21 Bloomsbury Street, Fitzrovia, London, WC1 has been sold by a fund administered by Real I.S. AG to a private overseas buyer. 21 Bloomsbury Street is a prime Fitzrovia asset, located close to both the British Museum and Tottenham Court Road station, benefitting from Crossrail in 2018. The sale of the freehold interest reflected a sale price of £73 million (€92) and a net initial yield of 4.28%.
The property was redeveloped in 1990 behind a retained brick façade and provides 79,368 ft² (7,374 m²) of high specification office and ancillary accommodation arranged around an impressive full height atrium.
The property was refurbished by the tenant in 2012. It is fully let to the UK Government (Secretary of State for Transport, Local Government and the Regions) on a full repairing and insuring lease for a term of 20 years expiring on 7 November 2022.
Speaking on behalf of the seller, Jochen Schenk, Board Member of Real I.S. AG, Munich, said “We are delighted to have concluded the sale of this asset at the level of pricing secured, providing an excellent level of return to our investors, and in a timeframe that was significantly ahead of that originally predicted when the asset was purchased.”
Source: Real I. S AG
The post Real I.S. AG sold building in London for €92 million (UK) appeared first on europe-re.
AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe, announces that, as part of its value-add strategy, it has completed the acquisition of 77 Fulham Palace Road from Nordea Property Investment.
The 193,000 ft² (17,930 m²) property comprises four buildings: Hamlet, Horatio, Ophelia and Elsinore situated in a core West London location.
Currently let to 19 tenants, the asset has a history of high occupancy and due to the wide range of floor sizes across the four buildings it is attractive to a variety of occupiers.
With a current lack in supply of Grade A office space in West London, AXA Real Estate has the opportunity to increase the current floor space at 77 Fulham Palace Road by 18,900 ft² (1,755 m²), and transform it into Grade A office space. This expansion would be undertaken alongside a planned refurbishment of some of the buildings, to enhance their overall functionality and design, adding to the current facilities on offer.
This transaction is directly in line with AXA Real Estate’s value-add investment strategy, which is focused on office, retail, logistics, hotel and alternative real estate assets in Europe’s key real estate markets. It builds upon AXA Real Estate’s expertise in sourcing and executing value-added transactions, and its ability to create value through both active asset management and timely acquisitions in markets offering significant pricing dislocation.
Huw Stephens, Head of UK Transactions, commented: “At 77 Fulham Palace Road we have identified an opportunity, through a number of asset management initiatives, to add value to a core, well located asset in London. By utilising the expertise of our local asset management teams, we will be able to improve the tenant mix, whilst delivering investment performance to our clients.”
Source: AXA Real Estate
The post AXA Real Estate acquires 77 Fulham Palace Road from Nordea Property Investment (UK) appeared first on europe-re.
pbb Deutsche Pfandbriefbank and Scor have provided a €105 million development finance facility to Apsys. pbb acted as arranger and agent, initially lending the full €105 million prior to the syndication of €30 million with Scor, a leading global reinsurer. The financing of the transaction is also supported by a mezzanine facility structured by Quarters Capital and closed in September 2014.
The facility, which is for three and a half years, finances the development of a 37,600 m² shopping center in the heart of Metz, France, close to the borders of Germany, Belgium and Luxembourg. The center, which is 65 % pre-let to tenants including Primark, is part of a larger scheme that will see the development of eight further buildings and over 80,000 square meter of mixed use space, including residential, office and retail property.
Apsys Group is an integrated property operator focused on shopping centres in France and Poland founded in 1996 by Maurice Bansay. It is one of the leading innovative shopping mall developers in France.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “Together with our debt partners, we are delighted to support Apsys Group with the financing for the development of this regional shopping center. This transaction further cements a strong relationship with Apsys. It is one of the more complex real estate transactions in the last few years and extends our commitments to selected development finance and exposure in French regional cities.”
Source: pbb Pfandbriefbank
The post pbb and Scor provide Apsys with €105 million development financing (FR) appeared first on europe-re.
Valad Europe, the leading independent diversified real estate investment manager, has entered into a joint venture agreement with a new investor to build a portfolio of Central European retail assets called the Valad Central Europe Retail Partnership (VCERP). It has also completed the Partnership’s first investment by purchasing the Galeria Butovice shopping center in Prague, Czech Republic, from ING Real Estate Finance.
With an initial target gross asset value of €500 million, VCERP will invest in Value Add assets in Central Europe, predominantly focussed on Poland and the Czech Republic. Seeded with €200 million of equity, VCERP will employ 60% to 70% leverage, with strong cash-on-cash yields. Debt financing will be sourced from a pool of lenders with whom Valad Europe already has strong existing relationships.
VCERP will invest in first and second generation shopping centers, retail parks and retail outlets in primary and secondary macro locations in Poland and the Czech Republic. It will seek to acquire good quality, well located real estate, targeting both single assets, primarily in lot sizes ranging from €10 to €60 million, and portfolios in excess of €50 million.
The joint venture has already acquired the 36,500 m² Galleria Butovice in Prague, Czech Republic. The shopping center was built in 2005 and is let to around 100 tenants, including supermarket chain, Albert, Intersport and H&M. The majority of the Center’s income is secured against regionally well-established, international covenants and supplemented by significant income from local covenants.
Christian Bearman, Valad Europe’s Head of Corporate Development and Operations, commented: “We are pleased to be partnering with a new investor who shares our desire to capitalize on this window of opportunity in Central Europe. Poland and the Czech Republic have shown some of the strongest GDP growth within the EU in recent years and present an attractive counter cyclical opportunity, with well-located assets in need of strong local asset management skills.”
Source: Valad Europe
The post Valad Europe enters into €500 million joint venture targeting Central European retail real estate (EU) appeared first on europe-re.
InterContinental Hotels Group, one of the world’s leading hotel companies announced the launch of its Holiday Inn Express® brand in Russia, the CIS and Georgia. In cooperation with Regional Hotel Chain (RHC), Russia’s rapidly growing hotel property developer, IHG is pleased to introduce Holiday Inn Express® Voronezh – Kirova which marks the debut of the brand in the region and will open its doors in just a few weeks’ time.
The opening comes only months after IHG brought its Hotel Indigo® brand to Russia for the first time, with the opening of Hotel Indigo St Petersburg – Tchaikovskogo.
Regional Hotel Chain (RHC), a portfolio company of VIY Management (VIYM) and IHG signed a franchise multiple development agreement (MDA) in 2013 to develop a number of Holiday Inn Express hotels by 2019. The MDA agreement is a significant step towards IHG’s ambition to be market leaders in Russia, the CIS and Georgia with 100 hotels open or in the development pipeline by 2020.
Robert Shepherd, Chief Development Officer, Europe, IHG said: “Russia, the CIS and Georgia is a priority market for us and we want to be number one there. In line with our strategy we are expanding our portfolio of brands in the region and in March this year we brought our upscale boutique brand Hotel Indigo to Russia. We have also identified a gap in the market for quality, affordable mid-market accommodation and our Holiday Inn Express brand meets the needs of our owners and our guests perfectly. We’re delighted to be partnering with VIY Management and its hotel business RHC – a proven and highly respected hotel developer and operator in Russia.”
Michael Johnston, CEO of Regional Hotel Chain LLC, said: “We’re thrilled to be opening our first Holiday Inn Express hotel under our MDA with IHG and also our first modular constructed hotel. Our agreement with IHG is of strategic importance to us, providing us with an excellent platform for further growth as we continue to develop hotels throughout Russia.”
The post IHG launches the Holiday Inn Express brand in Russia (RU) appeared first on europe-re.
Title: FT 8th Annual Property Summit
Location: London, UK
Location: Financial Times Live
Location: Mandarin Oriental Hotel
Location: Investment, Development, UK Property
Link out: Click here
Description: The Financial Times’ 8th annual Property Summit taking place at the Mandarin Oriental Hotel in London on 2 December 2014, will bring together global investors, occupiers, lenders and developers to discuss and explore the exciting prospects of the UK property market and the practical solutions to overcoming its challenges. The morning will focus on the capital city, London, followed by an afternoon on the key current and future UK developments.
Img out: Click here
Acting as arranger, sole lender and hedging provider, Helaba Paris finances the acquisition of Tour Blanche office Tower in La Défense business district for Plaza Global Real Estate Partners. Plaza, a joint venture between Quantum Global Real Estate and LaSalle Investment Management, acquired the office tower in October.
Tour Blanche comprises 25,783 m² of modern office space spread over 27 floors. It is home to the French headquarters of public electricity network ERDF, a 100% subsidiary of state owned EDF, under a long term lease since September.
Formerly known as “AIG-Chartis”, Tour Blanche had been among the initially erected buildings at the La Défense complex in Paris in 1967. Now, after being entirely redeveloped and modernized, Tour Blanche is the first refurbished office building with a strong energy and environmental performance. It has been awarded with the “HQE Renovation Exceptionnel” and “Effinergie BBC” certifications.
For Helaba, real estate lending is a core business with loan outstandings and commitments exceeding 33 billion as of 30 June 2014. The bank also ranks among the leading originators in Real Estate Lending in Germany, Europe and the U.S. with new business of more than €4 billion in the first half of 2014. In Paris, the bank is operating as a full branch since 2009 and has been growing rapidly by focusing on strong domestic and international institutional and private clients.
The post Helaba provides €95 million acquisition financing for Tour Blanche office tower in Paris (FR) appeared first on europe-re.
The Royal Bank of Scotland and Omnicom have entered into an Agreement for Lease for Bankside 2 and Bankside 3, Southwark Street, SE1, London totalling 370,000 ft² (approx. 34.374 m²), until September 2027.
This is the largest office letting in Southwark this year and the second largest in the Central London market.
Omnicom is a leading global advertising and marketing communications services company listed on the New York Stock Exchange.
Neil Austin, Head of Asset Management, at The Royal Bank of Scotland, said: “Following a strategic review of our occupational property portfolio in Central London the decision in January 2014 to dispose of Bankside 2 and Bankside 3 has proven to be the right choice by securing a tenant of Omnicom’s calibre and size.”
The Royal Bank of Scotland was advised by DTZ and Cushman & Wakefield. Omnicom was advised by Feld Real Estate.
With the eo Oberwart shopping center, KGAL has acquired another building for its institutional real estate fund Austrian Retail Park Portfolio (ARPP). The shopping center is situated in Burgenland and is fully let. Since December 2012, KGAL has invested in four shopping centers and retail parks in Austria, increasing the portfolio volume there to €1.1 billion.
The eo Oberwart shopping center, built in 2009 in the south of Burgenland, combines classic elements of a retail park with the features of a regular shopping center and benefits from a strong positioning due to its size and tenant structure. The two-story center offers a comfortable one-stop shopping experience with a wide range of merchandise and services as well as 750 parking spaces. The rental area encompasses more than 26,000 m² and the occupancy rate is at 100 %. The 55 tenants currently include C&A, Media Markt, Müller, H&M, Adler and the well-known Austrian brand Kastner & Öhler Warenhaus AG.
“KGAL has a long-standing presence and good network in Austria. As a result, we are continually able to identify interesting buildings. The limited market offer is nevertheless a challenge. This means we are all very happy about this successful purchase,” says André Zücker, Head of Real Estate at KGAL Investment Management GmbH & Co. KG.
The sellers of the shopping center are Dr. Christian Harisch and Stefan Rutter, who in turn each have a 50 % stake in the Rutter Immobilien Group. They will retain a stake of 10 % in the building over the long term.
The post KGAL acquires eo shopping center in Austria for institutional fund ARPP (AT) appeared first on europe-re.
CORUM Asset Management has signed, on behalf of its diversified REIT CORUM Convictions, the acquisition of an office building belonging to IVG Institutional Funds Gmbh Located in Brussels Airport District (1932 Zaventem, Kleine Kloosterstraat 10), the property totals 7,573 m² of office areas and is fully let to BRIDGESTONE EUROPE SA on the basis of a 9-year lease of which 7 years remain.
The average net initial yield (acte-en-mains) generated by the investments realized on behalf of CORUM CONVICTIONS amounts to 8.15% (this rate being achieved thanks to new or recent buildings which make the main part of the portfolio)
Renaud des Portes de La Fosse, General Manager of CORUM Asset Management, says : “With this asset, we continue our development in the euro zone being now present in five countries: France, Spain, Portugal, Germany, and Belgium. CORUM CONVICTIONS, whose capitalization is about to reach 200 million EUR, fulfills more than ever its diversification and return objectives thanks to a portfolio which predominantly consist of new or recent assets with an average secured cash flow of more than 6 years on 70%. We should furthermore announce at the end of this year new acquisitions in the euro zone.”
The seller was assisted in this transaction by the real estate advisor CBRE (Nicolas Durdu). Baker & McKenzie (Rudy Dupont) advised the seller while Urban Law (Rahim Samii) advised the buyer.
The post CORUM AM acquires first office building in Brussels (BE) appeared first on europe-re.
Zeige 1–20 von 134 | « ZURUECK | VOR » | News nach Datum sortiert
Anzeige: Immobilien Schiff ist spezialisiert auf private Immobilien in Trier. Wohnungen, Häuser und Appartements gehören zu unserem Portfolio. Verkäufer und Vermieter zahlen keine Provision für den Immobilienmakler Service bei uns.