Euro Property articles from June 2007

Euro Property archives from June 2007

Prosperity beckons forthe accession countries.
June 4, 2007... Central European office and investment markets expand - but not at the same rateOffice rents in Poland are growing and will support rising property prices in Central Europe's biggest market. But until last year, Poland had not experienced any...

Key data: recent deals, macroeconomic data.
June 4, 2007... - IVC/Morgan Stanley, Boultbee in portfolio deals - Sarkozy plans reforms to cut French unemployment rate- IVG and Morgan Stanley's purchase of the Pegasus portfolio in Germany was, at 2.6bn, Europe's biggest deal this month. Union...

Invista European Real Estate Trust.
June 4, 2007... The UK-based investment management firm raised [pounds sterling]100m from an AIM listing and wants to enhance the growth potential of its continental logistics, office and retail properties through active asset management Heusenstamm, a small...

Europe's false promises.
June 4, 2007... Ever since UK interest rates rose and yields fell, British investors have been flocking to the high-growth Continent. But RREEF analysts offer four reasons why they should stay homeIn recent years, many UK investors have fled their domestic...

Key data: OccupiersGDP growth to fuel German office performance.
June 4, 2007... - RREEF report foresees plummeting German vacancy rates - IT job cuts and outsourcing slump will hit take-upThe outlook for the German office market is positive, according to a report published by RREEF.Demand for office space in Germany will...

Sponda.
June 4, 2007... The Finnish property company last autumn bought a 950m portfolio and has plans to develop in St Petersburg and MoscowFinnish property company Sponda recently issued its latest set of results after having acquired the office and retail portfolio...

Retail's rapid evolution.
June 4, 2007... The retail and logistics markets of Poland, Hungary and the Czech Republic, helped by common sense planning laws, are expanding rapidly to exploit rising spending powerRetailing and the retail property industry has evolved quickly in Central...

Realia.
June 4, 2007... The Spanish property company backed by powerhouses Caja Madrid and FCC has the confidence to float 48% of its shares just after last month's Spanish stock meltdownDespite Spain's stock market crash last month, property company Realia has pushed...

Central and Eastern Europe.
June 4, 2007... Investors have already bought into the growing economies of Poland, Hungary and the Czech Republic as yields fell. But now the profits will be gained by managing assets The economies of Central Europe have grown twice as fast as the Eurozone's...

The benefits of recruiting some local expertise.
June 4, 2007... Large fund managers are profiting from deals with smaller investors and developersMore and more large fund management houses are being approached by smaller investors who want to do deals with them. The market has become so competitive that...

Evolving IT industry to hit demand.
June 4, 2007... Telecoms companies moving into emerging markets, outsourcing and efficiency-driven job cuts are set to be the main factors affecting the IT sector's real estate demand this year, a Jones Lang LaSalle report claims.After a decade of growth, the...

In brief.
June 4, 2007... Standard life enters GermanyStandard Life Investments has entered the German market with its 8.3m purchase of 4,500 m2 retail space in Ostringen. The deal reflects a 6.6% initial yield. Standard Life bought the property for its Select Property...

Invesco loses another executive as Maudling exits.
June 4, 2007... Director's departure follows that of three others as US-owned company struggles to find new directionBen Maudling has left Invesco Real Estate, the latest of four recent departures from the US-owned fund manager. Maudling, who was responsible...

GE to fund Czech retail schemes.
June 4, 2007... GE Real Estate has agreed to forward-fund a shopping centre development in Kolin and a retail park in Liberec in the Czech Republic for around 44m. The properties are being developed by TK of Denmark. The Kolin shopping centre will comprise...

Raven Russia assembles 1.7m m2 logistics pipeline.
June 4, 2007... Guernsey-registered Raven Russia has built up a 1.7m m2 development pipeline of logistics space across Russia. Its largest project is a 300,000 m2 facility in Noginsk, Moscow. Raven has also made two acquisitions totalling $111m (82.5m). In St...

Orco plans to redevelop landmark Bratislava bank.
June 4, 2007... Orco Property Group, the Central European property developer and asset manager, is to create a 42m mixed development at the City Gate building in Bratislava, Slovakia. The scheme is the former VUB Bank building located between Gorky and...

ImmoEast presses on in Romania with retail centre deal.
June 4, 2007... ImmoEast is paying 97m for a shopping centre in north-west Romania. The 43,000 m[sup.2] Gold Plaza is to be built by Futureal, which is based in Baia Mare, Frauenburg.Romania is ImmoEast's biggest target in its 6bn investment programme for 2007...

Icelandic investor snaps up Keop shares for 33% stake.
June 4, 2007... Fons Eignarhaldsfelag buys 168m of shares from Keop chief executive Ole Vagner on the same day that he announces he is stepping down as CEO and chairmanIcelandic investment company Fons Eignarhaldsfelag increased its stake in Danish property...

Tishman Speyer to sell off [euro]600m of Paris office assets.
June 4, 2007... US giant seeks to realise profits for Paris Bourse, Eurosquare 1 and the George V building as part of ongoing investment activity in French capital US giant Tishman Speyer has put its three central Paris office properties up for sale for...

Sign a pre-nuptial before linking up.
June 4, 2007... Tony Horrell, Jones Lang LaSalle's head of European capital markets, is a man of sound bites. Earlier this year, when Jones Lang LaSalle published global transaction volumes, Horrell cut through the dizzying numbers by saying that every $1 of...

Carlyle Group links up with Danish developers on Copenhagen market deal.
June 4, 2007... A consortium consisting of private equity firm the Carlyle Group and Danish property developers Hoffman Ejendomme has agreed to buy the Copenhagen Wholesale Market.Sources close to the deal believe that the consortium has paid between 160m and...

Pramerica and partners focus on France.
June 4, 2007... Pramerica Real Estate Investors has formed a 100m joint venture in France, its first in the country, with the Bleecker Group.The two will invest in opportunistic office and light-industrial deals in central Paris and other regional cities. The...

Key data: INREV.
June 4, 2007... - 17 vehicles added during 2006 for a total of 478 non-listed funds - Single-country funds dominate databaseIn the past year, 17 non-listed funds with a total asset value of 19bn have been added to the INREV Vehicles Database. As at the...

In brief.
June 4, 2007... Brush steps down at RREEFRREEF Europe chief executive David Brush will leave the company in February next year for personal reasons. He will be replaced by Pierre Cherki and Chris Papachristophorou, who will share the role of CEO. Alistair...

German tax reforms are a mixed bag for investors.
June 4, 2007... Legislation awaiting final approval lowers the corporate tax rate, but tightens rules on interest deductionsForeign investors in German real estate should now start assessing their investments and restructuring them, because on 1 January 2008...

Shareholders buy up more of Astroc.
June 4, 2007... Spanish developer Astroc celebrated its first birthday on the Madrid stock exchange last month as chairman Enrique Banuelos ceded control to shareholders and was forced to cancel a 2bn share sale. Property company Nozar paid 261m for another...

Pirelli and Morgan Stanley seek office fund investors.
June 4, 2007... Two vehicles worth 644m in total and run by jv could be opened by mid-June Pirelli RE and Morgan Stanley have opened two closed-end office funds for new investors.The Berenice and Tecla office funds, worth 308m and 336m respectively, are run...

In brief.
June 4, 2007... GE to sell Stockholm portfolioGE Real Estate is selling a portfolio of shopping centres in the suburbs of Stockholm. The Bay Lake portfolio consists of four centres with a total leasable area of 32,000 m2. The deal is likely to fetch around...

Banks link up to fund Istanbul shopping centre.
June 4, 2007... International property investment, development and asset management company St Martins has completed the financing of Europe's biggest shopping centre, the Cevahir mall in Istanbul. The $515.5m loan, which was oversubscribed, has been agreed...

UBS retail deal sets record low yield.
June 4, 2007... UBS has bought its first shopping centre in Spain at a record low yield for the market.The Swiss bank paid 100m for the 25,000 m[sup.2] Metromar shopping centre in Seville, reflecting a yield of 4.5% to 4.75%. Net yields for prime large...

German fund manager signs Italian tenant.
June 4, 2007... SachsenFonds has found a tenant for its 11,000 m2 office asset in northern Italy. The German closed-end fund manager has agreed terms with Italian energy supplier giant ENI for office space at San Donato, a new development outside Milan....

Protego Real Estate Investors eyes [euro]585m Nordic portfolio to seed new fund.
June 4, 2007... Protego Real Estate Investors is preparing to buy a 585m portfolio from fellow UK investor Boultbee to seed its recently launched Nordic Retail Fund. The portfolio contains 11 shopping centres: ten in Sweden and one in Finland, the largest of...

Norwegian group to sell pair of portfolios in record deal.
June 4, 2007... Financial services group DnB NOR to offer assets worth around 600m to both domestic and international investors in Norway's largest-ever transactionNorway's largest financial services group, DnB NOR, is to sell two portfolios worth 600m in the...

Bright outlook for 2007 performance, say C&W.
June 4, 2007... Expectations for performance of the 2007 European commercial property market have risen as a result of fresh allocations of money and a modest increase in supply, according to Cushman & Wakefield.The property consultants recorded 55.7bn of...

Reshuffle prompts staff exodus at Eurohypo.
June 4, 2007... Several senior staff members leave bank as a result of internal reorganisation Eurohypo has lost a number of senior staff as the result of an internal reorganisation. In recent weeks, Peter Denton, managing director, European debt capital...