The Crown Estate and Oxford Properties have agreed a £145 mln (€202 mln) extension to the St James’s Market Partnership with the establishment of a new joint venture for a 160,000 ft² (14,864 m²) commercial block between St Albans Street and Haymarket in London’s St James’s.
The new 50:50 partnership builds on The Crown Estate and Oxford Properties’ existing £320 mln (€446 mln) St James’s Mark Jet joint venture, established in 2013 to redevelop two neighbouring blocks in between Regent Street St James’s and Haymarket. Works are currently underway on site to deliver 260,000 ft² (24,154 m²) of retail, restaurant and office accommodation, alongside transformational public realm improvements, with completion expected in 2016.
As with the first joint venture between the two parties, The Crown Estate will retain the freehold and act as asset manager on behalf of the partnership. Oxford Properties will play an active role in bringing the strength of its UK and global platform to bear to complement the expertise of The Crown Estate’s team.
Source: The Crown Estates
The post The Crown Estate and Oxford properties agree on €202 mln extension of partnership in London (UK) appeared first on europe-re.
British Land and Oxford Properties confirms three lettings across seven floors and approximately 100,000 ft² (appox. 9,300 m²) at The Leadenhall Building to Brit Insurance, Spanish banking group Banco Sabadell and investment management firm Kames Capital. The building is 84% let or under offer following these signings.
Brit Insurance, a market leading global insurer and reinsurer, will relocate to The Leadenhall Building from its current premises at 55 Bishopsgate, EC2. The company has signed a 15 year lease to occupy 66,300 ft² (approx. 6,100 m²) across Levels 16 to 18, 39 and 40.
Banco Sabadell, the fourth largest Spanish bank will occupy Levels 37 and 38 at the building comprising 18,100 ft² (1600 m²) in total. The bank has signed a 10 year lease.
Kames Capital, based in Edinburgh with over £58 bln (approx. €80 bln) in assets under management, has taken a lease over Level 26, which provides 13,300 ft² (1235 m²) of office space. The company has signed a 12 year lease.
These transactions follow recent commitments in 2015 from independent shipping brokerage firm Affinity Shipping, IT services provider IPsoft and Rogers Stirk Harbour + Partners, the building’s architects.
Source: British Land
The post British Land announces three lettings at The Leadenhall Building (UK) appeared first on europe-re.
According to international real estate advisor Savills the average vacancy rate for the European office market was 9.37% in Q1 2015, which is the lowest level recorded since 2009. The firm predicts vacancy may soon fall to 2007/2008 levels of less than 9.0%.
Savills finds the lowest versus highest vacancy rates continue previous trends with the lowest vacancy rates being recorded in London West End, Berlin and Stockholm at 3.8%, 4.3% and 5.75% respectively. The highest vacancy levels were recorded in Athens, Amsterdam and Warsaw at 18.5%, 16.1% and 13.4% respectively.
The firm reports that scarcity of prime office space in some of the key European CBD locations caused rental growth to slow down slightly from 4% in Q4 2014 to 3.4% in Q1 2015. However, rental growth in prime non-CBD locations where available space is often numerous has surged from 3.4% at the end of last year to 5.8% yoy in Q1 2015.
Non-CBD locations that have benefited from rising demand exhibiting double digit prime rental growth include Vienna, Paris (La Defense) and Berlin at 24.4%, 17.8% and 12.2% respectively.
Eri Mitsostergiou, head of European research at Savills, comments: “With development completions still limited in almost all office locations many European cities appear to be undersupplied. This year is expected to see a 9% drop in development completions. However construction activity is slowly picking up driven by improved financing conditions for speculative schemes and we expect completions to increase by 15% in 2016.”
The post European office market vacancy rates drops to lowest level in seven years (EU) appeared first on europe-re.
Logicor, the leading pan-European owner and operator of logistics properties, announces the addition of two logistics assets to its Netherlands portfolio. The assets were acquired from a fund managed by INTERNOS Global Investors, the pan-European real estate investment manager.
The two high-quality, recently built warehouses total 65,404 m² and are located in Roosendaal (between Antwerp and Rotterdam), and Rijnsburg (40km north of Rotterdam). The modern properties are fully leased on a long-term basis to a privately-held white goods distributor and a major Netherlands flower exporter.
Mo Barzegar, CEO and President of Logicor, said: “This transaction adds two high-quality warehouse assets to Logicor’s existing portfolio in the Netherlands and reinforces our priority of investing in strategic locations along the major European supply chain corridors. The Netherlands serves as a very important gateway into Europe for our customers and will continue to be an important growth market for Logicor in the coming months.”
Sebastian Lietsch, Fund Manager of EURO LOGISTIK 1, said:“By securing new, long-term lease agreements before disposal for both properties, the occupancy rate of our Dutch logistic portfolio increased from 63% to 100% in 18 months and we were able to maximise value for investors in EURO LOGISTIK 1”.
The post Logicor grows logistics portfolio to 340,000 m² in the Netherlands (NL) appeared first on europe-re.
pbb Deutsche Pfandbriefbank and UniCredit Bank Austria AG have jointly underwritten a €120 mln senior acquisition facility to finance a mixed-use real estate portfolio across four countries in Central Europe. The transaction closed on May 26th, 2015. pbb and UniCredit Bank Austria AG are acting as Joint Arrangers and Lenders, pbb also has the role as Facility Agent.
The portfolio consists of office buildings predominantly in Warsaw and Prague, as well as retail and industrial assets in Poland, the Czech Republic, Slovakia and Hungary, and was acquired by Lone Star Real Estate Fund III from a fund managed by Aviva Investors.
Lukasz Motyl, Head of Real Estate CEE at UniCredit Bank Austria AG, said: “Central Eastern Europe is our key market: we are the largest bank in the region in terms of total assets and we serve our clients in all the 13 geographies in which we have a local bank. We are very pleased to have been able to support Lone Star in this major investment in this region.”
Source: Bank Austria
The post pbb Deutsche Pfandbriefbank and Unicredit Bank Austria AG provide a €120 mln acquisition facility (EU) appeared first on europe-re.
Düsseldorf/Frankfurt - Avison Young, das schnellstwachsende Immobilienberatungsunternehmen der Welt, setzt mit dem kontinuierlichen personellen Ausbau der deutschen Büros seinen rasanten Wachstumskurs an einem der dynamischsten Immobilienmärkte der Welt konsequent fort.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 28 May 2015, 9:00 pm
Garbsen, 27. Mai 2015 - Sicher im Alter: Experten empfehlen, sich spätestens ab 40 Gedanken für eine sinnvolle Altersvorsorge zu machen. Dabei suchen viele Menschen angesichts der derzeitigen Zinsen nach einem soliden Immobilieninvestment, das sowohl sicher als auch rentabel ist.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 28 May 2015, 6:55 pm
Der Verfasser dieses Artikels ist Finanzexperte und Autor des Buches „Geld verdienen mit Wohnimmobilien – Erfolg als privater Immobilieninvestor. Für Vermieter von gebrauchten Wohnimmobilien stellt sich die Frage, wie sich eine energetische Sanierung der Wohnungen mit einer nachhaltigen Renditestrategie verträgt. Das Thema wird häufig verdrängt, weil die Sorge besteht, dass eine Sanierung nur Kosten verursacht und nichts bringt.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 28 May 2015, 6:55 pm
Frankfurt, 28. Mai 2015 – Zuwachs am Magdeburger Dom: Soeben hat im Zentrum der sachsen-anhaltischen Hauptstadt Heike Hoffmanns moderner VON POLL IMMOBILIEN-Shop eröffnet. Von hier aus wird sie Interessenten im Stadtbereich, im Börde- und im Salzlandkreis, im Jerichower Land sowie in der Altmark als Immobilienvermittlerin betreuen und die traditionsbewusste Marke VON POLL IMMOBILIEN in der Region weiter stärken.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 28 May 2015, 3:50 pm
Zum 1. Juni 2015 tritt das Mietrechtsnovellierungsgesetz in Kraft, dessen wichtigster Bestandteil das sogenannte Bestellerprinzip ist. Demnach müssen die Makler für ihre Tätigkeit bei der Vermittlung von Mietverhältnissen von jener Partei bezahlt werden, welche sie beauftragt hat. Bisher wurden Makler in der Regel vom Mieter bezahlt. Durch das neue Gesetz sehen sich zwei Makler in ihrer Existenz bedroht, was ihrer Ansicht nach auch für den gesamten Berufsstand gelte. Ein entsprechender Eilantrag gegen das Bestellerprinzip wurde vom Bundesverfassungsgericht nun als unbegründet zurückgewiesen.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 28 May 2015, 1:45 pm
The CCP IV ‘core plus’ strategy fund advised by pan-European real estate investment manager Tristan Capital Partners has acquired the Erneside Shopping Centre in Enniskillen, Northern Ireland, for c. £34 mln (€47.7 mln) from the Diageo Pension Trust. The purchase price reflects an attractive NIY for the fund.
Chris Webb, Associate Director at Tristan Capital Partners said: “Erneside is the dominant large shopping center in County Fermanagh, and attracts around 3 million visitors a year. This is an opportune time for Tristan to take its first step into the Northern Irish investment market, and acquire a high quality asset at an attractive price. The Northern Irish market is still showing a disproportionate yield discount to the UK mainland, but this is disappearing quickly as both investor demand and the availability of competitively priced bank debt increases.”
Erneside Shopping Centre has a floor area of 158,000 ft² (14,678 m²). and is located in the town center in a picturesque setting on a natural island on the edge of the Lower Lough Erne. The center has an occupancy rate of 94% with Marks & Spencer, Next and New Look as anchor tenants. The tenant mix is diversified with multiple other national retailers. Erneside is an attractive modern asset and has been well maintained by the Diageo Pension Trust during its 17-year ownership.
The property was acquired by Tristan’s Curzon Capital Partners IV Fund in Joint Venture with leading community shopping center investor Ellandi, which will act as the asset manager.
Source: Tristan Capital Partners
The post Tristan Fund acquires Northern Ireland Shopping center for €47.7 mln (IE) appeared first on europe-re.
Castellum AB has, through its wholly owned subsidiary Eklandia Fastighets AB, started a new construction of a high quality office building “Blenda” in the middle of the international engineering cluster at Lindholmen in Gothenburg.
Blenda, which is scheduled to be environmentally classified according to BREEAM excellent level, is built on a piece of land that Eklandia acquired in December 2014.
The new building will have a lettable area of approximately 9,200 m² distributed over six floors and is estimated to be completed during the first quarter of 2017. The investment is calculated to SEK 212 mln (approx. €23 mln). Contracts have been signed for more than 20% of the office area.
Lindholmen was the former site of the shipyard Götaverken and the shipbuilding industry employed, when it was at its peak, 2,000 people here. Now, each day over 21,000 people come here, 12,000 to work and 9,000 to study or do research.
Source: Castellum AB
The post Castellum starts €23 mln office project in Gothenburg (SE) appeared first on europe-re.
AXA Real Estate Investment Managers announced that it has completed, on behalf of AXA Insurance Companies, the acquisition of Elisenhof, a mixed-use, multi-tenant property in the city center of Munich, from Tishman Speyer.
Located in the popular district of Maxvorstadt in downtown Munich, Elisenhof is within close proximity to the central station, the well-known Old Botanical Garden and the popular pedestrian zone, Karlsplatz.
Built in 1984, the 46,200 m² core asset comprises 10 floors, of which 30,900 m² is office space, 13,400 m² is retail and the remaining 1,900 m² is storage space. Elisenhof’s basement is directly connected to both the underground level of the Bahnhofplatz and the main train station, as well as offering 395 parking spaces.
The building underwent considerable renovations between 2012 and 2014 and is let to high-quality corporate tenants and public institutions, as well as medical practices and retail outlets.
Source: Axa Real Estate
The post AXA Real Estate completes acquisition of Elisenhof property in Munich (DE) appeared first on europe-re.
Title: Leaders in Hospitality MENA Summit
Location: Dubai, UAE
Location: International Business Council
Location: Hospitality, Networking, Investment
Link out: Click here
Description: 4th Global edition of the Leaders in Hospitality MENA Summit is dedicated to exploring the growing opportunities in the regional hospitality industry as well as developing, celebrating and connecting senior level hospitality professionals, government officials & authorities, developers, investors and product and service companies.
Img out: Click here
Start Date: 2015-06-08
End Date: 2015-06-09
pbb Deutsche Pfandbriefbank has provided IFM Immobilien Group with financing of €58 mln for construction on an area of land known as Kureck in Wiesbaden.
In the first phase of the project, the financing will be used for the construction of a new office building with 10,700 m² of space and an underground car park with 120 parking spaces and which will be used for the long-term by the Ministry for Integration and Social Affairs in Hessen.
In addition, the financing will be used for the core refurbishment and expansion of a listed business premises with approximately 3,700 m² of rental space and 88 underground parking spaces, as well as for the construction of a city villa with 11 apartments and 20 underground parking spaces.
Over the course of the next few years, and in a number of building phases, a new quarter with over 40,000 m² of gross floor space will be built on the site near Kurpark and which stretches over the Adolfsberg between Schöne Aussicht and Taunusstraße/Sonnenberger Straße.
The inner-city site is currently characterized by a high-rise building which was the former administrative headquarters of an insurance group. Over the past few years, IFM Immobilien Group has developed the site with new building rights in close co-operation with the city.
Source: pbb Deutsche Pfandbriefbank
The post pbb finances €58 mln for construction of new office in Wiesbaden (DE) appeared first on europe-re.
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