisers worked on $61bn of...

CGI's international strategy outpaces troubled rivals.
February 1, 2005... Open-ended funds are selling poorly-performing domestic assets and diversifying abroad CGI was the largest German buyer of property in 2004. The fund manager spent [euro]3.5bn on new properties, leaving behind the other open-ended funds,...

Whitewashing over Germany's crisis.
February 1, 2005... It is difficult not to bring up the subject of Germany once again, particularly as it dominates the news agenda (see pages 1, 3 and 14). And there was quite justifiably a busy room at the Urban Land Institute conference in Paris last month as...

People.
February 1, 2005... Ulbrich takes top spot at JLL Germany Christian Ulbrich is to join Jones Lang LaSalle as managing director of its German business from 1 April. He will be based in Frankfurt, reporting to Robert Orr, chief executive, Europe. He also becomes a...

Knowledge is power for property fund managers.
February 1, 2005... As indirect property investment increases, managers will need specialist expertise to deploy the money efficiently The weight of money coming into the property market across the Continent increased last year, with much of this capital taking...

Heard in the Eurolounge.
February 1, 2005... High costs to account for The European Bank of Reconstruction and Development (EBRD) has just announced that it is to spend [pounds sterling]13.5m on modernising its lavish London headquarters, just 12 years after it spent [pounds sterling]66m...

Ixis AEW Europe.
February 1, 2005... The four fund managers that merged to form IAE two years ago now have [euro]10 .6bn of property under management and are launching new vehicles In 2004 fund management group Ixis AEW Europe (IAE) raised over [euro]1bn of capital and invested...

Space Park counts down to relaunch with Dresdner sale.
February 1, 2005... Dresdner Bank appoints CWHB to sell failed [euro]650m Bremen leisure park, with an eye to revamping project Space Park in Bremen, the biggest commercial property disaster in recent German history, has been put up for sale. The park was forced...

Rodamco's Madrid centre hit by new planning delay.
February 1, 2005... Problems with planning permission have delayed development of the 20,900m[sup.2] Azul Talavera shopping centre near Madrid, which Rodamco Europe will buy on completion. The centre was due to open in the first quarter of 2005. "We hope to open...

KFN pulls off first Dutch securitisation.
February 1, 2005... Dutch non-listed property investment group Kantoren Fonds Nederland (KFN) has carried out a securitisation of a [euro]450m commercial mortgage loan to refinance existing debt. The transaction is one of the Netherlands' first large commercial...

Barcelona office deal paves way for ING fund launch.
February 1, 2005... ING set to launch [euro]1bn European office fund in autumn ING Real Estate has bought a Barcelona office building for a new European office property fund it plans to launch in the autumn. With a projected size of [euro]700m-1bn, the non-listed...

Morgan Stanley joins rush to buy German housing.
February 1, 2005... Morgan Stanley Real Estate Fund IV International and German property company Corpus Immobiliengruppe have bought a [euro]2.1bn housing portfolio from German industrial conglomerate ThyssenKrupp. The companies acquired a 48,000m[sup.2] portfolio...

Prosecutor puts [euro]20m tag on German bribes scandal.
February 1, 2005... Investigations are widened to 80 individuals as "avalanche" of evidence emerges Frankfurt's chief public prosecutor has accused the property and construction industry of taking up to [euro]20m in bribes. Wolfgang Schaupensteiner made the claim...

Bail welcomes [euro]1bn offer from French rival FDR.
February 1, 2005... French property company Fonciere des Regions (FDR) has launched a [euro]1.1bn offer for fellow property company Bail Investissement. FDR is offering [euro]31 a share - an offer supported by Bail's board. The price represents a 4.4% premium on...

Fortress to bid for [euro]1bn Norddeutsche property company.
February 1, 2005... Norddeutsche Landesbank Girozentrale is planning to sell its [euro]1bn-plus property arm. Nileg Immobilien Holding, which has a portfolio including 30,000 houses and has a value of between [euro]1bn and [euro]1.4bn, is to be sold by the middle...

F&C prepares record [pounds sterling]1bn unit trust.
February 1, 2005... F&C Property Asset Management is preparing to launch the UK's biggest property unit trust, valued at around [pounds sterling]1bn. The Guernsey-incorporated F&C Commercial Property Trust will be listed on the London and Guernsey stock exchanges....

DB Real Estate and Pirelli in [euro]1bn Italian team-up.
February 1, 2005... Pirelli RE and DB Real Estate Global Opportunities are forming a joint venture to invest up to [euro]1bn in Italian retail and entertainment property. The venture is reported to have already started its activities with a bid for the property...

Germany to get REITS by 2006.
February 1, 2005... German deputy finance minister Barbara Hendricks has given her support to the principal of launching German real estate investment trusts (REITs), paving the way for their introduction by 2006. "We expect the launch of REITs to boost Germany as...

Henderson goes global with equities vehicle.
February 1, 2005... Henderson Global Investors has launched a Horizon Global Equities Fund for property securities. Henderson already has the Henderson Horizon Pan European Property Equities fund, which was launched in 1998 and has [euro]147m of assets under...

UBS takes controlling stake in Siemens' fund manager.
February 1, 2005... UBS Global Asset Management has bought a 51% stake in Siemens' fund management division. The deal boosts the continental European team's funds under management by [euro]2.051bn. The team, led by Charles Foster Taylor, which was set up in summer...

Difa heads east for buying spree.
February 1, 2005... Difa has entered the Czech Republic and Hungary with a [euro]180m buying spree. The German fund manager bought a 49% stake in a portfolio owned by Austria's Europolis, consisting of seven property companies operated by the European Bank for...

European buys bolster Savills and CWHB.
February 1, 2005... Cushman & Wakefield Healey & Baker (CWHB) and Savills have consolidated their European networks by buying associate firms. CWHB has bought 100-strong Russian associate Stiles and Riabokobylko (S&R), making it the company's third largest...

Protego extends record PICS issue.
February 1, 2005... Protego Real Estate Investors has extended the [pounds sterling]100m issue of property index certificates (PICs) launched last November to [pounds sterling]170m. The move, in conjunction with Barclays Group's investment banking arm, makes it...

End in sight for bumper property returns.
February 1, 2005... Property investors face lower returns on property shares following two bumper years. Total returns (the sum of dividend and share price appreciation) of the GPR-250 companies will fall to 15% this year from 41% last year, Kempen & Co analysts...

Grosvenor picks up French retail.
February 1, 2005... Grosvenor Continental Europe has paid a private investor [euro]110m for a 18,000m[sup.2] French portfolio of mainly retail assets. The assets comprise 1,700m[sup.2] in the Avenue des Ternes, Paris; a 4,100m[sup.2] unit in the rue...

KanAm moves into Belgium with [euro]152m buy from IVG.
February 1, 2005... Brussels building let to European Commission is KanAm's debut buy in Belgium. The German fund also expanded its Dutch portfolio with two office acquisitions KanAm has made its debut purchase in Belgium. The German open-ended fund bought a...

Scottish Widows makes European fund debut.
February 1, 2005... The UK's Scottish Widows Investment Partnership has launched its first European property fund, to capitalise on growing investor interest. Its unlisted European Balanced Property Fund has a target size of [pounds sterling]250m-300m. Its first...

Insight launches vehicle built on Equitable assets.
February 1, 2005... Insight Investment, part of UK banking group HBOS, is launching the largest ever UK real estate fund of funds, seeded through the acquisition of UK institution Equitable Life's [pounds sterling]600m indirect property holdings. Insight Property...

Germany's HSH set for opening in French capital.
February 1, 2005... HSH Nordbank is planning to open a Paris branch in March to serve customers moving to the city and to build up new business. Michel Delmond, who previously worked for Banque Entenial and Westdeutsche Immobilienbank, will be the branch manager,...

MetroCentre CMBS refinaces Liberty.
February 1, 2005... German bank Eurohypo has arranged a [pounds sterling]600m refinancing for Liberty International, secured against the UK property company's largest asset, the MetroCentre in Gateshead northern England. The 10-year facility will replace a [pounds...

Invesco fund raises [euro]300m for central European push.
February 1, 2005... CERPII will target Czech Republic, Hungary, Poland and EU accession countries Invesco Real Estate has raised [euro]115m at the first closing of its Central European Real Property Fund II (CERPII). With gearing, the vehicle will have the...

WP Carey takes root in Sweden.
February 1, 2005... WP Carey has made its first Swedish purchase after buying two stores from Nordic garden centre chain Plantasjen in a $30.8m sale-and-leaseback deal. One of the stores is in Link"ping, Sweden, the other in Vantaa, Finland, and they cover a total...

HSH admits exposure to Germany's troubled Agiv.
February 1, 2005... HSH Nordbank has admitted that it is has debt exposure to insolvent German property company Agiv, but declined to say by how much. German daily Handelsblatt had reported that HSH has [euro]600m of outstanding loans to the insolvent company and...

Meinl plans rights issue to raise [euro]90m expansion fund.
February 1, 2005... Austria's Meinl European Land is planning a one-for-two rights issue to raise its nominal share capital by [euro]90m to [euro]270m, providing funds for expansion. The company invests exclusively in central and eastern European retail property....

MSREF joins UniCredito and Pirelli in [euro]1bn Italian venture.
February 1, 2005... Italian bank will transfer [euro]300m of property for redevelopment by the new company Italy's Pirelli RE and banking group UniCredito Italiano have set up a joint venture with Morgan Stanley Real Estate Fund (MSREF) to manage property worth...

IAE fund takes on Dutch portfolio.
February 1, 2005... Fund manager Ixis AEW Europe (IAE) has bought the entire property portfolio of Vastgoed Mixfonds, a previously quoted open-ended fund, in its second acquisition for the European Property Investors vehicle (EPI). IAE paid around [euro]180m for a...

Euronews in brief.
February 1, 2005... Hammerson buys in Paris UK property company Hammerson has signed a nine-year lease with La Societe du Figaro for 20,500m[sup.2] of offices at Neo, 14 boulevard Haussman in Paris, at a rent of [euro]624 per m[sup.2] a year. The landlord will pay...

Canary deal puts Lazard on top of M&A advisers league.
February 1, 2005... Lazard up from fourth to top spot as mergers and acquisitions market bounces back in 2004 Property mergers and acquisitions activity more than doubled in 2004, according to the latest figures from Thomson Financial. Advisers worked on $61bn of...

Investors clock up record [euro]4.7bn retail deals in 2004.
February 1, 2005... Central Europe, especially Poland, is fastest growth area for shopping centre deals The total volume of continental European shopping centre deals hit a record [euro]7.44bn last year, beating the [euro]5.87bn total for previous record year...