Euro Property articles from September 2007

Euro Property archives from September 2007

London.
September 3, 2007... Rising interest rates have put off debt-backed property investors, but expected rental growth in the world's financial centre, fuelled by low availability, is luring foreign buyersThe price of commercial property in London has surged in recent...

The end of the idle rich.
September 3, 2007... Until now, low interest rates and low yields meant easy profits. But higher rates are bringing in more cash-rich foreign buyers to the UK capital and encouraging hands-on management London's property market no longer offers easy-win...

Thriving on verticality.
September 3, 2007... Many skyscrapers are in the works for the capital as developers satisfy demand for more office space. But some observers believe that an impending oversupply could hit rentsLondon's skyline will change dramatically over the next five years. St...

Funds fuel rental growth.
September 3, 2007... Will upheaval in the financial markets threaten the hedge funds and other institutions that are paying the rents that make London's West End the world's most expensive office market?Demand from the banking and finance sector is pushing up West...

Sistema-Hals.
September 3, 2007... The Moscow-based developer is back with an AIM listing and is building mixed-use and residential projects in and around Russia's capital, in Ukraine, and in Sochi, host city of the 2014 Winter OlympicsMoscow-based developer Sistema-Hals' latest...

St Martins Property Group.
September 3, 2007... The property investment arm of the State of Kuwait is seeking trophy assets outside its base in the UK, Eastern Europe and Australia and has outsourced the management of its French business to CB Richard EllisSt Martins Property Group is...

Key data: German open-ended funds.
September 3, 2007... - June figures show inflows of 690m - KanAm's grundinvest records largest inflow during first half of 2007- Germany's open-ended funds continued to see cash inflows. The sector collected 690m in June compared with 1bn in May.- In the first...

Key data: The listed sector.
September 3, 2007... - Property returns continue to slide faster than those of equities or bonds - UK companies lead top performers The EPRA/NAREIT Europe Index continued its slide in July by 7.2%. The UK market dropped by 6.8%, but losses in continental Europe...

Pension funds shift strategy in the face of lower property returns.
September 3, 2007... Big pension funds want to diversify their holdings as property markets peak. They are looking beyond Europe, decreasing their property holdings, and working with investment partners Some property markets have peaked, and as a result pension...

A tale of two banking styles.
September 3, 2007... Rival German lenders Hypo Real Estate and Eurohypo are battling for European businessProperty banks Eurohypo and Hypo Real Estate are not only rivals in their home market of Germany, but they also compete on a European scale. At first glance,...

European banks feel effects of risky US home loans.
September 3, 2007... Banks' fear of defaults leads to tighter lending policies and a less fluid lending marketThe old adage of the world sneezing when the US catches a cold still seems to hold true. The subprime crisis in the US has arrived in Europe and property...

Corestate Capital.(Company overview)
September 3, 2007... The Zurich-based investment company and asset manager buys individual assets for its residential fund and seeks to add value through active management. It is also starting a German commercial fundThe rising number of international investors...

Norwegian Property makes takeover bid for Norgani.
September 3, 2007... Listed company seeks to acquire hotels group with an equity, cash and debt offer worth 414.2m as part of a strategy to diversify its portfolio and expandListed company Norwegian Property has made a takeover bid for listed hotels group Norgani...

French and German derivative markets grow.
September 3, 2007... The French and German property derivatives markets have grown large enough for trade volumes to be recorded.Outstanding French property derivatives totalled [pounds sterling]721m (992m) from 30 trades at the end of the second quarter, said the...

Doughty Hanson leaves Finland with [euro]329m sale.
September 3, 2007... Finnish property firm buys Iso Omena retail centre Doughty Hanson has left the Finnish market with the sale of the Iso Omena shopping centre to Finnish property company Citycon. Although many observers had expected the centre to go to an...

Ten staff members leave Catella's Stockholm office.
September 3, 2007... Director of corporate finance, project managers, broker and others departA spate of departures has hit Catella's Stockholm office this summer. Ten out of 60 staff have left or are leaving. Earlier this year, the company changed its bonus...

In brief.
September 3, 2007... Westfonds plans sell-offFund manager Westfonds, owned by German bank WestLB, has advised unit holders in 29 closed-end funds to sell their units. Westfonds plans to sell the 46 assets held by the funds - in Germany, Austria and the Netherlands...

In brief.
September 3, 2007... DnB NOR to sell portfolioDnB NOR is preparing the sale of a second portfolio after selling Aker Bygge to Norwegian properties (see page 6). The portfolio comprises 22 properties in Oslo and Bergen and has a total leasable area of 200,000 m2. It...

Review for Philips fund.
September 3, 2007... The pension fund of Royal Philips Electronics (PPF) has asked Jones Lang LaSalle and CB Richard Ellis for a strategic review of its property portfolio. The review of the fund, which owns 1.3bn of Dutch properties let to third parties (see...

Property returns fall to 12-year low.
September 3, 2007... Total returns for UK commercial property fell to a 12-year low of 0.2% in July, according to monthly figures published by the Investment Property Databank (IPD). Yields continued to move out, pushing capital growth to 0.2%. Prices for retail...

SEB goes on Dutch and German buying spree.
September 3, 2007... SEB has bought two properties in the Netherlands and one in Germany. In the Dutch town of Venlo, SEB bought a 21,600 m2 logistics asset for 21.3m from ASV Vastgoed. The asset also has 900 m2 of office space. The property has been let to Amway...

Degi enters Romania with [euro]110m deal.
September 3, 2007... Degi has become the first German open-ended fund manager to invest in Romania with the 110m purchase of a 34,700 m2 Bucharest office portfolio. Degi bought the office portfolio, in what is the biggest office investment deal in the Romanian...

People.
September 3, 2007... Sloan to head UBS initiativeUBS Global Asset Management has appointed Roddy Sloan as head of the global real estate business. He joins from AXA Real Estate Investment Managers. Based in London, he will lead a global real estate fund of funds...

Cushman & Wakefield opens Ukraine office.
September 3, 2007... Property adviser Cushman & Wakefield has opened an office in the Ukrainian capital of Kiev. The office will employ 15 staff and offer brokerage, capital markets, advisory and valuation services.Bud Moore will move from C&W's Moscow office to...

The credit crisis may end complacency.
September 3, 2007... While most of Europe was on holiday, the credit markets experienced a lot of turbulence. Eventually, or inevitably, the effect of US subprime loan defaults reached Europe. Two German banks, IKB and Sachsen LB, had to be bailed out and some...

In brief.
September 3, 2007... AIM listing for New EuropeNew Europe Property Investments listed on AIM on 22 August, raising C25m to invest in the office, retail and commercial property sectors of Central and Eastern Europe, starting in Romania. Shares were placed at C2 on...

IVG acquires seven German offices for its planned REIT.
September 3, 2007... German property company IVG has bought a portfolio of seven German offices, called Core, from insurance company Allianz for 1.3bn. The seven properties cover 441,000 m2 and are all let to Allianz. They are located in Frankfurt, Hamburg, Munich...

Immoeast buys Moscow's GoodZone.
September 3, 2007... Listed Austrian property company Immoeast has made its biggest-ever single transaction with its 450m investment in the GoodZone shopping centre in Moscow.The yield is not being disclosed but retail levels over the past 18 months have ranged...

Banco Santander to sell all or parts of [euro]4bn portfolio.
September 3, 2007... Spanish bank to offer whole or parts of portfolio in sale-and-leaseback deal in order to gain funds that will strengthen its joint venture bid for ABN AmroBanco Santander is selling off its 4bn property portfolio in a twin-track bidding process...

Prologis' US parent to launch European fund.
September 3, 2007... Prologis European Properties (PEPR) is to invest 900m in a 7.5bn European private equity fund launched by its parent company, US logistics giant Prologis.Prologis European Properties Fund II (PEPF II), an open-ended fund with a total equity...

Unibail axes Turkey deal.
September 3, 2007... Rodamco's purchase of Istanbul shopping centre agreed before Unibail takeover Unibail-Rodamco has pulled out of an agreement to purchase the 82,000 m[sup.2] Istinye Park shopping centre in Istanbul. The commercial property company withdrew from...

Babcock & Brown.
September 3, 2007... The Australian group has a global property portfolio and has its sights set on acquiring European infrastructure, retail, office and residential assetsAustralian-listed investment and advisory company Babcock & Brown has built a property...

Running numbers in parallel.
September 3, 2007... The Russian government has taken steps towards harmonising its accounting rules with international standards, but property companies with valuable assets need more actionRussian business practices continue to improve in order to help investors....

Securitised debt market hit by credit crisis.
September 3, 2007... A number of European CMBS deals fall through as banks stop lending and prepare to tighten lending policies The ongoing global credit crunch has weakened debt markets across Europe. Several large property deals have been pulled or delayed,...

Key data: non-listed sector.
September 3, 2007... - CBRE and Atrium launch global fund of funds - Medium-term rates fall in response to looming credit crunch- Normal monetary conditions have been hijacked by the perceived ramifications of the potential credit crunch. The prospect of the...

Deka offers asset packages.
September 3, 2007... Deka Immobilien Investment has put on the market 18 assets that it failed to sell as part of the Hannibal portfolio. Deka has hired Atisreal to market the assets, together with four other German properties, in different packages, according to...

Rents on the rise as continental vacancy falls.
September 3, 2007... A fall in vacancy across Europe is pushing up rents in many of the Continent's main office markets.According to CBRE's latest EMEA Office Market View, reduced vacancy and strong leasing activity are driving rental growth. Rental growth was up...

The end of the idle rich.
September 3, 2007... Until now, low interest rates and low yields meant easy profits. But higher rates are bringing in more cash-rich foreign buyers to the UK capital and encouraging hands-on management London's property market no longer offers easy-win...

Funds fuel rental growth.
September 3, 2007... Will upheaval in the financial markets threaten the hedge funds and other institutions that are paying the rents that make London's West End the world's most expensive office market?Demand from the banking and finance sector is pushing up West...

Sistema-Hals.
September 3, 2007... The Moscow-based developer is back with an AIM listing and is building mixed-use and residential projects in and around Russia's capital, in Ukraine, and in Sochi, host city of the 2014 Winter OlympicsMoscow-based developer Sistema-Hals' latest...

St Martins Property Group.
September 3, 2007... The property investment arm of the State of Kuwait is seeking trophy assets outside its base in the UK, Eastern Europe and Australia and has outsourced the management of its French business to CB Richard EllisSt Martins Property Group is...

Key data: German open-ended funds.
September 3, 2007... - June figures show inflows of C690m - KanAm's grundinvest records largest inflow during first half of 2007- Germany's open-ended funds continued to see cash inflows. The sector collected C690m in June compared with C1bn in May.- In the...

Pension funds shift strategy in the face of lower property returns.
September 3, 2007... Big pension funds want to diversify their holdings as property markets peak. They are looking beyond Europe, decreasing their property holdings, and working with investment partners Some property markets have peaked, and as a result pension...

A tale of two banking styles.
September 3, 2007... Rival German lenders Hypo Real Estate and Eurohypo are battling for European businessProperty banks Eurohypo and Hypo Real Estate are not only rivals in their home market of Germany, but they also compete on a European scale. At first glance,...

European banks feel effects of risky US home loans.
September 3, 2007... Banks' fear of defaults leads to tighter lending policies and a less fluid lending marketThe old adage of the world sneezing when the US catches a cold still seems to hold true. The subprime crisis in the US has arrived in Europe and property...

Corestate Capital.(Company overview)
September 3, 2007... The Zurich-based investment company and asset manager buys individual assets for its residential fund and seeks to add value through active management. It is also starting a German commercial fundThe rising number of international investors...

Norwegian Property makes takeover bid for Norgani.
September 3, 2007... Listed company seeks to acquire hotels group with an equity, cash and debt offer worth C414.2m as part of a strategy to diversify its portfolio and expandListed company Norwegian Property has made a takeover bid for listed hotels group Norgani...

French and German derivative markets grow.
September 3, 2007... The French and German property derivatives markets have grown large enough for trade volumes to be recorded.Outstanding French property derivatives totalled [pounds sterling]721m (C992m) from 30 trades at the end of the second quarter, said the...

Doughty Hanson leaves Finland with [euro]329m sale.
September 3, 2007... Finnish property firm buys Iso Omena retail centre Doughty Hanson has left the Finnish market with the sale of the Iso Omena shopping centre to Finnish property company Citycon. Although many observers had expected the centre to go to an...

In brief.
September 3, 2007... Westfonds plans sell-offFund manager Westfonds, owned by German bank WestLB, has advised unit holders in 29 closed-end funds to sell their units. Westfonds plans to sell the 46 assets held by the funds - in Germany, Austria and the Netherlands...

Review for Philips fund.
September 3, 2007... The pension fund of Royal Philips Electronics (PPF) has asked Jones Lang LaSalle and CB Richard Ellis for a strategic review of its property portfolio. The review of the fund, which owns C1.3bn of Dutch properties let to third parties (see...

Property returns fall to 12-year low.
September 3, 2007... Total returns for UK commercial property fell to a 12-year low of 0.2% in July, according to monthly figures published by the Investment Property Databank (IPD). Yields continued to move out, pushing capital growth to 0.2%. Prices for retail...

SEB goes on Dutch and German buying spree.
September 3, 2007... SEB has bought two properties in the Netherlands and one in Germany. In the Dutch town of Venlo, SEB bought a 21,600 m2 logistics asset for C21.3m from ASV Vastgoed. The asset also has 900 m2 of office space. The property has been let to Amway...

Degi enters Romania with [euro]110m deal.
September 3, 2007... Degi has become the first German open-ended fund manager to invest in Romania with the C110m purchase of a 34,700 m2 Bucharest office portfolio. Degi bought the office portfolio, in what is the biggest office investment deal in the Romanian...

IVG acquires seven German offices for its planned REIT.
September 3, 2007... German property company IVG has bought a portfolio of seven German offices, called Core, from insurance company Allianz for C1.3bn. The seven properties cover 441,000 m2 and are all let to Allianz. They are located in Frankfurt, Hamburg, Munich...

Immoeast buys Moscow's GoodZone.
September 3, 2007... Listed Austrian property company Immoeast has made its biggest-ever single transaction with its C450m investment in the GoodZone shopping centre in Moscow.The yield is not being disclosed but retail levels over the past 18 months have ranged...

Banco Santander to sell all or parts of [euro]4bn portfolio.
September 3, 2007... Spanish bank to offer whole or parts of portfolio in sale-and-leaseback deal in order to gain funds that will strengthen its joint venture bid for ABN AmroBanco Santander is selling off its C4bn property portfolio in a twin-track bidding...

Prologis' US parent to launch European fund.
September 3, 2007... Prologis European Properties (PEPR) is to invest C900m in a C7.5bn European private equity fund launched by its parent company, US logistics giant Prologis.Prologis European Properties Fund II (PEPF II), an open-ended fund with a total equity...

Unibail axes Turkey deal.
September 3, 2007... Rodamco's purchase of Istanbul shopping centre agreed before Unibail takeover Unibail-Rodamco has pulled out of an agreement to purchase the 82,000 m[sup.2] Istinye Park shopping centre in Istanbul. The commercial property company withdrew from...

Babcock & Brown.
September 3, 2007... The Australian group has a global property portfolio and has its sights set on acquiring European infrastructure, retail, office and residential assetsAustralian-listed investment and advisory company Babcock & Brown has built a property...

Running numbers in parallel.
September 3, 2007... The Russian government has taken steps towards harmonising its accounting rules with international standards, but property companies with valuable assets need more actionRussian business practices continue to improve in order to help investors....

Securitised debt market hit by credit crisis.
September 3, 2007... A number of European CMBS deals fall through as banks stop lending and prepare to tighten lending policies The ongoing global credit crunch has weakened debt markets across Europe. Several large property deals have been pulled or delayed,...

Deka offers asset packages.
September 3, 2007... Deka Immobilien Investment has put on the market 18 assets that it failed to sell as part of the Hannibal portfolio. Deka has hired Atisreal to market the assets, together with four other German properties, in different packages, according to...

Securitised debt market hit by credit crisis.
September 3, 2007... The ongoing global credit crunch has weakened debt markets across Europe. Several large property deals have been pulled or delayed, banks have restricted credit, and some bankers have stopped lending. Credit spreads have widened as liquidity...

Ten staff members leave Catella's Stockholm office.
September 3, 2007... A spate of departures has hit Catella's Stockholm office this summer. Ten out of 60 staff have left or are leaving. Earlier this year, the company changed its bonus scheme. Until now, Catella employees had received their annual bonus...

Prologis' US parent to launch European fund.
September 3, 2007... Prologis European Properties (PEPR) is to invest C900m in a C7.5bn European private equity fund launched by its parent company, US logistics giant Prologis. Prologis European Properties Fund II (PEPF II), an open-ended fund with a total...

In brief.
September 3, 2007... DnB NOR to sell portfolio DnB NOR is preparing the sale of a second portfolio after selling Aker Bygge to Norwegian properties (see page 6). The portfolio comprises 22 properties in Oslo and Bergen and has a total leasable area of 200,000...

Unibail axes Turkey deal.
September 3, 2007... Unibail-Rodamco has pulled out of an agreement to purchase the 82,000 m[sup.2] Istinye Park shopping centre in Istanbul. The commercial property company withdrew from the deal after completing due diligence and finalising a full contract,...

Deka offers asset packages.
September 3, 2007... Deka Immobilien Investment has put on the market 18 assets that it failed to sell as part of the Hannibal portfolio. Deka has hired Atisreal to market the assets, together with four other German properties, in different packages, according...

Rents on the rise as continental vacancy falls.
September 3, 2007... A fall in vacancy across Europe is pushing up rents in many of the Continent's main office markets. According to CBRE's latest EMEA Office Market View, reduced vacancy and strong leasing activity are driving rental growth. Rental growth...

Cushman & Wakefield opens Ukraine office.
September 3, 2007... Property adviser Cushman & Wakefield has opened an office in the Ukrainian capital of Kiev. The office will employ 15 staff and offer brokerage, capital markets, advisory and valuation services. Bud Moore will move from C&W's Moscow...

Immoeast buys Moscow's GoodZone.
September 3, 2007... Listed Austrian property company Immoeast has made its biggest-ever single transaction with its C450m investment in the GoodZone shopping centre in Moscow. The yield is not being disclosed but retail levels over the past 18 months have...

Banco Santander to sell all or parts of [euro]4bn portfolio.
September 3, 2007... Banco Santander is selling off its C4bn property portfolio in a twin-track bidding process that gives companies the opportunity to buy all or just pieces of the portfolio. The first and second bidding rounds closed last month and the final...

IVG acquires seven German offices for its planned REIT.
September 3, 2007... German property company IVG has bought a portfolio of seven German offices, called Core, from insurance company Allianz for C1.3bn. The seven properties cover 441,000 m2 and are all let to Allianz. They are located in Frankfurt, Hamburg,...

In brief.
September 3, 2007... Westfonds plans sell-off Fund manager Westfonds, owned by German bank WestLB, has advised unit holders in 29 closed-end funds to sell their units. Westfonds plans to sell the 46 assets held by the funds - in Germany, Austria and the...

Property returns fall to 12-year low.
September 3, 2007... Total returns for UK commercial property fell to a 12-year low of 0.2% in July, according to monthly figures published by the Investment Property Databank (IPD). Yields continued to move out, pushing capital growth to 0.2%. Prices for...

Doughty Hanson leaves Finland with [euro]329m sale.
September 3, 2007... Doughty Hanson has left the Finnish market with the sale of the Iso Omena shopping centre to Finnish property company Citycon. Although many observers had expected the centre to go to an international buyer, six months after it was placed...

Degi enters Romania with [euro]110m deal.
September 3, 2007... Degi has become the first German open-ended fund manager to invest in Romania with the C110m purchase of a 34,700 m2 Bucharest office portfolio. Degi bought the office portfolio, in what is the biggest office investment deal in the...

SEB goes on Dutch and German buying spree.
September 3, 2007... SEB has bought two properties in the Netherlands and one in Germany. In the Dutch town of Venlo, SEB bought a 21,600 m2 logistics asset for C21.3m from ASV Vastgoed. The asset also has 900 m2 of office space. The property has been let to...

Norwegian Property makes takeover bid for Norgani.
September 3, 2007... Listed company Norwegian Property has made a takeover bid for listed hotels group Norgani Property. Shareholders in Norgani have been offered NKr82.50 (C10.35) a share, valuing the group at NKr3.3bn (C414.2m). Some 60.3% of the...

French and German derivatives markets grow.
September 3, 2007... The French and German property derivatives markets have grown large enough for trade volumes to be recorded. Outstanding French property derivatives totalled [pounds sterling]721m (992m) from 30 trades at the end of the second quarter,...

In brief.
September 3, 2007... AIM listing for New Europe New Europe Property Investments listed on AIM on 22 August, raising C25m to invest in the office, retail and commercial property sectors of Central and Eastern Europe, starting in Romania. Shares were placed at...

Review for Philips fund.
September 3, 2007... The pension fund of Royal Philips Electronics (PPF) has asked Jones Lang LaSalle and CB Richard Ellis for a strategic review of its property portfolio. The review of the fund, which owns C1.3bn of Dutch properties let to third parties (see...

EXA.
September 17, 2007... The agent and adviser has grown from eight staff at its inception in France last year to 50 today by advising on a number of Paris's biggest letting deals. And it has plans to move into management services Paris-based agent and adviser EXA...