Primonial REIM announced that it has acquired an office complex situated at 36-38 Quai du Point du Jour in Boulogne Billancourt (Paris area) from AXA Real Estate.
The office complex boasts a total GLA of 7,638 m² and includes a 135 car underground parking and is currently fully leased on a nine-year contract.
Built in 1992, the building was completely renovated in 2010 and offers many high-quality services and facilities such as a Cafeteria, an auditorium and an interior garden.
Primonial REIM has acquired the building on behalf of one of its own Funds for a total amount of €46.7 million.
Primonial was advised in the transaction by Allez&Associés, CGR Legal and GR Group.
Source: Primonial REIM
The post Primonial REIM acquires the Alpha office complex in Boulogne Billancourt for €46.7 million (FR) appeared first on europe-re.
Title: EPRA Insight London 2014
Location: London, United Kingdom
Location: British Museum, London
Link out: Click here
Description: Join a wide range of real estate and investor professionals to kick off 2014 with research, analysis and discussion surrounding the year ahead. Free, afterwork and with refreshments.
18:30 Opening remarks for Chris Luck (Nabarro) & Philip Charls (EPRA)
18:40 Property outlook 2014 by Bart Gysens, Morgan Stanley
18:50 Panel discussion moderated by Harm Meijer, JP Morgan, with:
• Chris Grigg, CEO British Land
• Toby Courtauld, CEO Great Portland Estates
• Jamie Hopkins, CEO Workspace
• John Hammond, Deutsche Asset Management
19:40 Networking reception with refreshments
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Title: EPRA Insight Amsterdam, 2014
Location: Amsterdam, The Netherlands
Location: Loyens & Loeff, Fred. Roeskestraat 100, 1076 ED, Amsterdam
Location: Investment Management, Netherlands,
Link out: Click here
Description: Start the year informed and among your peers. Join us the regular EPRA Insight event in Amsterdam held jointing with Loyens & Loeff. Save the date.
18:30 Opening remarks by Ronald Wijs (Loyens & Loeff) & Philip Charls (EPRA)
18:40 Use of listed real estate in blended portfolios – Alex Moss, CEO, Consilia Capital
18:40 Property outlook 2014 by Bart Gysens, Executive Director, Morgan Stanley
18:50 Panel discussion moderated by Bart Gysens with:
• Jan-Willem Vis, CIO Global Listed Real Estate, BNP Paribas Investment Partners
• Rafael Torres-Villalba, Head of Listed Real Estate, Europe, APG
• Joost Uwents, CEO, Warehousing & Distribution De Pauw
• Jaap Gillis, CEO, Bouwfonds Investment Management
19:40 Networking reception with refreshments
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According to a Reuters report, Kuwaiti firm St Martins Property Group has acquired More London, a prime office property in London, from London Bridge Holdings for approximately £1.7 billion (approx. €2 billion).
“This transaction underscores the success of London Bridge Holdings in transforming a blighted, brown field site into a vibrant and vital global business center,” the firm said in a statement.
More London has a total area of 13 acres and is located adjacent to Tower Bridge and opposite The Tower of London.
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OTE Estate S.A. announces the initiation of an international open tender process for the sale and/or joint exploitation with OTE Estate, or other alternative business proposal from interested investors, of select owned assets located in the Attica prefecture:
1. The asset which is located at the historic Athens center at 15, Stadiou Street. It consists of two buildings which are operationally independent; the listed building at 15, Stadiou Street with a total surface area of 4,692.6 m² and the neighboring building, at the intersection of Anthimou Gazi and Christou Lada streets, with a total surface area of 1,365.9 m².
2. The asset at 23, Davaki Street in Kallithea, Attica, which is situated on a plot of land of a total area of 7,792.76 m² and consists of an eleven building- complex with a total surface area of 28,519.62 m².
3. The asset at 36-38, Petrou Ralli Avenue in Egaleo, Attica, which is situated on a plot of land of 26,741.66 m² with buildings of total surface area of 12,599.10 m².
4. The asset at 14, Agravlis Street in New Kifisia, Attica, which lies on a plot of land of a total area of 7,796.75 m² with buildings of a total surface area of 5,369.54 m².
The tender process concerns the submission of binding financial offers for the transfer of full ownership to the selected highest bidder for the assets of Stadiou-Anthimou Gazi or/and Kifisia or/and Kallithea or/and Petrou Ralli-Egaleo. In addition, as regards the Kallithea and Petrou Ralli-Egaleo assets, an additional option will be provided to the participating investors to either exploit them jointly with OTE Estate, through the creation of a SPV company, or to propose another, alternative business proposal for their exploitation. Detailed directions for the tender process are provided in the document “Invitation for Submission of Binding Offers”, which can be downloaded by the interested investors from OTE Estate webpage, www.ote-estate.gr. This document will be available for downloading on Thursday December 12th 2013. The interested investors will have full access to the assets’ data folders via a “Digital Data Room (DDR)” throughout the period till the submission of their binding offer. The access to the DDR will be open only to those interested investors who have been provided electronic access codes by OTE Estate, on Thursday December 12th 2013.
Requests for additional information and clarifications regarding the tender process should be emailed to the following address email@example.com, as described in full detail in the “Invitation for Submission of Binding Offers” document.
Source: OTE Estate
Quantum Immobilien Investment Gesellschaft mbH has acquired a new condominium under construction in the Europaviertel development in Frankfurt am Main comprising a total of 182 residential units on a total area of around 13,600 m² of living space.
The project has 130 underground parking spaces and after completion in the first quarter of 2016 will be owned by the residential real estate special funds “Habitare” and an individual fund.
The total investment is about €50 million and the seller is a property company of aurelis.
Source: Quantum Immobilien
The post Quantum acquires new apartment building in Frankfurt am Main for €50 million (DE) appeared first on europe-re.
Meyer Bergman has acquired the iconic Karstadt department store at Berlin’s Hermannplatz from the investment consortium Highstreet Holding. Financial terms of the transaction are not being disclosed.
The 90,000 m² building has been purchased by the London-based manager’s second value-add fund, Meyer Bergman European Retail Partners II (MBERP II). The property is one of the largest city-center department stores in Germany and is fully occupied by the Karstadt retail chain with a long-term lease. The store itself is adjoined by a multi-storey car park with space for 680 vehicles and integrates a block for office and residential use.
Markus Meijer, Meyer Bergman’s Chief Executive, said: “Germany is one of our key target markets and this investment fits squarely with our strategy of targeting defensive prime assets that present opportunities to unlock value through hands-on asset management. It rounds off a year in which our acquisitions team has successfully sourced assets located in the top shopping destinations in major European cities, which we anticipate will generate superior returns for our investors.”
The impressive building has had a long and rich history. Karstadt Hermannplatz was rebuilt in 1951 following its almost complete destruction during World War II, so little survives of the ground-breaking designs by architect Philipp Schaefer when the original department store opened its doors in 1929. The building was enlarged and its façade refurbished in 2000.
Hermannplatz is the intersection of the vibrant Kreuzberg and Neukölln residential districts, which are benefiting from a wave of gentrification aided by the City’s efforts to convert the nearby Tempelhof Airport into a park and revitalize neighborhoods through regeneration initiatives. It boasts excellent public transport connections, since the department store incorporates two entrances to the subway station, and enjoys good bus links nearby to the rest of the city. It is situated on the main trunk road that feeds into the main route from the city center to the future Berlin-Brandenburg Airport.
MBERP II, which is well underway to achieving its €500 million target size, has had strong backing from its existing investors, including European and Canadian pension funds and endowments. The fund targets properties with a dominant market position or in prime locations, and including the Karstadt asset, has a seed portfolio of six assets. Other portfolio assets include the Whiteleys Shopping Center in London’s Bayswater District, assets on the premier shopping streets of Copenhagen, Madrid and Paris, plus the Westfield Broadway shopping center development in Bradford, northern England.
CBRE, Simmons & Simmons, Arcadis and PwC advised MBERP II on the transaction, while HSH Nordbank provided debt finance.
Source: Meyer Bergman
The post Meyer Bergman acquires iconic Karstadt department store in Berlin (DE) appeared first on europe-re.
European financial group Catella will establish property asset management activities in France from spring 2014. This will take place under the leadership of François Brisset, previous managing director and co-founder of DTZ Asset Management.
“In order to build on Catella’s strong position in property advisory services in the French market, we are now establishing property asset management activities. France is one of Catella’s most important markets. The fact that the establishment will be achieved together with one of France’s foremost and best qualified teams in the field, under the management of François Brisset, makes it even more exciting,” says Johan Ericsson, President and CEO at Catella.
François Brisset will be head of the French property asset management operation. He was previously managing director and co-founder of DTZ Asset Management. He has also held various senior positions at Goldman Sachs/Archon, E&Y and Credit Foncier.
The new entity will focus on investment management, asset management and property management on behalf of French and foreign investors.
Catella has an asset management operation in Europe with €5 billion under management, of which €2 billion is within property. The property asset management mainly consists of regulated property funds managed from Munich. The French operation will complement the group’s offer within property services in Europe. The asset management platform will be independent of Catella’s property advisory services in France, with a separate office in Paris.
The post Catella establishes property asset management in France (FR) appeared first on europe-re.
What is GWM active in at the moment?
We manage closed and open-ended regulated investment vehicles in a number of different strategies. We are active in the traditional long /short debt and equity strategies and have a focus on illiquid investments, including real estate. We also own a substantial renewable energy business through a controlling stake in a company listed on the Danish Stock Exchange. Our clients include large private as well as institutional investors.
Within the real estate sector we have an allocation of roughly €600 million, which is partially deployed and partially still to be invested. The capital is managed mainly through open-ended funds, which means we do not necessarily need to return the capital to the investors once we monetize, but can redeploy the capital in new investments. We invest at different levels in the capital structure of real estate assets/companies, and try to select the investment that maximizes our risk-weighted returns. We take minority as well as majority positions, joint ventures, and we have taken positions in listed vehicles with a long-term approach.
In the past we have invested in various asset classes, such as hospitals, office developments, sale and leaseback transactions, which we are very fond of, and retail.
Could you elaborate more on which parts of the world you have been the most active so far and where you would like to expand in the near future?
We have been active in Italy, the UK and marginally in Germany. We are looking at the US as well, but mostly in the junior debt segment. Ideally we would like to invest more in Germany and France, as well as expanding our retail investment strategy in Italy, where we have recently bought the largest Italian retail park, the Market Central Da Vinci.
Our target for the next two-three years is to build up a retail portfolio of between €500 million and €1 billion. We would invest selectively in development projects, albeit our preference falls on assets that are let and need some asset management, especially in cases where the current owners have under-invested in the properties since the beginning of the financial crisis in 2008. Essentially what we are looking for are properties that are well-established but that are in need of “love and care”.
Where do you see the most opportunities in the coming years?
We are very keen on the real estate debt sector. We have been active in mezzanine/junior debt and are structuring a senior debt fund which we hope to be able to launch in early 2014. We see a lot of opportunities in debt throughout Europe. In some countries spreads have already come down but in some secondary, and especially southern European countries, such as Spain and Italy, the spreads are still very wide and there could be very interesting opportunities in senior whole loans or possibly stretched senior.
We believe that we have a special angle – especially in Italy – given our team’s unique experience and our intimate knowledge of the market, its players and peculiarities. In southern Europe, we increasingly see some of the stress in the banking sector being passed through to the sponsors, and some sponsors taking decisions that can lead to appealing investment opportunities for investors with a longer-term investment horizon.
In which sector do you see the best opportunities in the near future?
I would not talk about opportunities for growth in any specific sector. I would rather look for defensive assets that can be bought – at this point in the cycle – at the right price and that therefore would withhold a potential deterioration or stagnation of the economic situation and possibly, in the long run, provide for capital appreciation. We do not think that recovery in Europe is going to happen anytime soon so we are confident that the appropriate real estate is going to be a defensive play and can offer very interesting risk adjusted returns. We are focusing on debt as there is a great scarcity of debt capital in the real estate sector and there are going to be substantial refinancing requirements in the coming years. There is a big gap to fill.
The Greek economy is showing signs of stabilization after a long period of general market instability, difficulty in obtaining leverage from the Greek banks, high borrowing rates, unfavorable and unsteady tax environment. Fortunately, the risk of exiting Eurozone is diminished. According to official statements, the Greek economy hopes to return to positive growth rates in the forthcoming year. Nevertheless, the sharp decline of business activity and consequently, of domestic purchasing power hit gravely all real estate sectors and especially the retail market.
During 2013 and especially in Q4, investment activity was atypical compared to previous years. In October 2013, the Greek State sold 28 Government Buildings (19 of them in Athens) to the two major domestic REITS (Pangaia and Eurobank Properties) for €261.31 million and it will lease them back for 20 years. This transaction was the biggest sale and leaseback deal ever registered in Greece. The remainder of the activity was limited transactions by domestic investors, especially in the retail sector, such as the one concerning a prime retail listed building of 887 m², at a price of €5.9 million. The biggest inflow of foreign capital was achieved by the sale of a vacant 6,000 m² prime office building on Bassilisis Sofias Av. (ex-BNP Paribas headquarters) for €10.3 million to Grupo Dolphin/Pampa Energia. ?n the near future, the main volume of transactions is expected from properties auctioned by the Hellenic Republic Asset Development fund.
The office market in Athens is highly concentrated; prime market is observed in the CBD and along the Mesogeion, Kifissias and Siggrou Avenues. The majority of modern, fully equipped office spaces are located in the northern suburbs (Kifissia, Amarousion, Xalandri). On the one hand, prime rent levels and vacancy rates are currently relatively stable, albeit at very low levels, as relocation to prime offices is feasible for businesses that manage to survive. On the other hand, secondary office markets are merely heading to extinction. Moreover, deductions on current rents and incentives by landlords are practically the norm. Due to declining demand and limited financing, there is no development in the pipeline. Nowadays, a new trend of sustainable projects is emerging; former industrial or listed buildings are renovated and reused as co-working spaces.
The domestic buying power is continuously declining, as a result of endless austerity measures and the unemployment rate levels sky-rocketing. In this unprecedented turmoil, the retail market struggles to survive. The general picture of street retailing is disheartening even in the main high streets of the capital; frequent renegotiation of rent levels and lease conditions, incentives offered by landlords, rising vacancy rates and development limited in scarce refurbishments are the daily routine. Nevertheless, this situation has given international as well as major domestic retailers, the opportunity to get better positioning in prime market locations and expand their store network. In some occasions, tenants are just paying turnover rent and no base rent. The move from secondary to prime locations is also observed in the street retail market. As a result, secondary location vacancy rates average up to 30%, double the ones observed in prime market. After the recession is over, the undisputed winners will be shopping centers and retail parks, which succeed in preserving their turnover while boosting their consumer traffic.
The major project in the pipeline is the 15,000 m² expansion of Golden Hall (re-use of an adjacent existing building), which will be a €20 million investment, including extra retail space, a family entertainment center and an Olympic Games Museum, which is expected to be operative by the end of 2014. All the other projects (Academy gardens by MGPA, Galatsi Olympic Hall by Charagionis Group and the project of Babis Vovos at Votanikos) are put on hold for various reasons. Finally, no new significant retailer entered the market recently.
The industrial and logistics sectors are concentrated mainly on the outskirts of the city, in the north and the south-west, near the Piraeus port. While the industrial sector is currently frozen, logistics has good reasons to be optimistic. A mini Chinese “invasion” in Piraeus aspires to convert the main port of Athens to an alternative logistic gateway to the EMEA region, revitalizing the logistics sector in the southern and south-western outskirts of the city. The catalyst in the promotion of Athens as a combined transportation hub was the recent railway connection of Piraeus port with the national railway system. The pioneer in the logistics sector is COSCO which manages two Container Terminals in Piraeus port. Furthermore, ZTE, the fourth telecommunication corporation worldwide, has announced the construction of a new logistics center in Piraeus. The works are expected to start at the beginning of 2014.
During 2013, hotel occupancy and RevPar indices in Athens have been positive for the first time in six years. Athens aims to be ranked among the “city break” European destinations. Ambitions are expected to be boosted by extensive urban regeneration projects in the near future, such as the pedestrianization of Panepistimiou Str. in the heart of the CBD and the redevelopment of the south water front. However, the group of big players in the hotel market (Starwood, InterContinental, Hilton, Divani, Sofitel) will be reduced by one member, as ?arriott ?nternational is planning to withdraw from Athens.
Moreover, the project pipeline remains nearly empty, as the only project scheduled is the €3.5 million refurbishment of President Hotel. Nevertheless, the biggest deal ever in the Greek hotel market is expected in the Q2 of 2014. Rumours say that about €250 million will be spent in the auction of “Asteras Vouliagmenis”. The property is located in a small peninsula in the south of Athens and is owned partially by the Greek State and the National Bank of Greece. It consists of 304,000 m² of land (112,000 m² with development potential) and a five-star hotel. The bidders will include major international and domestic investors (for instance US fund Colony Capital, Hines, ICI, Russian Strategic Initiative, Charterworld, the hedge fund Baupost and domestic Lamda Developments).
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