PATRIZIA has signed a purchase agreement for the acquisition of a portfolio of approximately 5,500 residential units in the Netherlands. The seller is the Dutch housing association Vestia. The purchase price is €578 million. PATRIZIA is acquiring the portfolio for its co-investment “WohnModul I”, in which a very notable pension fund from Germany is participating. The purchase agreement is still subject to the approval of various bodies on the seller side.
“We expect the sale to be approved by all bodies and the transaction to be closed on schedule at the end of the financial year,” says Klaus Schmitt, COO and Managing Board member of PATRIZIA Immobilien AG.
PATRIZIA thus remains consistently on track to becoming Europe’s leading real estate investment company. “For some time now, our institutional investors have had such confidence in us that they are investing with us outside their familiar national borders,” emphasises Klaus Schmitt. “We have created the requisite conditions for this with our many years of experience and our European network of subsidiaries.”
The co-investment strategy is based on portfolio maintenance. Demographic change in particular is in favour of the portfolio’s value stability: population growth is expected in all regions of the Netherlands up to 2025. In conjunction with the continuing fall in the average household size, this is resulting in a significant demand for housing.
The broadly diversified housing portfolio covers a total of 340,000 m² of residential space. The vacancy rate is 3%. Approximately 70% of the homes are still subject to rent control.
“This sale is the biggest transaction that the Dutch market has ever seen in the housing sector,” says Arjan Schakenbos, Chairman of the Executive Board at Vestia. “We are delighted to have found a renowned partner in PATRIZIA that will remain invested in the acquired properties in the long term and will also take on our current employees who have been looking after the property management of these properties.”
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La Salle, on behalf of Bayerische Ärzteversorgung (BÄV – Bavarian doctors’ pension fund), has acquired a mixed use and retail building located at the Jodenbreestraat in Amsterdam for circa €80 mln from Life Fund Syndication.
The building comprises approximately 21,248 m² lettable floor area, excluding the parking garage of approximately 5,570 m². The multi use building comprises six retail units in a plinth and is let to AH, Gall & Gall, Hema, Etos, Blokker and Van Haren. It also includes five storey’s of office space fully let to the Municipality of Amsterdam on top and a public parking garage under the building.
The acquisition of Jodenbreestraat is the second largest investment in the city centre since 2009, just below the purchase of Prins en Keizer at € 90 mln by HiH at the beginning of this year. This transaction has pushed the investment volume so far this year up to €187 million, already exceeding last year’s volume (€185 mln) and resulting in the highest volume in the city centre in the past five years.
Clive Pritchard, Head of Savills Netherlands, comments: “Investors are looking for good quality products located at accessible locations where the let-ability for now and in the future remains solid. With the purchase of the property at the Jodenbreestraat, LaSalle has a stable investment with adequate diversification opportunities and a good mix of office space, retail space and parking.”
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Hennes & Mauritz (“H&M”) has chosen two assets managed by CBRE Global Investors to open its largest store in Europe and the largest store in the southern part of the Netherlands.
De Koopgoot, Rotterdam’s main shopping centre will house H&M’s largest shop in Europe. This will be a flagship store, where they will sell several collections and brands (H&M, Monki, Weekday).
The store will cover three floors, the existing store at De Koopgoot level, extended to the ground floor and first floor. With this lease De Koopgoot has found a sustainable, long term tenant for its underused passage space that will strengthen the eastern part of the shopping mall.
The long-term lease agreement comprises approximately 6,250 m² GLA, and the opening of the shop is scheduled for October 2014.
In the Heuvel Galerie shopping mall in Eindhoven, H&M will extend its store from 2,000 m² to 3,300 m², which will make it the largest store in the southern part of the Netherlands. The extension comprises the lower floor of the shopping mall allowing the stores’ two floors to be better connected. The shop will also be the first store to sell H&M Home in the Netherlands.
Jaap Démoed, fund manager of the CBRE Dutch Retail Fund said: “We are very pleased to see an important international retailer like H&M choose two assets managed by CBRE Global Investors. This transaction is an excellent example of our strategy to source the key retailers which are in demand in order for us to enhance the retail mix within a prominent shopping environment.
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Greenman Investments, an Irish real estate investment company, received approval for its fund Greeman Income PRO from Luxembourg’s financial regulator, the CSSF. Through this fund, Greenman plans to generate investment volume of €150 mln with an equity share of €100 mln.
The focus of the fund’s investments is on German retail parks with renowned food retailers such as EDEKA, REWE and Kaufland as anchor tenants. Income PRO marks the first time that Greenman is approaching institutional investors from Ireland, Germany, France, Belgium, and Luxembourg.
In addition to Income PRO, the Irish investment company currently offers the Greenman Retail+ fund, which is geared towards Irish pension funds and professional private investors and aims to collect a total of €50 mln. The total target fund volume of €90 mln is also to be invested in German retail parks.
John Wilkinson, CEO of Greenman: “We are delighted to offer now also European Institutional investors the opportunity to invest in retail parks in Germany, which is an exciting asset class.” Wilkinson added: “Thanks to our long-term experience in the German retail real estate market, we have a vast network of property developers and estate agents at our fingertips. As such, we have been able to establish a considerable purchase pipeline.” Greenman has reviewed and analysed investment opportunities in retail parks with a volume of around €2.1 bln and a combined retail let area of 32mln m² for its Retail+ and Income PRO funds over the past few months.
Source: Greenman Investments
The computer company Dell has signed a new lease with SEB Asset Management for a total of around 19,800 m² of space in the city center office building on Fazulová street. The lease runs until the middle of 2020.
Dell has been using the modern, high-class building, which is centrally located near the main station, as a business center since 2007. DTZ acted as advisors during the lease negotiations. The property is part of the portfolio belonging to the open-ended real estate fund SEB ImmoInvest.
In addition, SEB Asset Management signed four new leases and three lease extensions for a total of 2,940 m² of space in the “Europeum” on Suché Mýto street, just a few meters from the Presidential Palace and the old town of Bratislava. The building, which was constructed in 2004 in accordance with the latest standards, belongs to SEB ImmoPortfolio Target Return Fund’s property portfolio. It has 10,455 m² of office, retail and archive space, over two-thirds of which is currently let to 18 companies. Europeum’s tenants include the German–Slovak Chamber of Industry and Commerce (DSIHK), the law firm DLA Piper and the audit and consulting company Mazars.
Source: SEB Asset Management
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Legal & General Property announced that it has completed the successful refinancing of its Industrial Property Investment Fund agreeing a new £275 million (approx. €348 million) term part fixed rate, part floating rate facility with three lenders, RBS, Wells Fargo and L&G’s lending arm, LGIM Commercial Lending Limited, with an additional £75 million (approx. €95 million) revolving credit facility provided by RBS and Wells Fargo which can be drawn down for future investment opportunities. The new loan will enable the Fund to continue delivering strong income distribution to investors.
The new £350 million (approx. €442 million) loan facility is arranged over a six year term, supporting the Fund through its recently extended life span and providing it with significantly increased firepower with which to seek attractive market investment opportunities. RBS continues to be the principal debt provider and arranger, with a £95 million (approx. €120 million) stake in the secured facility and 50% share of the revolving credit facility, whilst L&G has increased its loan to £90 million (€113 million). Wells Fargo has come in as a new lender to the Fund, providing £90 million (approx. €113 million) of the secured facility and a 50% share of the £75 million (approx. €95 million) revolving credit facility.
The largest industrial fund in the IPD, IPIF has continued to be one of the most active investors in the UK industrial market. Launched in 1997, IPIF was one of the first indirect specialist real estate funds. Having outperformed its benchmark, the IPD Quarterly Industrial Benchmark, over three, five, 10 and 15 years and delivered a total return of 25.9% to its investors over the 12 months to June 2014, the Fund continues to be a leader in its sector. The lowly geared fund is one of the most liquid closed-ended funds in Europe, benefiting from a strong secondary market with approximately 5% of its units traded each quarter.
Towards the end of last year the Fund successfully merged with the Falcon Property Unit Trust, providing it with over 280 units over 36 multi-let estates which it felt would significantly benefit from the scale, resources and efficiencies of IPIF’s management intensive structure, whilst increasing IPIF’s already large added value pipeline at an opportune point in the market cycle. The merger followed shortly behind the news that IPIF had extended its life to 2020, whilst also adding redemption provisions and introducing a number of initiatives enabling it to be more flexible in terms of raising further equity and responding to market conditions.
Commenting on the refinancing, Jonathan Holland, Fund Manager of IPIF, said: “The Fund has continued to lead the market in delivering strong outperformance through its careful stock picking of good quality, higher yielding multi-let industrial estates and highly proactive asset management programme.”
Source: Legal & General Group
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UK Commercial Property Trust Limited (UKCPT), the largest Guernsey based, UK focused commercial property trust, announces that it has signed leases with Multiyork Furniture Ltd and Dean House Plc, Betta Living, at Junction 27 Retail Park (“Junction 27”, the “Park”) a short distance from the M62 motorway in West Yorkshire, for two new stores totalling 9,967 ft² (approx. 926 m²) of space with additional mezzanines to be created by UKCPT. The Park is now fully let.
Multiyork is a sofas and interiors retailer, whilst Betta Living is a specialist retailer of high quality kitchens, fitted bedrooms, and bathrooms. Both Multiyork and Betta Living have entered into new 15 year leases with the combined income from the Park to increase by £449,730 per annum (approx. €569,000 per annum) as a result of the lettings. These units have been created through the subdivision and re-elevation of the former Comet store after the electrical retailer entered administration in 2013.
These initiatives are in line with the strategy of positioning Junction 27 as the dominant home furnishings and technology retail location serving West Yorkshire and reflect another positive step forward for the Park, following the opening of a new Pizza Express last year, offering a complementary leisure location.
The Park sits adjacent to the only Ikea store in Yorkshire, and serves a core catchment of 1.5 mln people (of which 64% are ABC1 acorn ranked), with an available spend of £883 mln per annum (approx. €1.1 bln per annum) on household furnishings and £415 mln (approx. €525 mln) on technology.
Daniel Baynes, Asset Manager at Ignis Asset Management, commented: “We welcome Multiyork, and Betta Living to Junction 27 as new and valued additions to the retail offer on the Park, which is being increasingly recognised as Yorkshire’s leading destination for home furnishing and technology retail. The two lettings have also demonstrated that, with the right asset management team in place, any voids in the portfolio should be regarded as opportunities to both increase income and create additional value.”
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Experienced leisure and retail developers, Terrace Hill, part of Urban&Civic plc, has acquired a major town center site from Burnley Borough Council for a new leisure based scheme.
The site, off Active Way and adjacent to Charter Walk Shopping Centre, is currently a surface car park but has been earmarked for development for a number of years since the former Pioneer Cooperative building was demolished. The sale of the council’s holding to Terrace Hill will trigger a planned multi million pound (multi million euro) leisure development.
According to Andy Lavin, Development Executive at Terrace Hill, a planning application for the site will be submitted by the end of the year, and it is anticipated that the final designs totalling 43,000 ft² (approx. 4,000 m²), will include space for six restaurants and a coffee shop in addition to a new nine screen cinema.
Adjacent to the Charter Walk shopping area, the scheme will provide a draw for visitors to this side of the town. An under croft car-park with a capacity for 287 vehicles will offset any loss of spaces caused by the development of the site.
Andy Lavin said: “The land around the old Pioneer building has been undeveloped for a number of years now. With the other revitalisation schemes taking place across the town this site really stands out as being in need of some attention.
Duncan McEwan, Head of Retail Development at the company, further added: “The requirement for alternative developments in town centres is clear as shopping habits have changed, and leisure is the obvious addition that will help to improve the dwell times of shoppers. A scheme such as this will bring in families and will provide vibrancy in the evenings and at weekends.
We are extremely pleased to have reached an agreement with Burnley Borough Council, and are confident that our strong track record in delivering this new offer will add real value to the town, its residents and visitors.”
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British Land and Oxford Properties are pleased to announce the signing of an Agreement for Lease with a leading specialist pensions insurer, Rothesay Life, for level 25 at The Leadenhall Building.
Level 25 provides 13,594 ft² (approx. 12,629 m²) of space and Rothesay Life will take a 10 year lease with an option to break after five years. Rothesay Life, established in 2007, has become one of the leading providers of regulated insurance solutions in the UK market for pensions de-risking and is owned by Goldman Sachs, Blackstone, GIC and MassMutual.
Jonathan Sarkar, Chief Operating Officer of Rothesay Life said: “We looked at a number of options and The Leadenhall Building offered the best combination of space, services and flexibility. We are excited to be moving there and it is perfectly placed to meet our business needs now and as we grow.”
Tim Roberts, Head of Offices at British Land said: “Rothesay’s decision to come to The Leadenhall Building is a further endorsement of the building’s distinctive qualities. It is the fourth letting we have completed during the construction phase, all to companies that are leaders in their fields.”
Mike Rayner, Head of Development at Oxford Properties said: “Our objective at The Leadenhall Building has always been to create something exceptional, and to have attracted a business of Rothesay’s standing is evidence of the building’s appeal to the occupier market and the relevance of its unique design, flexibility and customer service offer.”
The Leadenhall Building, which comprises 610,000 ft² (56.671 m²) of office space, is now 53% pre-let following commitments with international insurance broker Aon, who are relocating their global headquarters from Chicago, global speciality insurer and reinsurer Amlin, and Servcorp, one of the world’s leading serviced office businesses.
The building, which at 224 m is the tallest in the City of London, was designed by the renowned architecture practice Rogers Stirk Harbour + Partners.
British Land and Oxford Properties were advised by DTZ and Jones Lang Lasalle.
Source: British Land
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pbb Deutsche Pfandbriefbank financed the purchase of an office building in Duisburg’s inner harbour by CanCorp Duisburg I S.á.r.l., the joint venture of INOVALIS REIT (Canada) and a strategic investment partner. The trans-action has a volume of approximately € 25 million and was closed in July 2014.
The office building is situated in a sought after position in Duisburg’s inner harbour. The property offers around 20,000 m² of office space. The company Mitsubishi Hitachi Power Systems Europe GmbH has a long term lease on the building complex.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, said: “Germany, given its economic stability, is a core market for pbb Deutsche Pfandbriefbank. This financing is a good example of the current trend on the German real estate market: Excellent real estate situated in very good city locations is of increasing interest to investors, even if the cities themselves are not absolutely prime locations. With pbb’s set-up in the regions, the bank can provide nation-al and international investors with local expertise.”
Source: pbb Deutsche Pfandbriefbank
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