Euro Property articles from November 2006

Euro Property archives from November 2006

US players exit as German housing market heats up.
November 1, 2006... MSREF sells ThyssenKrupp portfolio and Fortress floats Gagfah stake, as new market entrants seek deals The sale of German houses entered a new phase last month as two US investors used different exit routes from their investments. Fortress...

Dutch banks launch retail issue in busy month for CMBS.
November 1, 2006... The European commercial mortgage-backed securities market had another busy month in October, with a number of issues rated, including a [euro]1bn-plus Netherlands deal. NIB Capital Bank and ING are launching Leo-Mesdag, a [euro]1.05bn...

Sponda doubles its portfolio size with Kapiteeli purchase.
November 1, 2006... Kapiteeli state property portfolio forms a good fit with Sponda's mainly Helsinki-based assets and makes the Finnish company one of the biggest in the Nordics Sponda has doubled its size following a [euro]950m acquisition of Finnish state...

ING REIM enters German office market.
November 1, 2006... ING Real Estate has made its first investment in the German office market, buying an office in Frankfurt's central business district. The ING Real Estate European Office Fund (EOF) has bought a 2,716m[sup.2] building on the Bockenheimer...

In brief.
November 1, 2006... IVG snaps up Difa offices IVG has bought four German offices from open-ended fund manager Difa for [euro]190m. The properties, in Dusseldorf, Munich and Stuttgart, total 66,000m[sup.2] and have an 11% vacancy rate. SIIC buys in...

Difa in bid for Amsterdam Rembrandt masterpiece.
November 1, 2006... Difa is set to buy a majority stake in Amsterdam's tallest tower. The German fund manager was finalising an agreement to buy a 75%-stake in the 35-storey Rembrandt tower from insurer Winterthur for [euro]108m as EuroProperty went to press....

Kardan joins with EBRD in Ukraine.
November 1, 2006... Dutch conglomerate Kardan and the European Bank for Reconstruction and Development (EBRD) have joined forces to develop property in Ukraine. EBRD will acquire a 10% interest in a subsidiary of GTC -- Kardan's property division -- which...

Spanish takeovers prompt plan to cap stakes in SIICs.
November 1, 2006... A possible fourth amendment to French SIIC legislation could introduce a 60% cap on ownership in SIICs. The aim is to preserve liquidity and maintain a minimum percentage on the amount of a company's shares in free float. 'SIIC 4', as...

Rutley fund scores [euro]160m deals in Germany and Poland.
November 1, 2006... Rutley European Property Limited has announced off-market acquisitions totalling more than [euro]160m. The fund, managed by Rutley Capital Partners, a private equity business of Knight Frank, bought: Buma Square in Poland, a 28,835m[sup.2]...

Italian government rushes to launch REITs by January.
November 1, 2006... Vehicle based on French SIICs will be well placed to benefit from state property sales Italy is planning to have a real estate investment trust vehicle in place by the New Year. A strong property market has galvanised the Italian...

Meinl continues eastern drive with Estonian supermarkets.
November 1, 2006... Meinl European Land has entered Estonia with a [euro]60m project to develop supermarket chains for local retailer VP-Market. Meinl believes Estonia offers good opportunities because of the low level of retail space coming to the market. ...

Bids are in for [euro]300m steel Landmark.
November 1, 2006... ThyssenKrupp has received a number of bids for its [euro]300m Landmark portfolio. The portfolio consists of three sub-portfolios: office, commercial and development. It has a 16% vacancy rate and generates rental income of [euro]27.9m,...

Belgian state calls off [euro]1.2bn property sale to Cofinimmo.
November 1, 2006... Cofinimmo loses contract after underbidders Axa and Befimmo complain about stretched deadline Cofinimmo has lost a [euro]1.2bn deal with the Belgian federal government less than a month after winning the contract, because of a "formal...

PRUPIM vehicleexploits Western European upturn.
November 1, 2006... Prudential's M&G has launched a European property fund through PRUPIM. The M&G European Property fund is seeded with six assets from the [pounds sterling]80bn ([euro]119.4bn) Prudential Life fund, worth [euro]380m. It will be run by...

Norwegian investor pulls out of overheating Sweden.
November 1, 2006... Acta is leaving Sweden, claiming prices have become too high. The Norwegian investor sold five properties -- nearly all of its commercial assets in Sweden -- to fund manager Niam for [euro]400m. "We have sold these properties because of the...

...as UK Property Fund prepares for trading in derivatives.
November 1, 2006... Investors in Henderson's UK Property Fund have voted to allow the fund to trade in derivatives. The fund will be able to invest up to a total of 20% in the instruments, with a 15% limit on any single trade. Property derivatives enable...

Henderson plans [euro]500m first course on Italian menu...
November 1, 2006... Retail fund to be followed with one vehicle for each of the next three to five years Henderson Global Investors has unveiled plans to enter the burgeoning Italian property fund management sector early next year. A new management...

Belgian planning reform sparks Charleroi retail boom.
November 1, 2006... The Belgian town of Charleroi has become the focus for a number of retail schemes following the relaxation of the country's planning laws at the end of last year. Italy's Grupo Moro is developing a 100,000m[sup.2] shopping centre, called...

Turkey and Croatia are next on Pirelli RE's shopping list.
November 1, 2006... Italian property giant aims to buy Turkish and Croatian assets from UniCredit, hot on the heels of a residential purchase in Germany and development deal in Poland Italy's Pirelli RE is poised to enter Turkey and Croatia next year as a...

DB Real Estate ready to check out of Hilton 1 in Stockholm.
November 1, 2006... DB Real Estate is selling the 19,000m[sup.2] Hilton 1 office building north of Stockholm city centre. Hilton 1 has a [euro]58m book value and it is thought DBRE will make a 5%-10% profit on this. Around 50% of Hilton 1 is let to developer...

Danish venture for Benson Elliot.
November 1, 2006... Private equity property firm Benson Elliot and Danish developer Sjaelso Gruppen have signed a 50/50 partnership deal for the final development and sale of Sjaelso Gruppen's residential project at Havneholmen, Copenhagen. The joint venture...

Atisreal swallows up Fuller Peiser.
November 1, 2006... Property consultant Atisreal has bought UK property company Fuller Peiser in a bid to strengthen its position as a European player. No financial details were disclosed, but Atisreal, which is owned by French bank BNP Paribas, is likely to...

Bid for Fadesa continues Spanish consolidation trend.
November 1, 2006... Unlisted property company Grupo Martinsa has launched a [euro]4bn offer for property company Fadesa in the latest takeover bid to hit the Spanish market. Grupo Martinsa has offered [euro]35.70-per-share. Fadesa president Manuel Jove...

Matrix captures Doughty Hanson's Vienna office tower.
November 1, 2006... Doughty Hanson has sold the IZD Tower in Vienna to Matrix Property Fund Management for [euro]247m. The 38-storey, 63,400m[sup.2] office tower is in Donau City, east of Vienna's city centre and was bought by the fund manager with [euro]30m...

Halverton's first office fund kicks off series of launches.
November 1, 2006... Go office fund from industrial investor will target Germany for wealthy individuals Industrial investor Halverton is branching out into the office sector by launching a German offices fund. The vehicle, called Go, has [euro]35m in...

Oppenheim seals Dutch sale-and-leaseback with KPMG.
November 1, 2006... German fund manager Oppenheim has bought a [euro]250m office development in Amstelveen, near Amsterdam, from a joint venture between KPMG and Meijon. The property consists of six buildings totalling 60,000m[sup.2] and will be leased back...

Develica pulls plug on deal for Deka's Hannibal assets.
November 1, 2006... German fund and property company fail to agree price for Hannibal portfolio after months of wrangling, despite many "difficult" assets being spun off in earlier deal Deka Immobilien Investment has failed to sell its [euro]1.2bn Hannibal...

UBS to turn around Redstone portfolio.
November 1, 2006... Swiss bank UBS has bought a portfolio of 10 German offices from domestic developer Strabag for between [euro]200m and [euro]250m, through its Luxembourg-based vehicle ICredpartner Sarl&Cie SECS. The Redstone portfolio has a weighted average...

People.
November 1, 2006... Eurohypo adds German securitisation head Eurohypo has appointed Nicolaus Trautwein as head of securitisation in Germany, where it plans to expand its securitisation business. Grosvenor names asset management chief Xavier Fecamp has...

G-REIT bill ticks all the boxes.
November 1, 2006... The German property industry has broadly welcomed draft G-REIT legislation that allows for residential investment and doesn't threaten the country's open-ended fund sector Following weeks of leaks to the media, the German finance ministry...

European investors see opportunities rising in the east.
November 1, 2006... Asia's property markets may remain small in terms of transactions but plenty of European investors see vast potential -- if transparency can be improved The Asia-Pacific region is the next land of milk and honey for European and other...

Threadneedle scores double victory in inaugural awards.
November 1, 2006... UK fund manager scoops three and five-year UK fund categories in first Investment Awards UK fund manager Threadneedle picked up two awards for fund performance in the first EuroProperty Investment Awards, which were held at the Expo Real...

US players home in on German profits.
November 1, 2006... I was recently talking to investors and consultants about where next year's retail hotspots would be. They are getting quite excited about Romania and Bulgaria, as the two countries are set to join the EU next year and are expected to follow...

Heard in the Eurolounge.
November 1, 2006... Time to cut the hedge Is the term "hedge fund manager" becoming less sexy now that a number of central banks are starting to worry about these opaque vehicles? EuroProperty recently received the request to use the term "investment manager"...

Gates open for flood of European derivatives.
November 1, 2006... Increasing uncertainty in the physical market, as well as improved documentation, will stimulate further growth This year has been a good one for commercial property derivatives, as the market for bespoke and over-the-counter swaps has...

ProLogis.
November 1, 2006... The global distribution property specialist has entered a new growth phase with the listing of pan-European REIT ProLogis European Properties ProLogis is a big company with equally large ambitions and, with the launch of a listed fund for...

Cofinimmo.
November 1, 2006... The suspension of a pending [euro]1.2bn deal with the Belgian state has been a blow to the country's biggest property company, but it has a solid [euro]2.1bn property portfolio and is expanding into areas such as senior care homes ...

Bank of Ireland Private Banking.
November 1, 2006... The bank's property team manages a [euro]1.5bn European portfolio for clients who have amassed fortunes in Ireland's boom. The UK, Paris, Brussels and Stockholm are its favourite markets Ireland's 'Celtic Tiger' years were a time of...

Riofisa.
November 1, 2006... The Spanish shopping centre developer has moved into Eastern Europe with projects in Romania and Bulgaria, while at home its listing this July has made it ripe for a takeover bid Shopping centre developer Riofisa received a telephone call a...

Italy.
November 1, 2006... The potential for state property privatisations and a burgeoning fund management sector are expanding the Italian market, while demand and economic prospects look promising Italy's property market is poised for a new phase of evolution...

Young Italian fundsector experiences a growth spurt.
November 1, 2006... The Italian property fund management sector has grown apace with a spate of fund launches, as new managers get in on the act with vehicles for institutional investors The Italian fund management industry is still in its infancy compared...

Regeneration breathes new life into Rome and Milan.
November 1, 2006... Shortage of office space and steady demand spark development in Italy's two main cities Milan's office market is improving. Take-up in quarter two this year was up on the previous three months with more than 76,000m[sup.2] transacted,...

New vehicles on the fast track.
November 1, 2006... The Italian government is speeding ahead with legislation for the launch of a real estate investment trust, aiming to catch up with similar moves by other European economies Italy could have its own real estate investment trusts up and...

Key data: The listed sector.
November 1, 2006... Europe index moves in the right direction with 5.1% rise The UK's Grainger Trust was leading stock, adding 27% The EPRA/NAREIT Europe Index added 5.1% in September after a quiet August. The UK gained 4.4%, the Netherlands 8% and France...

Key data: INREV.
November 1, 2006... Wave of fund closures may release [euro]70bn of property in next five years Peak year for fund closures will be 2010 More than [euro]70bn of commercial property could come to the market over the next five years as European funds come to...

Key data: Non-listed sector.
November 1, 2006... Recent fund launches target Nordics and Central/Eastern Europe Interest rates may have peaked at 3.25% The European Central Bank raised rates by a further 0.25% to 3.25% at its 6 October meeting, as expected, but it was rather less...

Key data: Occupiers.
November 1, 2006... German cities on course to match 2005 take-up Prime Dublin office rents break [euro]600m[sup.2] barrier for first time High demand in cities keeps German take-up steady Take-up in Germany's eight key office locations held steady in...

Key data: German open-ended funds.
November 1, 2006... German funds sector experiences net outflows for second month running Deka loses most, down [euro]488.1m German open-ended funds recorded a net outflow of funds for the second month running in October. The sector recorded net outflows of...

US players exit as German housing market heats up.
November 1, 2006... MSREF sells ThyssenKrupp portfolio and Fortress floats Gagfah stake, as new market entrants seek deals The sale of German houses entered a new phase last month as two US investors used different exit routes from their investments. Fortress...

US players exit as German housing market heats up.
November 1, 2006... MSREF sells ThyssenKrupp portfolio and Fortress floats Gagfah stake, as new market entrants seek deals The sale of German houses entered a new phase last month as two US investors used different exit routes from their investments. Fortress...

Dutch banks launch retail issue in busy month for CMBS.
November 1, 2006... The European commercial mortgage-backed securities market had another busy month in October, with a number of issues rated, including a 1bn-plus Netherlands deal. NIB Capital Bank and ING are launching Leo-Mesdag, a 1.05bn securitisation...

Sponda doubles its portfolio size with Kapiteeli purchase.
November 1, 2006... Kapiteeli state property portfolio forms a good fit with Sponda's mainly Helsinki-based assets and makes the Finnish company one of the biggest in the Nordics Sponda has doubled its size following a 950m acquisition of Finnish state...

ING REIM enters German office market.
November 1, 2006... ING Real Estate has made its first investment in the German office market, buying an office in Frankfurt's central business district. The ING Real Estate European Office Fund (EOF) has bought a 2,716m[sup.2] building on the Bockenheimer...

In brief.
November 1, 2006... IVG snaps up Difa offices IVG has bought four German offices from open-ended fund manager Difa for 190m. The properties, in Dusseldorf, Munich and Stuttgart, total 66,000m[sup.2] and have an 11% vacancy rate. SIIC buys in Ile-de-France...

Dutch banks launch retail issue in busy month for CMBS.
November 1, 2006... The European commercial mortgage-backed securities market had another busy month in October, with a number of issues rated, including a C1bn-plus Netherlands deal. NIB Capital Bank and ING are launching Leo-Mesdag, a C1.05bn securitisation...

Sponda doubles its portfolio size with Kapiteeli purchase.
November 1, 2006... Kapiteeli state property portfolio forms a good fit with Sponda's mainly Helsinki-based assets and makes the Finnish company one of the biggest in the Nordics Sponda has doubled its size following a C950m acquisition of Finnish state...

In brief.
November 1, 2006... IVG snaps up Difa offices IVG has bought four German offices from open-ended fund manager Difa for C190m. The properties, in Dusseldorf, Munich and Stuttgart, total 66,000m[sup.2] and have an 11% vacancy rate. SIIC buys in...

Kardan joins with EBRD in Ukraine.
November 1, 2006... Dutch conglomerate Kardan and the European Bank for Reconstruction and Development (EBRD) have joined forces to develop property in Ukraine. EBRD will acquire a 10% interest in a subsidiary of GTC -- Kardan's property division -- which...

Spanish takeovers prompt plan to cap stakes in SIICs.
November 1, 2006... A possible fourth amendment to French SIIC legislation could introduce a 60% cap on ownership in SIICs. The aim is to preserve liquidity and maintain a minimum percentage on the amount of a company's shares in free float. 'SIIC 4', as...

Rutley fund scores [euro]160m deals in Germany and Poland.
November 1, 2006... Rutley European Property Limited has announced off-market acquisitions totalling more than 160m. The fund, managed by Rutley Capital Partners, a private equity business of Knight Frank, bought: Buma Square in Poland, a 28,835m[sup.2]...

Italian government rushes to launch REITs by January.
November 1, 2006... Vehicle based on French SIICs will be well placed to benefit from state property sales Italy is planning to have a real estate investment trust vehicle in place by the New Year. A strong property market has galvanised the Italian...

Kardan joins with EBRD in Ukraine.
November 1, 2006... Dutch conglomerate Kardan and the European Bank for Reconstruction and Development (EBRD) have joined forces to develop property in Ukraine. EBRD will acquire a 10% interest in a subsidiary of GTC -- Kardan's property division -- which...

Rutley fund scores [euro]160m deals in Germany and Poland.
November 1, 2006... Rutley European Property Limited has announced off-market acquisitions totalling more than C160m. The fund, managed by Rutley Capital Partners, a private equity business of Knight Frank, bought: Buma Square in Poland, a 28,835m[sup.2]...

Italian government rushes to launch REITs by January.
November 1, 2006... Vehicle based on French SIICs will be well placed to benefit from state property sales Italy is planning to have a real estate investment trust vehicle in place by the New Year. A strong property market has galvanised the Italian...

Meinl continues eastern drive with Estonian supermarkets.
November 1, 2006... Meinl European Land has entered Estonia with a 60m project to develop supermarket chains for local retailer VP-Market. Meinl believes Estonia offers good opportunities because of the low level of retail space coming to the market. The...

Bids are in for [euro]300m steel Landmark.
November 1, 2006... ThyssenKrupp has received a number of bids for its 300m Landmark portfolio. The portfolio consists of three sub-portfolios: office, commercial and development. It has a 16% vacancy rate and generates rental income of 27.9m, according to...

In brief.
November 1, 2006... Haars steps into Corio hotseat Corio has named Jan Haars as its new chief financial officer, the listed property investor's fifth in the past four years. Haars takes over from John Kuik, who resigned after only six months in the job over...

Belgian state calls off [euro]1.2bn property sale to Cofinimmo.
November 1, 2006... Cofinimmo loses contract after underbidders Axa and Befimmo complain about stretched deadline Cofinimmo has lost a 1.2bn deal with the Belgian federal government less than a month after winning the contract, because of a "formal flaw" in...

Meinl continues eastern drive with Estonian supermarkets.
November 1, 2006... Meinl European Land has entered Estonia with a C60m project to develop supermarket chains for local retailer VP-Market. Meinl believes Estonia offers good opportunities because of the low level of retail space coming to the market. The...

Bids are in for [euro]300m steel Landmark.
November 1, 2006... ThyssenKrupp has received a number of bids for its C300m Landmark portfolio. The portfolio consists of three sub-portfolios: office, commercial and development. It has a 16% vacancy rate and generates rental income of C27.9m, according to...

Belgian state calls off [euro]1.2bn property sale to Cofinimmo.
November 1, 2006... Cofinimmo loses contract after underbidders Axa and Befimmo complain about stretched deadline Cofinimmo has lost a C1.2bn deal with the Belgian federal government less than a month after winning the contract, because of a "formal flaw" in...

PRUPIM vehicleexploits Western European upturn.
November 1, 2006... Prudential's M&G has launched a European property fund through PRUPIM. The M&G European Property fund is seeded with six assets from the [pounds sterling]80bn (119.4bn) Prudential Life fund, worth 380m. It will be run by David Jackson...

Norwegian investor pulls out of overheating Sweden.
November 1, 2006... Acta is leaving Sweden, claiming prices have become too high. The Norwegian investor sold five properties -- nearly all of its commercial assets in Sweden -- to fund manager Niam for 400m. "We have sold these properties because of the...

...as UK Property Fund prepares for trading in derivatives.
November 1, 2006... Investors in Henderson's UK Property Fund have voted to allow the fund to trade in derivatives. The fund will be able to invest up to a total of 20% in the instruments, with a 15% limit on any single trade. Property derivatives enable...

Henderson plans [euro]500m first course on Italian menu...
November 1, 2006... Retail fund to be followed with one vehicle for each of the next three to five years Henderson Global Investors has unveiled plans to enter the burgeoning Italian property fund management sector early next year. A new management...

Norwegian investor pulls out of overheating Sweden.
November 1, 2006... Acta is leaving Sweden, claiming prices have become too high. The Norwegian investor sold five properties -- nearly all of its commercial assets in Sweden -- to fund manager Niam for C400m. "We have sold these properties because of the...

...as UK Property Fund prepares for trading in derivatives.
November 1, 2006... Investors in Henderson's UK Property Fund have voted to allow the fund to trade in derivatives. The fund will be able to invest up to a total of 20% in the instruments, with a 15% limit on any single trade. Property derivatives enable...

Henderson plans [euro]500m first course on Italian menu...
November 1, 2006... Retail fund to be followed with one vehicle for each of the next three to five years Henderson Global Investors has unveiled plans to enter the burgeoning Italian property fund management sector early next year. A new management...

Belgian planning reform sparks Charleroi retail boom.
November 1, 2006... The Belgian town of Charleroi has become the focus for a number of retail schemes following the relaxation of the country's planning laws at the end of last year. Italy's Grupo Moro is developing a 100,000m[sup.2] shopping centre, called...

Turkey and Croatia are next on Pirelli RE's shopping list.
November 1, 2006... Italian property giant aims to buy Turkish and Croatian assets from UniCredit, hot on the heels of a residential purchase in Germany and development deal in Poland Italy's Pirelli RE is poised to enter Turkey and Croatia next year as a...

DB Real Estate ready to check out of Hilton 1 in Stockholm.
November 1, 2006... DB Real Estate is selling the 19,000m[sup.2] Hilton 1 office building north of Stockholm city centre. Hilton 1 has a 58m book value and it is thought DBRE will make a 5%-10% profit on this. Around 50% of Hilton 1 is let to developer JM on...

Danish venture for Benson Elliot.
November 1, 2006... Private equity property firm Benson Elliot and Danish developer Sjaelso Gruppen have signed a 50/50 partnership deal for the final development and sale of Sjaelso Gruppen's residential project at Havneholmen, Copenhagen. The joint venture...

Turkey and Croatia are next on Pirelli RE's shopping list.
November 1, 2006... Italian property giant aims to buy Turkish and Croatian assets from UniCredit, hot on the heels of a residential purchase in Germany and development deal in Poland Italy's Pirelli RE is poised to enter Turkey and Croatia next year as a...

DB Real Estate ready to check out of Hilton 1 in Stockholm.
November 1, 2006... DB Real Estate is selling the 19,000m[sup.2] Hilton 1 office building north of Stockholm city centre. Hilton 1 has a C58m book value and it is thought DBRE will make a 5%-10% profit on this. Around 50% of Hilton 1 is let to developer JM on...