Legal & General Property (LGP) announces, on behalf of its Legal & General UK Property Fund, that it has successfully acquired 55 Strand in London and 5 Vanwall Business Park in Maidenhead from Aviva for a total consideration of just over £60.6 million (€76.5 mln).
Legal & General’s £1.7 billion (€2.1 mln) UK Property Fund converted into a Property Authorized Investment Fund (PAIF) structure in May this year, resulting in more tax-efficient income for many investors.
One of the fastest growing funds in its sector, launched in 2006 the Fund has grown from £100 million since inception and by over 55% in the last 12 months alone as it continues to see steady inflow of capital from both Retail and Institutional investors. 55 Strand
LGP has acquired 55 Strand, London WC2 for £37.4 million (€47.2 mln) representing a yield of 4.34% in June 2015 following the expiry of a rent free period. The building is a freehold office and retail asset located in an established core location on the South side of Strand.
LGP has purchased the freehold interest in 5 Vanwall Business Park in Maidenhead for a total consideration of £23.26 million, reflecting a net initial yield of 6.45%.
Matt Jarvis, Fund Manager of the Legal & General UK Property Fund, comments: “Offering a number of longer term asset management opportunities, these two acquisitions reflect the Fund’s strategy to purchase schemes with the right property fundamentals that provide immediate and secure income from a diverse mix of tenants whilst also providing rental driven growth in the medium term. Our strong inflows into the fund have allowed us to continually modify our strategy in order to opportunistically capture the right assets at the right time and we remain very active in the market with an exciting pipeline of deals under offer.”
Colliers advised LGP on the purchase of 5 Vanwall Park, with Aviva being represented by Knight Frank. Fineman Ross advised Aviva on the sale of 55 Strand and CBRE advised LGP.
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ActivumSG Capital Management Ltd., the German focused real estate fund manager, has sold two assets in its Fund I portfolio, Main Michelangelo in Frankfurt and G1 in Munich, to the real estate investor FLE GmbH in Vienna. The assets were sold for an undisclosed sum.
Main Michelangelo is a 9,100 m² office building located at Gerbermühlenstrasse 9-11 in the Sachsenhausen area of Frankfurt.
Grünwalder is a 7,900 m² office building located in Grünwalder Strasse 1 near the “Mittlerer Ring” of Munich.
Both assets were purchased with significant vacancy and repositioned through an active lease up approach.
Richard Wartenberg, Head of Acquisitions and Sales at ActivumSG Advisory GmbH, stated “both these assets have similar stories – office buildings in secondary locations in prime German cities where an active lease up/value add strategy meant that we took the occupancy from under 50% to over 90%. We are thrilled to sell these assets on to FLE who will benefit from the attractive yields and stable tenant bases offered by these two high quality buildings.”
ActivumSG was advised by SCHALAST & PARTNER Rechtsanwälte mbB, Frankfurt and Hackenberg & Co. GmbH, Frankfurt.
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LondonMetric Property Plc announces that it has exchanged contracts on the sale of Bishop Auckland Shopping Park to Standard Life Investments for £23.6 mln (approx. €29.8 mln), reflecting a net initial yield of 5.27%.
The former Focus unit and adjacent land was acquired for £2.3 mln (approx. €2.9 mln) and developed by Metric Property Investments in two phases between 2012 and 2013 at a total cost of £15.8 mln (approx. €19.96 mln). The 76,500 ft² (approx. 7,107 m²). Open A1 shopping park consists of 12 units and is anchored by M&S, Boots, TK Maxx and Next with a WAULT of 9.4 years.
Andrew Jones, Chief Executive of LondonMetric, commented: “The investment market remains competitive for well let assets and so we will look to monetise our investments where we have completed asset management and development initiatives, with deep confidence of deploying the capital into other opportunities that offer superior income and capital growth.
“This has been an excellent asset for us that has fully showcased our deep development experience and strong occupier relationships to generate very attractive returns for our shareholders.” BNP Paribas advised Standard Life on the purchase of Bishop Auckland.
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Kungsleden has signed a three year lease agreement with DocuSolutions (which sells copy machines, printers, office stationary and coffee machines) for office and warehouse space in the property Nattskiftet 15 in Västberga.
Västberga is one of southern Stockholm’s most flourishing areas focusing on office, warehouse and residential space.
The location next to Essingeleden (the main highway passage through Stockholm) and close proximity to Midsommarkransen and Liljeholmen, makes Västberga an attractive area for companies within the logistics and warehousing business. Old office buildings such as Ericsson’s former head office are being rebuilt for residential purpose, which further transforms of the old industrial area into a vibrant district.
“We are delighted that DocuSolutions has chosen to lease space from us. DocuSolutions is a customer focused company in an evolving industry, which fits well with the transformation Kungsleden has undergone. It’s also very satisfying to see how interest for Västberga is increasing. We have several properties in the area and can therefore offer our tenants a wide array of solutions in the area”, says Fredrik Lindén, Leasing Manager at Kungsleden.
The space which DocuSolutions will lease as of March 1, 2015 covers 791 m² evenly split between office and warehouse space. DocuSolutions will make minor adjustments to fit their needs.
“DocuSolutions have been present in Västberga for several years and we like the location close to Stockholm and important traffic routes. So when we searched for new space it was natural to first and foremost find a flexible solution in the area. Kungsleden presented their portfolio in the area and we found a good mix of office and warehouse space on Drivhjulsvägen”, says Fredrik Lindström, CEO DocuSolutions.
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Development Securities today announces that it has sold Colston Tower, an 89,000 ft² (approx. 8,268 m²) office building located in the center of Bristol, to Resolution Property for £12.3 mln (approx. €15.5 mln), equivalent to an exit yield of 8.25%. The sale of this investment asset will realise a profit of £2.0 mln (approx. €2.5 mln) for the company in line with expectations.
Development Securities acquired Colston Tower in a 75:25 joint venture with Ellandi in 2011 for £7.6 mln (approx. €9.6 mln) at a 10.08% initial yield. Since acquisition, the joint venture partners have invested a further £1.9 mln (approx. €2.4 mln) on refurbishments and improvements within the building. These improvements have enabled headline rental levels to increase from €12 psf to €18 psf over the period of ownership and 90% of tenants with lease expiries or breaks have renewed.
Matthew Weiner, Executive Director, Development Securities said: “We have added significant value to Colston Tower during our ownership, improving the quality of the building and thus increasing rental values and improving occupancy levels. The profitable sale of this asset will allow us to recycle capital into further investment opportunities where we see strong potential to generate value.”
Mark Robinson, Investment Director, Ellandi added: “We have executed and then exceeded our business plan for this investment showing that good asset management principles can be applied across different sectors to achieve outstanding returns.”
Source: Development Securities
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TriGranit Management Corporation (TGM), together with Design International (DI) and MultiCapital signed in October 2014 a Joint Venture agreement whereby TGM will work jointly with Design International Leasing (DIL) on leasing mandates across North Africa. As the second step of the cooperation, today TGM completed the purchase of 33% of the share capital of DI Leasing.
The partnership brings together over 20 years of expertise from TriGranit as well as 50 years of award winning projects from DI in retail leasing & design and MultiCapital, one of the strongest retailers in the region, to ensure state of the art retail projects are delivered via an innovative and integrated approach. Together they will maximize the performance of their developments through a seamless approach with the aim of becoming the leaders in this market.
“Speaking about the partnership,” Philip Evans, CEO of TGM, said, “after signing the JVA, and commencing work on the Cleopatra Mall project, the opportunities became very clear to us and I believe this acquisition underlines our commitment to the project. We are delighted to confirm that the acquisition of 33% of the share capital in DI Leasing has taken place today also. With the signing of the sales purchase agreement, all parties confirm the seriousness of the intention to cooperate in the North Africa region and beyond.”
Davide Padoa, CEO of Design International, stated, “DI Leasing’s tailored services combined with our knowledge of best practices, international market trends and integrated management of design and leasing phases, compliments TGM and creates a very strong and fruitful partnership that will benefit our clients.”
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Niam has signed an agreement to purchase all shares in Hinna Park Invest AS, a company that owns the property Jåttåvågveien 10-12 in Stavanger.
The property consists of two office buildings constructed in 2012, with a total area of 66,000 m² including parking. The tenants are Aker Solutions ASA and ASA Akastor. The transaction is based on a property value of 1.5 bln NOK (approx. €177.5 mln) and the seller of the shares is a syndicate.
Niam is the leading real estate private equity firm in Northern Europe with real estate assets under management of approximately €2.3 bln. Niam offers global institutions the opportunity to invest in the Nordic property markets. Since inception in 1998, Niam has invested over €7 bln through its own funds or on behalf of its financial partners.
Niam has a fully integrated investment team of 43 dedicated real estate professionals with experience across all major asset classes. The company is headquartered in Stockholm and has offices in Oslo, Helsinki and Copenhagen. Niam is certified under AIFMD and Dodd Frank.
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The International Council of Shopping Centers (ICSC) has announced leading international real estate provider BNP Paribas Real Estate, which has more than 35.8 million m² of commercial property under management in Europe, and is present in 38 countries, has signed a three-year agreement with ICSC as a European Partner.
Thierry Laroue-Pont, CEO of BNP Paribas Real Estate, said: “On behalf of the Retail teams of BNP Paribas Real Estate, I am delighted to join ICSC as European Partner.
In 2014, retail investments accounts for 23% the volumes invested in Europe, close to €40 billion. This asset class requires specific competences. This is why we are committed to create a European Retail platform coordinating our current team of 60 staff members.”
Mike Morrissey, executive vice president of ICSC, said: “We are delighted to welcome BNP Paribas Real Estate as our latest ICSC European Partner. Our partners support the ongoing development of ICSC in Europe and contribute to the industry’s thought leadership. ICSC now has over 7,000 members in Europe, more than ever before in its history and the opportunities for our partners and members to build their networks at all levels continue to grow.”
ICSC provides educational, research and networking opportunities as well as advocates on behalf of the industry at the European Union. The membership organization has over 67,000 members globally and continues to bring together the most influential industry professionals.
Source: BNP Paribas
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The official opening of Kapelanka 42 – Skanska Property Poland’s first office project in Krakow took place on 20th of November. This modern complex, comprising of two office buildings and developed with the environment in mind, is already almost entirely leased. Furthermore, one of the complex’s buildings has been sold to the Polish fund, REINO Dywidenda FIZ .
Kapelanka 42, whose buildings were commissioned for use in Q2 and Q3 of 2014 and provide over 30,000 m² of A class office space, was developed in less than 2 years. It is almost entirely leased, predominantly to companies providing business services. A significant part of the lease agreements was signed long before the complex’s scheduled completion.
Currently, Kapelanka 42’s tenants include SAB Miller, Apriso (part of Dassault Systèmes), Sygnity, Tesco as well as a service center for one of the world’s leading financial institutions, Skanska’s local units and Olimp restaurant. One of the complex’s buildings was purchased by REINO Dywidenda FIZ Polish fund, managed by REINO Partners, at the beginning of November 2014.
“Kapelanka 42 is our contribution to the development of the regional capital of Malopolska. We are glad to observe its dynamic growth over the last few years. Currently, Krakow is one of the world’s most attractive locations for investors from the service and IT sector. We provide modern office space for companies in places that are the best bridgeheads for their further growth. We want our buildings to blend in perfectly with their urban surroundings and be developed with people in mind as well as provide friendly, new working places. The success of the commercialization of Kapelanka 42 encourages us to plan and develop more investments in the city,” commented Katarzyna Zawodna, president of Skanska Property Poland.
The building was designed by the Silesian architectural studio medusa group. The general contractor was Skanska S.A.
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So mancher Hausverkauf oder Mietvertrag ist schon am Bad gescheitert. Unmoderne Fliesen, eine ungünstige Aufteilung, zu wenig Licht – wer will so schon in den Tag starten? Wir erklären Ihnen, wie Sie das Bad zeitlos schön gestalten.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 21 Nov 2014, 8:32 am
Avestus Real Estate launched the development of the third phase of the Enterprise Park office complex in Krakow, Podgorze district. Eiffage Polska Budownictwo, which had previously worked on the two previous Enterprise Park phases, was chosen as the general contractor.
“Starting the development of Enterprise Park back in 2011, which had to face the unfavourable conditions threatening the market at the time was no small challenge and a considerable risk. We were convinced, however, that choosing Krakow as the location for our project significantly minimized such risk. As time passed by, our decision turned out to be a right one. During the three years of the project development, we provided the Krakow market with nearly 30,000 m2 of modern office space which quickly attracted high-profile tenants,” says Mariusz Fr?ckiewicz, Country Manager, Avestus Real Estate.
The available lease area on the four above-ground floors of building D will total 5,800 m2. Similarly to the other buildings in the complex, floors will offer spacious and flexible class-A office space of 1,800 m2 (floor 2) to 1,900 m2 (floor 3 and 4).
The architecture has been designed by DDJM Biuro Architektoniczne. The building’s exterior will repeat the elegant and functional architectural solutions present in other buildings of the Enterprise Park complex. Just as the project’s previous phases, building D will be subject to the BREEAM environmental certification procedure. The design involves the use of sustainable solutions minimising the environmental impact. The project also provides amenities that ensure comfortable working conditions. Advanced water- and energy-efficient systems will enable future users to optimize operating costs.
Source: Avestus Real Estate
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Sechs Kilometer vom Stadtzentrum Vilshofen entfernt, in Schneideröd 1 bietet Niedermeyer-Immobilien alles zum Thema Vermittlung, Verkauf und Beratung von Immobilien an.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 20 Nov 2014, 12:05 pm
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