Euro Property articles from October 2006

Euro Property archives from October 2006

Axa's [euro]600m deal shows shine of Polish retail sector.
October 1, 2006... AXA shells out for 49% stake in shopping-centre package bought by Apollo for [euro]750m two years ago AXA Real Estate Investment Managers has paid US investor Apollo Real Estate Advisors around [euro]600m for a 49% stake in a Polish retail...

Edinburgh comes to Germany with deals worth [euro]100m.
October 1, 2006... Private investor Edinburgh House has completed [euro]100m of German deals. The Scottish investor's latest purchases include a 21,184m[sup.2] shopping centre in Nordhausen, a 8,000 m[sup.2] shopping centre in Sondershausen and a...

Diligentia seeks [euro]250m for Stockholm trophy building.
October 1, 2006... Domestic buyers have the edge in bidding for building needing asset management Swedish private property company Diligentia has put the prime Sturekvarteret property in central Stockholm on the market with a SKr3.5bn ([euro]250m) price tag....

In brief.
October 1, 2006... Addison moves to Donaldsons Donaldsons has appointed Robert Addison as a European partner. Addison will work specifically on retail asset management across the firm's portfolio of 20 countries. He previously worked as a partner with...

Credit Suisse markets German and Netherlands dozen.
October 1, 2006... Credit Suisse is marketing a [euro]300m portfolio of six office buildings in the Netherlands and six in Germany. The 113,000m[sup.2] portfolio, which is being marketed by DTZ, produces [euro]18.7m in rent. Four of the six Dutch buildings...

Investors check in [euro]255m to Invesco Euro hotels fund.
October 1, 2006... Invesco has closed its European Hotel Real Estate fund, having raised [euro]255m in equity. The fund will be geared up to 60%, reaching a volume of close to [euro]700m. A second closing in the first quarter may add an additional [euro]100m...

Frankfurt and London office yields dip to record lows.
October 1, 2006... Office yield records continue to be broken in Europe's capital cities, with new lows in London and Frankfurt. Prime yields for Frankfurt offices hit a record low with the [euro]100m purchase of a 20,500m[sup.2] building in Mainzer...

Macquarie snaps up Paris office opportunity.
October 1, 2006... Macquarie Global Property Advisors and Generale Continentale Investissements are to buy an office building in Paris from AXA REIM France for an undisclosed sum. The 11,000m[sup.2] property is located within Montrouge, on the southern edge...

Property firms prepare floats in listings parade.
October 1, 2006... The property company flotation market has opened again, with a number of successful floats in September and more to follow. ProLogis European Properties, a Luxembourg-based subsidiary of US logistics property investment firm ProLogis, has...

Deka offloads [euro]1.3bn assets.
October 1, 2006... Oaktree buys Hercules portfolio plus three buildings from Hannibal in record deal Deka Immobilien Investment has become the first German fund manager to sell a [euro]1bn-plus domestic portfolio. In addition to the [euro]1.1bn Hercules...

Carlyle tries on 115,000m[superscript two] H&M shed in Hamburg.
October 1, 2006... Carlyle is to develop a new 114,800m[sup.2] distribution centre for H&M in Hamburg. The global private equity firm did not release any financial information, but a source put the end value at [euro]85m. Carlyle has acquired a site of...

Managers seek Nordic exposure.
October 1, 2006... Fund managers Teesland iOG, Aberdeen and ING have all launched pan-Nordic funds. Teesland's [euro]750m Nordic Aktiv Property Fund is expecting to raise [euro]280m and has already acquired a [euro]450m portfolio of 62 assets, which will...

Metrovacesa bidding ends with power evenly divided.
October 1, 2006... Chairman Rivero and board member Soler left with 36%, Sacresa holding 39.5% The outcome of the bidding war for the Spanish property group Metrovacesa has been finalised, giving neither party overall managerial control. Chairman...

Funds of hedge funds overtake property.
October 1, 2006... Property is losing popularity to funds of hedge funds, according to research from investment consultant Watson Wyatt. Investment in funds of hedge funds (FoHFs) accounted for 44% (around [euro]66bn) of net new inflows over 2005, according...

First data shows derivatives market in UK nearing [pounds sterling]3bn.
October 1, 2006... IPD reports total [pounds sterling]1.26bn trades in first half of 2006, double the figure for all of 2005 The fledgling UK property derivatives market could treble in size this year, according to Investment Property Databank founding...

ING unites real estate and wholesale banking divisions.
October 1, 2006... ING Real Estate Investment Management and ING Wholesale Banking have joined forces to create a property banking and advisory business. The venture, ING Real Estate Capital Advisors, will offer fully integrated banking, capital markets and...

London portfolio seeks record price.
October 1, 2006... Syrian-born UK property investor Simon Halabi is selling London assets worth [pounds sterling]1.8bn ([euro]2.6bn). If a single buyer were found for the 220,880m[sup.2] portfolio, it would be the largest ever UK property deal. The portfolio...

Bank of Scotland links up in Symmetry with aAIM.
October 1, 2006... Bank of Scotland Corporate has linked up with asset manager aAIM to create a highly-geared [pounds sterling]2bn ([euro]2.97bn) European property fund. As well as investing [pounds sterling]100m ([euro]148.9m) in the new Symmetry Fund, BoS...

Cofinimmo wins state fund tender.
October 1, 2006... Belgian-listed property company Cofinimmo has won a tender to launch a [euro]1.2bn listed vehicle for the Belgian government. The company is still known only as SICAFI 2006 and its portfolio will consist of 79 offices in Belgium let to the...

Higher-margin debt bonds on the way.
October 1, 2006... Banks prepare to introduce packages of junior property-backed debt to Europe as investors seek better yields The first European real estate collateralised debt obligations (CDOs) are set to be launched this year as banks cash in on demand...

AIM listed Dawnay Day Treveria slips into the red.
October 1, 2006... Dawnay Day Treveria reported a [euro]12.9m interim loss in its first results since listing on London's Alternative Investment Market in December. The loss was caused by [euro]55.6m in deferred tax liabilities. The company, which invests in...

Huigen joins JLL Benelux.
October 1, 2006... Jones Lang LaSalle has recruited Erik Huigen as chief operating officer of its Benelux business. Huigen, a Dutch national who has been working as chief operating officer in JLL's German office for the past five years, will be responsible...

Kempen hedges its bets with new property fund.
October 1, 2006... Dutch merchant bank Kempen & Co is to launch a property hedge fund in the first quarter of next year. The fund, which will have a focus on absolute returns, will invest in listed property securities. Kempen said the launch of the fund came...

Germany's CGG puts up [euro]176m for Malm" Entre.
October 1, 2006... TK Development sells retail project to German fund but carries the risk until scheme's completion in 2008 German fund manager Commerz Grundbesitz Group has bought the Malm" Entre shopping centre to the north of Malm" for [euro]176m from...

Invista opts for independence.
October 1, 2006... Invista Real Estate has chosen an unusual route to growth for a fund manager by parting from its parent company, UK bank HBOS, and floating on the London Stock Exchange Invista Real Estate joined an exclusive club in late September when it...

UK growth drives expanding European investment market.
October 1, 2006... The UK still has the largest market but Germany is increasingly popular with investors The European property market is expanding, both in terms of capital flows and overall investment. In 2005, [euro]221.5bn of capital flowed into a market...

Demand buoys Germany.
October 1, 2006... Predictions for European office returns show that total returns are likely to grow in major German markets -- but only if investor interest can counteract falling rents Investors accepting low yields for offices in Germany in hope of a...

Time to give the people what they want.
October 1, 2006... Most people in the property fund management industry will tell you they have as much capital as they can cope with, while finding the product is the difficult bit. True enough, but the latter is, after all, their job and not unrelated to the...

People.
October 1, 2006... Beck succeeds Dietz at Commerz Gruppe Dr Heiko Beck is to join the management of Commerz Grundbesitz Gruppe by December. His areas of responsibility will include property valuation, legal issues, finance and accounting. He will succeed Dr...

Heard in the Eurolounge.
October 1, 2006... Good to see they're still close Irish property consultant Hamilton Osborne King has completed its first deals with its new partner Savills. In one of them, the team advised Irish investor Ballymore on the purchase of a [pounds sterling]20m...

New ways to invest will outlive the golden age.
October 1, 2006... The outperformance of the past few years is unsustainable, but it has given rise to enduring investment alternatives It will be some time before we forget the golden years of strong performance at the start of the new millennium. Annual UK...

ING plans [euro]4bn Euro push.
October 1, 2006... Fund manager believes yield compression and rental value growth favour launch of five funds for France, central & eastern Europe, the Nordics, UK healthcare and infrastructure ING Real Estate Investment Management made a bold commitment to...

GE Real Estate.
October 1, 2006... With Germany and the Nordic countries in its sights, the US investor's European business believes its balance sheet could top [euro]15bn by 2010 Olivier Piani, GE Real Estate's European president, is relaxed about the company's growth, and...

Doughty Hanson.
October 1, 2006... The fund manager's first property vehicle has delivered a 42% return in a rising market. For the second, now closed with [euro]560m equity, it will have to work harder to find opportunities Since the launch of its first fund six years ago,...

Equest Balkan Properties.
October 1, 2006... With [euro]202m of acquisitions behind it, newcomer EBP is off to an energetic start. Bulgaria and Romania are attracting the bulk of investment in anticipation of EU accession next year Unlike a number of its peers on London's Alternative...

Cushman & Wakefield Investors.
October 1, 2006... The global property adviser's relaunched UK and continental investment management arm has already taken a step into Asia and is working on the launch of sector-specific funds In March, international property adviser Cushman & Wakefield...

Germany.
October 1, 2006... Foreign investors, especially from the UK, have been pushing German property prices up in a rush to buy ahead of economic recovery. But their hopes for an upturn seem premature Last year, the Expo Real property trade fair in Munich drew...

Investors see silver lining to clouds over German market.
October 1, 2006... Record levels of investment in Germany seem at odds with a gloomy economic climate, but generous lending by banks is encouraging investors' belief that a recovery is due Property portfolios are coming onto the German market so thick and...

Political deadlock leaves market in the doldrums.
October 1, 2006... A divided coalition government has failed to enact reforms to revive a depressed economy The news that UBS is to take 31,000m[sup.2] in a new 168-metre tall tower in Frankfurt's city centre has kept the German property industry talking...

The G-REIT debate moves on.
October 1, 2006... With a timetable in place for a January launch, the question is no longer whether Germany will get a REIT structure, but whether it will take a form that will really benefit the market The German government has been working towards the...

Key data: Occupiers.
October 1, 2006... Business location poll puts Warsaw top for future relocations France faces shortage of high-spec warehouses London tops location poll with Warsaw the rising star Warsaw can expect the biggest influx of international companies in the...

Key data: INREV.
October 1, 2006... Index has increased to 473 funds but growth has slowed in past year Many new entrants are value-added funds INREV's database increased to comprise 473 funds with a reported gross asset value (GAV) of [euro]319.4bn in the second quarter...

Key data: German open-ended funds.
October 1, 2006... Sector's net outflows for August were less than previous month at [euro]135m Deka fared worst, losing [euro]366m German open-ended funds recorded net outflows of [euro]135.8m in August compared with inflows of [euro]220.3m in the...

Key data: The listed sector.
October 1, 2006... Mixed performance slows rise of the EPRA Europe index JP Morgan downgrades rating for European property The EPRA/NAREIT Europe Index added 90 basis points in August on the back of a strong month in July. The UK lost 44 basis points, the...

Axa's [euro]600m deal shows shine of Polish retail sector.
October 1, 2006... AXA shells out for 49% stake in shopping-centre package bought by Apollo for [euro]750m two years ago AXA Real Estate Investment Managers has paid US investor Apollo Real Estate Advisors around [euro]600m for a 49% stake in a Polish retail...

Edinburgh comes to Germany with deals worth [euro]100m.
October 1, 2006... Private investor Edinburgh House has completed [euro]100m of German deals. The Scottish investor's latest purchases include a 21,184m[sup.2] shopping centre in Nordhausen, a 8,000 m[sup.2] shopping centre in Sondershausen and a...

Diligentia seeks [euro]250m for Stockholm trophy building.
October 1, 2006... Domestic buyers have the edge in bidding for building needing asset management Swedish private property company Diligentia has put the prime Sturekvarteret property in central Stockholm on the market with a SKr3.5bn ([euro]250m) price tag....

In brief.
October 1, 2006... Addison moves to Donaldsons Donaldsons has appointed Robert Addison as a European partner. Addison will work specifically on retail asset management across the firm's portfolio of 20 countries. He previously worked as a partner with...

Credit Suisse markets German and Netherlands dozen.
October 1, 2006... Credit Suisse is marketing a [euro]300m portfolio of six office buildings in the Netherlands and six in Germany. The 113,000m[sup.2] portfolio, which is being marketed by DTZ, produces [euro]18.7m in rent. Four of the six Dutch buildings...

Investors check in [euro]255m to Invesco Euro hotels fund.
October 1, 2006... Invesco has closed its European Hotel Real Estate fund, having raised [euro]255m in equity. The fund will be geared up to 60%, reaching a volume of close to [euro]700m. A second closing in the first quarter may add an additional [euro]100m...

Frankfurt and London office yields dip to record lows.
October 1, 2006... Office yield records continue to be broken in Europe's capital cities, with new lows in London and Frankfurt. Prime yields for Frankfurt offices hit a record low with the [euro]100m purchase of a 20,500m[sup.2] building in Mainzer...

Macquarie snaps up Paris office opportunity.
October 1, 2006... Macquarie Global Property Advisors and Generale Continentale Investissements are to buy an office building in Paris from AXA REIM France for an undisclosed sum. The 11,000m[sup.2] property is located within Montrouge, on the southern edge...

Property firms prepare floats in listings parade.
October 1, 2006... The property company flotation market has opened again, with a number of successful floats in September and more to follow. ProLogis European Properties, a Luxembourg-based subsidiary of US logistics property investment firm ProLogis, has...

Deka offloads [euro]1.3bn assets.
October 1, 2006... Oaktree buys Hercules portfolio plus three buildings from Hannibal in record deal Deka Immobilien Investment has become the first German fund manager to sell a [euro]1bn-plus domestic portfolio. In addition to the [euro]1.1bn Hercules...

Carlyle tries on 115,000m[superscript two] H&M shed in Hamburg.
October 1, 2006... Carlyle is to develop a new 114,800m[sup.2] distribution centre for H&M in Hamburg. The global private equity firm did not release any financial information, but a source put the end value at [euro]85m. Carlyle has acquired a site of...

Managers seek Nordic exposure.
October 1, 2006... Fund managers Teesland iOG, Aberdeen and ING have all launched pan-Nordic funds. Teesland's [euro]750m Nordic Aktiv Property Fund is expecting to raise [euro]280m and has already acquired a [euro]450m portfolio of 62 assets, which will...

Metrovacesa bidding ends with power evenly divided.
October 1, 2006... Chairman Rivero and board member Soler left with 36%, Sacresa holding 39.5% The outcome of the bidding war for the Spanish property group Metrovacesa has been finalised, giving neither party overall managerial control. Chairman...

Funds of hedge funds overtake property.
October 1, 2006... Property is losing popularity to funds of hedge funds, according to research from investment consultant Watson Wyatt. Investment in funds of hedge funds (FoHFs) accounted for 44% (around [euro]66bn) of net new inflows over 2005, according...

First data shows derivatives market in UK nearing [pounds sterling]3bn.(Industry overview)
October 1, 2006... IPD reports total [pounds sterling]1.26bn trades in first half of 2006, double the figure for all of 2005 The fledgling UK property derivatives market could treble in size this year, according to Investment Property Databank founding...

ING unites real estate and wholesale banking divisions.
October 1, 2006... ING Real Estate Investment Management and ING Wholesale Banking have joined forces to create a property banking and advisory business. The venture, ING Real Estate Capital Advisors, will offer fully integrated banking, capital markets and...

In brief.
October 1, 2006... Riofisa expands in Bulgaria Riofisa is to invest [euro]335m in a Sofia development as it expands in eastern Europe. The 210,000m[sup.2] mixed-use project in the centre of the Bulgarian capital will include a shopping mall, offices and a...

London portfolio seeks record price.
October 1, 2006... Syrian-born UK property investor Simon Halabi is selling London assets worth [pounds sterling]1.8bn ([euro]2.6bn). If a single buyer were found for the 220,880m[sup.2] portfolio, it would be the largest ever UK property deal. The portfolio...

Bank of Scotland links up in Symmetry with aAIM.
October 1, 2006... Bank of Scotland Corporate has linked up with asset manager aAIM to create a highly-geared [pounds sterling]2bn ([euro]2.97bn) European property fund. As well as investing [pounds sterling]100m ([euro]148.9m) in the new Symmetry Fund, BoS...

Cofinimmo wins state fund tender.
October 1, 2006... Belgian-listed property company Cofinimmo has won a tender to launch a [euro]1.2bn listed vehicle for the Belgian government. The company is still known only as SICAFI 2006 and its portfolio will consist of 79 offices in Belgium let to the...

Higher-margin debt bonds on the way.
October 1, 2006... Banks prepare to introduce packages of junior property-backed debt to Europe as investors seek better yields The first European real estate collateralised debt obligations (CDOs) are set to be launched this year as banks cash in on demand...

AIM listed Dawnay Day Treveria slips into the red.
October 1, 2006... Dawnay Day Treveria reported a [euro]12.9m interim loss in its first results since listing on London's Alternative Investment Market in December. The loss was caused by [euro]55.6m in deferred tax liabilities. The company, which invests in...

Huigen joins JLL Benelux.
October 1, 2006... Jones Lang LaSalle has recruited Erik Huigen as chief operating officer of its Benelux business. Huigen, a Dutch national who has been working as chief operating officer in JLL's German office for the past five years, will be responsible...

Kempen hedges its bets with new property fund.
October 1, 2006... Dutch merchant bank Kempen & Co is to launch a property hedge fund in the first quarter of next year. The fund, which will have a focus on absolute returns, will invest in listed property securities. Kempen said the launch of the fund came...

Germany's CGG puts up [euro]176m for Malm" Entre.
October 1, 2006... TK Development sells retail project to German fund but carries the risk until scheme's completion in 2008 German fund manager Commerz Grundbesitz Group has bought the Malm" Entre shopping centre to the north of Malm" for [euro]176m from...

In brief.
October 1, 2006... Dutch plant ripe for picking German cosmetics firm Beiersdorf is selling its 40,000m[sup.2] production and distribution facility in Almere, near Amsterdam. CB Richard Ellis is managing the sale. Gherkin going for record Re-insurer...

Invista opts for independence.
October 1, 2006... Invista Real Estate has chosen an unusual route to growth for a fund manager by parting from its parent company, UK bank HBOS, and floating on the London Stock Exchange Invista Real Estate joined an exclusive club in late September when it...

People.
October 1, 2006... Beck succeeds Dietz at Commerz Gruppe Dr Heiko Beck is to join the management of Commerz Grundbesitz Gruppe by December. His areas of responsibility will include property valuation, legal issues, finance and accounting. He will succeed Dr...

Demand buoys Germany.
October 1, 2006... Predictions for European office returns show that total returns are likely to grow in major German markets -- but only if investor interest can counteract falling rents Investors accepting low yields for offices in Germany in hope of a...

ING plans [euro]4bn Euro push.
October 1, 2006... Fund manager believes yield compression and rental value growth favour launch of five funds for France, central & eastern Europe, the Nordics, UK healthcare and infrastructure ING Real Estate Investment Management made a bold commitment to...

GE Real Estate.
October 1, 2006... With Germany and the Nordic countries in its sights, the US investor's European business believes its balance sheet could top [euro]15bn by 2010 Olivier Piani, GE Real Estate's European president, is relaxed about the company's growth, and...

Doughty Hanson.
October 1, 2006... The fund manager's first property vehicle has delivered a 42% return in a rising market. For the second, now closed with [euro]560m equity, it will have to work harder to find opportunities Since the launch of its first fund six years ago,...

Equest Balkan Properties.
October 1, 2006... With [euro]202m of acquisitions behind it, newcomer EBP is off to an energetic start. Bulgaria and Romania are attracting the bulk of investment in anticipation of EU accession next year Unlike a number of its peers on London's Alternative...

Cushman & Wakefield Investors.
October 1, 2006... The global property adviser's relaunched UK and continental investment management arm has already taken a step into Asia and is working on the launch of sector-specific funds In March, international property adviser Cushman & Wakefield...

Germany.
October 1, 2006... Foreign investors, especially from the UK, have been pushing German property prices up in a rush to buy ahead of economic recovery. But their hopes for an upturn seem premature Last year, the Expo Real property trade fair in Munich drew...

Investors see silver lining to clouds over German market.
October 1, 2006... Record levels of investment in Germany seem at odds with a gloomy economic climate, but generous lending by banks is encouraging investors' belief that a recovery is due Property portfolios are coming onto the German market so thick and...

Political deadlock leaves market in the doldrums.
October 1, 2006... A divided coalition government has failed to enact reforms to revive a depressed economy The news that UBS is to take 31,000m[sup.2] in a new 168-metre tall tower in Frankfurt's city centre has kept the German property industry talking...

The G-REIT debate moves on.
October 1, 2006... With a timetable in place for a January launch, the question is no longer whether Germany will get a REIT structure, but whether it will take a form that will really benefit the market The German government has been working towards the...

Key data: Occupiers.
October 1, 2006... Business location poll puts Warsaw top for future relocations France faces shortage of high-spec warehouses London tops location poll with Warsaw the rising star Warsaw can expect the biggest influx of international companies in the...

Key data: INREV.
October 1, 2006... Index has increased to 473 funds but growth has slowed in past year Many new entrants are value-added funds INREV's database increased to comprise 473 funds with a reported gross asset value (GAV) of [euro]319.4bn in the second quarter...