Orchard Street Investment Management, the specialist commercial property investment manager, announces that it has completed the acquisition of 115-126 Briggate in Leeds City Centre in an off-market transaction for £38 million (approx. €47.5 million).
The acquisition, which Orchard Street has made on behalf of St. James’s Place UK PLC, reflects a net initial yield of 5.58%. The property is let in its entirety to Debenhams Retail plc on a 35 year lease with an unexpired term of 19 years.
Located in the heart of Leeds City Centre’s prime retail district, on the pedestrianised thoroughfare of Briggate, the property is central to Leeds’s position as one of the UK’s most popular shopping destinations. It is adjacent to the Victoria Quarter and Harvey Nichols with additional frontages onto King Edward Street and Kirkgate. The property is also situated between the recently completed Trinity scheme and Victoria Gate, which is currently under construction, and so is ideally positioned to benefit from growing footfall.
The property, which comprises a modern department store with a gross internal area of 111,824 ft² (approx. 10,389 m²) set out over six floors, produces a current passing rent of £2.242 million (approx. €2.8 million) per annum, subject to upward only rent reviews every five years.
Tom Chadwick at Orchard Street, said: “This prime property is situated in one of the most sought after locations in Leeds and is at the centre of an established shopping hub which should strengthen as the retail offering continues to improve.”
Source: FTI Consulting
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Hibernia REIT plc (Hibernia) announces that it has exchanged contracts with an affiliate of Atlas Capital Group LLC to acquire The Forum building in the IFSC, Dublin 1, for a price of €37.8 mln in an off-market transaction.
The building is situated on Commons Street and comprises 47,109 ft² (approx. 4,376 m²) of office accommodation constructed in 2003 over two floors above four floors of car parking with 370 spaces. The net initial yield is 7.0% and the price equates to a capital value of c. €550 per ft² for the office space.
The offices are fully let to Depfa Bank on annual rent of €40 per ft² on leases which expire in 2029, with options to break in 2019. The total passing rent from the offices, together with 50 parking spaces also let to Depfa, is €2 mln per annum.
The remaining 320 car parking spaces are currently utilised by Park Rite, paying €675k per annum, on a lease that has formally expired. Lease discussions are on-going with the tenant.
This acquisition is Hibernia’s tenth since listing: it is expected that it will complete in late 2014, following which Hibernia will have invested €374 mln, with a further €63 mln committed.
Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said: “We are delighted to have agreed this acquisition: The Forum is a Grade A building in a prime central Dublin location and delivers a substantial running yield. It is close to our other three office buildings in the IFSC and the parking capacity it has may in future be beneficial for potential tenants in those buildings.”
Source: Murray Consultants
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Hermes Real Estate has completed the sale of Festival Leisure Park, Stoke to the Valad European Diversified Fund for £14.5 million (approx. €18.1 million), reflecting a net initial yield of 7%.
The 130,000 ft² (approx. 12,077 m²) property comprises a two storey leisure box constructed in 1988, which is currently used as a ten screen cinema (Odeon), and a bowling alley (Tenpin). Adjacent to the A53, with 420 car parking spaces, the site is part of the largest retail and leisure district in the Stoke conurbation.
Chris Taylor, CEO of Hermes Real Estate, said: “This sale is another milestone for Hermes Real Estate as we continue our portfolio diversification strategy through refocusing towards our core investments. We will continue to maximise returns through asset disposal at the right time in the market cycle.”
David Kirkby, Valad Europe’s Chief Investment Officer, commented: “This is the second leisure park we have acquired so far for the Valad European Diversified Fund and follows the acquisition of Five Ways Leisure Park in Birmingham earlier this month. Following the recent doubling of VEDF’s investment capacity to £800 million (approx. €998.4 million), we continue to target good quality buildings with strong credit tenants and are prepared to take on leasing and repositioning risk, where appropriate.”
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CA Immo makes agreement with E&G Bridge Equity Fonds GmbH & Co. KG to increase shares in Kontorhaus office project in Munich’s Arnulfpark
CA Immo has successfully increased its company shareholding in Kontorhaus Arnulfpark GmbH & Co. KG from 50% to 93%. The purchase price was agreed to be kept confidential. The seller of the shares is E&G Bridge Equity Fonds GmbH & Co. KG. The transaction will be closed in the third quarter of 2014.
Until now the Kontorhaus office project, which encompasses gross floor space of 25,000 m² in total, was managed as a joint venture between CA Immo and E&G Financial Services GmbH. It represents the final component in Arnulfpark, the city district developed by CA Immo close to the centre of Munich. The anchor tenant with 14,000 m² of floor space is Google. When construction began, some 55% of the building was already pre-let on a long-term basis. Completion is scheduled for the autumn of 2015.
According to Bruno Ettenauer, Chief Executive Officer of CA Immo, “The Kontorhaus, an ideal extension to our asset portfolio in Munich, will consolidate our presence in one of Germany’s most attractive submarkets. In line with our corporate strategy, we have acquired company shares while reducing joint venture shares. This project will make a positive overall contribution to the net asset value of CA Immo.”
Source: CA Immo
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Mayfair Capital Investment Management, the UK real estate investment manager, today announces that its MC Property Growth Fund No. 2 has acquired a portfolio of show homes from Barratt Developments.
MC Property Growth Fund No. 2 has purchased nine show homes, ranging in price from £217,500 (approx. €271,600) to £735,000 (approx. €917,870), in Yorkshire, Lincolnshire and Sussex for a total of £3.3 million (approx. €4.1 million). The show homes, which have been built by Barratt Developments’ brands, David Wilson Homes and Barratt Homes, have been leased back to the two brands for three years, with a break option at year two, at a rent that produces a net initial yield to the Fund considerably higher than other asset classes at present.
MC Property Growth Fund No. 2 aims to deliver a total return on equity invested of at least 10% a year, net of fees and expenses, by acquiring direct and indirect property and other property-related investments, which together will provide medium-term capital growth.
James Thornton, CEO of Mayfair Capital and Fund Director of MC Property Growth Fund No.2, commented: “This acquisition is innovative for a real estate investment manager. It provides us with an attractive yield with the prospect of strong capital growth, as the outlook for the UK residential market over the next few years remains positive.
“Barratt Developments is one of the UK’s top house builders and each show home is fitted out to the highest specification. We are confident for the re sale prospects when the licence arrangement expires at the end of the development period.”
Source: Mayfair Capital
Köln, 21.08.2014. Die KSK-Immobilien GmbH, Makler der Kreissparkasse Köln, liegt bei der Immobilienvermittlung der Sparkassen im Rheinland auch in 2014 wieder an erster Stelle – so der aktuelle Stand nach den ersten sieben Monaten des laufenden Jahres. Mit der Anzahl verkaufter Wohnimmobilien in Höhe von 876 konnte sich das Unternehmen in diesem Zeitraum erneut steigern und bleibt mit einem bisherigen Objektwert von rund 185 Mio. Euro wichtigster Wohnimmobilienmakler in der Region.
Skanska has signed a contract with AB Stockholmshem to construct five houses in Stockholm, Sweden. The contract is worth about SEK 390 million (approx. €42.64 million), which will be included in order bookings for Skanska Sweden for the third quarter of 2014.
The new houses will contain 154 rented apartments, garage and store premises. The houses are built with the highest standards of sustainability. Among other things, about 30% of the property’s electricity will be from renewable energy sources like wind or solar.
The ambition is that the houses will be certified according to Miljöbyggnad, level Gold. Construction starts in November 2014, and the project will be completed in August 2017. In Sweden, Skanska is also active in the development of residential construction and commercial premises.
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NCC has been commissioned by the project development company Bricks to construct 150 apartments in the new Frederiks Plads area in Aarhus, Denmark. The order is worth SEK 285 million (approx. €31.14 million).
NCC has been commissioned by Bricks to build 150 two and three-room apartments, with work scheduled to commence during this autumn. The apartments are expected to be ready for occupancy in summer 2016. “This is a project that we have very much been looking forward to. We have constructed several striking buildings in both the city center and in the new port area and it will be exciting to see how Frederiks Plads will harmonize with these,” says Klaus Kaae, Business Area Manager of NCC Construction Denmark.
On completion of the project, Aarhus will have another new central district, linking the city center with the port. With its prominent buildings, Frederiks Plads will create a more cohesive center in Aarhus and will thus contribute to the continued development of the city. The idea behind Frederiks Plads is to create a new space in the city.
“This is an exciting year for Aarhus, in which the city is developing and taking on a new shape. As always when working with the development of a city, it is important that new projects are balanced against the existing city. That is exactly the idea underpinning Frederiks Plads,” says Klaus Kaae, Business Area Manager of NCC Construction Denmark.
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InterContinental Hotels Group (IHG®), one of the world’s largest hotel companies, has announced the signing of Holiday Inn® Kayseri – Düvenönü. Operating under a franchise agreement with Ali Sert Otel Tur. Ins. San. Tic. LTD, the new build hotel is due to open in early 2016.
The 161-room hotel will feature six meeting rooms, a gym and three treatment rooms, a rooftop bar and lounge offering panoramic views, as well as Holiday Inn’s signature Open Lobby.
The Holiday Inn Open Lobby takes a unique approach to the in-hotel experience for guests, which has transformed the traditional hotel lobby format by combining the front desk, lobby, restaurant, bar, lounge area and business center into one open, cohesive space, while refreshing the design to give it a more contemporary feel.
Occupying a prime location in Kayseri’s city center, Holiday Inn Kayseri, Düvenönü is just a short distance from the city’s cultural and historical attractions including Gevher Nesibe Hastahanesi and the Archaeological Museum, as well as the trading centre. A large number of offices are within walking distance from the hotel and it is also well connected by train.
Yalin Yaltiraki, Director of Development, Turkey, IHG commented: “Kayseri is a growing city and Holiday Inn Kayseri – Düvenönü is well positioned to offer quality accommodation at a reasonable price to business clientele and tourists here. This hotel is going to be an excellent representation of the brand and we’re very much looking forward to working with Ali Sert and his team.”
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AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, confirms that it has signed, on behalf of one of its clients, a new 15 year lease with Matalan, a major UK fashion retailer, for approximately 18,500 ft² (approx.1,719 m²) of space at 149/151 Oxford Street, giving the retailer its first central London store.
Matalan will undertake a comprehensive, new concept fit-out to trade basement, ground and 1st floor, with opening expected at the beginning of 2015. 149/151 Oxford Street is ideally located on London’s busiest shopping street that will benefit from the new Crossrail station at Tottenham Court Road due to open in 2018.
This letting follows a number of other major asset management initiatives that AXA Real Estate has transacted on behalf of its clients including a new lease with Victoria’s Secret for more than 6,700 ft² (approx. 622.5 m²) of space at 116/117 New Bond Street and a new 15-year lease with German luxury fashion retailer Hugo Boss at 120-122 New Bond Street.
Julian Best, Head of UK Asset Management at AXA Real Estate, commented: “Completion of this significant letting, which follows a number of other recent successful lettings we have achieved in the area, clearly demonstrates our ability to tailor products to match the specific requirements of retailers thereby creating value for our clients.”
Source: AXA Real Estate
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W. P. Carey Inc., a global net-lease REIT specializing in corporate sale-leaseback, build-to-suit financinig and the acquisition of single-tenant net-lease properties, announced today that CPA®:18 – Global, one of its managed non-traded REITs, has acquired a portfolio of 14 trade counter and industrial assets.
The assets, located in six trade parks throughout Scotland, were acquired from Cording Real Estate Group, a real estate owner and manager, for a purchase price of £10.6 million (€13.3 million), excluding acquisition costs.
Source: Bell Pottinger
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