Deutsche Bank SpA and Hines Italia SGR announce an agreement to transfer a portfolio of 90 Italian branches of the Bank to a newly established real estate fund reserved for institutional investors.
The 90 branches, worth €134 mln, will be transferred to a fund named “Italian Banking Fund” as a contribution in kind. Deutsche Bank will also enter into lease agreements for said branches for a term of at least 12 years. The branches concerned represented the only ones still owned by Deutsche Bank out of the 358 the lender operates in Italy.
The IBF fund, set up and managed by Hines Italia SGR, is reserved for institutional investors. Qatar Investment Authority had entered into an agreement with the asset management firm to become the largest unit holder in the new fund, expanding the relationship started with the investment in the Porta Nuova funds and consolidated more recently with the acquisition of Credit Suisse’s Milan office.
“The placement of IBF, the twelfth real estate fund managed by Hines Italia SGR, marks the consolidation of our leadership in the Italian market for real estate funds reserved for institutional investors”, said Manfredi Catella, CEO of Hines Italia SGR. “This is a confirmation of the business strategy we launched some years ago and which led us to invest over one billion euros in Italy over the last 12 months, especially in the retail, logistics and service industries. With this additional instrument and together with such a strategic partner as Qatar Investment Authority, which will be the largest and only unit-holder in IBF, we are entering the banking segment, which we see as particularly interesting and rife with opportunities for us to seize in Italy. The fund will start with approximately €300 million already being committed”.
“We are very satisfied with the agreement reached with Hines Italia SGR”, added Flavio Valeri, Chief Country Officer Italy, Deutsche Bank. “This transaction testifies to the renewed and active interest in Italy among investors and is consistent with Deutsche Bank’s clear strategy to capitalise upon its real estate assets, in line with the trend observed in the industry over the last few years. This allows us to increasingly focus on our core business as well as to continue investing in Italy, which represents the Group’s largest retail market in Europe after Germany.”
Source: Deutsche Bank S.p.A.
The post Deutsche Bank SpA and Hines Italia SGR agree to set up a real estate fund (EU) appeared first on europe-re.
Frankfurt, 31. Oktober 2014. Immobilien zu vermitteln wird immer komplexer: Ob es um neue Vorschriften zur Energieeinsparverordnung oder zum Geldwäschegesetz geht, um die objektive Wertermittlung, um Fragen der Vertragsgestaltung, der Marktlage oder der Finanzierungsmöglichkeiten – kompetente Makler sind heute hoch qualifizierte Berater.
Quelle: ImmobilienScout24 News "Rund um die Immobilie" | 31 Oct 2014, 10:12 am
Panattoni Europe, Poland’s leader in the industrial property market, has completed the construction of 246,000 m² for Amazon in Poland and together with the online retail giant officially opened two modern distribution centers in Bielany Wroc?awskie and in Sady near Pozna?.
Panattoni Europe investments for Amazon constitute the biggest lease contract in Central and Eastern Europe. Apart from the finalized 246,000 m² in Poland, the developer is now building more than 120,000 m² in a distribution center for Amazon in the Czech Republic.
Robert Dobrzycki, Managing Partner Panattoni Europe, comments: “We are proud of the fact that Panattoni Europe has had an opportunity to develop two out of three new distribution centers for Amazon in Poland, as well as the facility in the Czech Republic. All these projects share certain characteristics, first of all the strategic locations from the point of view of Amazon, us as the developer, and also their local logistics markets. That is why we are extremely pleased with the results of our cooperation, giving us unique experience, as well as a chance to contribute to the development of the warehousing and logistics market not just in Poland, but on a European scale.”
Each of the Panattoni Europe facilities for Amazon totals in excess of 100,000 m² of space, with the warehousing section of approx. 90,000 m² in each one, and two-story office space taking up more than 8,000 m² per center.
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LaSalle Investment Management, the leading global real estate investor, has acquired the Denkraum office building in Munich, Germany, on behalf of a separate client account for €29 million.
Located on the Georg-Muche-Straße in the district of Parkstadt Schwabing, the 10-storey Denkraum building was completed in 2009 and provides approx. 11,000 m² (118,403 ft²) of Grade A office space. It is currently achieving a capital value of around €2,600 per m².
Denkraum is 50% multi-let to institutional tenants including American outdoor clothing company DaKine; Lexmark, the American laser printer manufacturer and provider of enterprise services; and e-finance solutions company financial.com. LaSalle anticipates strong demand for the remaining space.
The acquisition of Denkraum comes shortly after LaSalle announced the purchase of Tour Blanche in Paris La Défense for approximately €161 million from a fund advised by Perella Weinberg Real Estate. The acquisition was one of LaSalle’s largest ever deals in continental Europe.
Ian Williamson, Head of Core Funds – Continental Europe, LaSalle, said:“Denkraum is located in a business district of Munich that is experiencing strong development and turning into a major location for corporate headquarters, attracting globally recognised occupiers including Microsoft, Amazon and MAN. There is strong demand for the limited amount of vacant space in Parkstadt Schwabing and we expect a high quality building like Denkraum to be fully-let in the short term, which will provide a long-term secured income stream. The acquisition of Denkraum reflects our strategy of acquiring Grade A office space in European markets where we anticipate there will be long term space requirements.”
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Evolve Estates has purchased the long leasehold interest in St Martin’s Walk shopping center in Dorking, along with an adjacent retail block, from Stamford Properties Ltd.
The 64,000 ft² (5,945 m²) shopping center comprises 25 retail units and is anchored by Marks & Spencer, with other tenants including Body Shop and Vodafone. There is also 10,000 ft² (929 m²) of office space within the scheme. The adjacent retail block comprises two units let to the Original Factory Shop and Superdrug, offering asset management opportunities.
Dan O’Keefe, Partner of Evolve Estates, said: “We see huge potential in Dorking. Our plan is to actively asset manage St Martin’s Walk to improve the retail and leisure offer of the scheme for the benefit of local residents and hopefully also to attract visitors from further afield.”
Jim Remfry, of CWM who advised Evolve Estates on the purchase, said: “St Martins Walk dominates the retail offer for the catchment area and continues to see year-on-year footfall growth as a result of the strong and improving retail and leisure mix. The acquisition offers numerous asset management and development opportunities together with the secure income profile that leading brands such as Marks & Spencer, Cook and The Body Shop all bring. I am sure the acquisition will prove to be a great success for both Evolve Estates and Dorking town center.”
Tim Williams of CBRE advised Stamford Properties ltd.
The post Evolve Estates invests in St. Martin’s Walk Shopping Center in Dorking (UK) appeared first on europe-re.
East Capital Baltic Property Fund II (“the Fund”), managed by East Capital, has acquired the Metro Plaza office building in Tallinn, Estonia. The property, located in the central business district (CBD) of Tallinn, was previously owned by Lords LB Baltic Fund I. The purchase price was €21.8 million, implying a yield rate of 7%.
“Our acquisition of Metro Plaza is another investment that illustrates the attractiveness of the Baltic real estate sector. The combination of a high yield level and favourable financing terms creates attractive investment opportunities in this market”, said Kestutis Sasnauskas, Head of East Capital Private Equity and Real Estate.
The Metro Plaza center is a modern building that reflects the vibrant business growth of Estonia’s capital. The center is close to the harbour and is in walking distance of nearby Toompea hill, home to Estonia’s Parliament building and several foreign embassies.
“Through this transaction, East Capital Baltic Property Fund II acquired a well-known A-class office building in CBD Tallinn. With this purchase, East Capital’s total real estate assets under management increase to €284 million, 250,000 m² and 500 leases in all three Baltic countries. This reconfirms East Capital’s position as one of the leading participants in the Baltic real estate market”, said Madis Raidma, Real Estate CEO at East Capital.
Source: East Capital
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CBRE Group, Inc. today announced that it has acquired PSM Center Management AG, a shopping center management, leasing and consulting company in Switzerland.
Based in Zurich, PSM manages a portfolio of 11 shopping centers, totaling 133,000 m² (1.4 million ft²) on behalf of institutional clients and private investors. Established in 2003, PSM also provides retail leasing and consulting services, including concept advisory and shopping center due diligence.
Michael Strong, CBRE’s Executive Chairman of Europe, Middle East and Africa, said: “Our acquisition of PSM complements our strategy by allowing us to offer our retail clients a full range of strategic advice and implementation services that are unique in the Swiss market.”
Philipp Strebel, CEO, PSM Center Management, commented: “Our clients will benefit greatly from combining our leading platform and track record with CBRE’s broad reach and strength across all property sectors. As part of one of the world’s most integrated and respected commercial real estate services firms, we will be able to deliver more strategic advice, services and market insight to our shopping center clients, whether locally, regionally or globally.”
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The real estate company will now market its specialized investment fund for Swiss commercial real estate in Germany as well. Transmission of the marketing application to Germany’s Federal Financial Supervisory Authority (BaFin) in October 2014 marked the start of marketing to professional and semi-professional investors.
The specialized investment fund for Swiss commercial real estate was previously on sale in Luxembourg and Switzerland (to qualified investors according to the Federal Act on Collective Investment Schemes only).
The new ACRON specialized investment fund for Swiss commercial real estate will hold office, retail, hotel, and logistics properties in various locations in Switzerland. Mid-sized properties ranging in value from CHF10 to 60 million (approx. €8 to 50 million) per property will allow for active portfolio management and transactions during the life of the fund. The planned investment volume amounts to CHF650 million (€538 million), an annual distribution yield of 5.0% is forecast.
Switzerland is delivering solid economic growth. Investments in construction are still very robust. Nonetheless, current vacancy rates for office space of 1.5% in Berne, 2.7% in Zurich and 3.3% in Geneva still fall well below European averages of 6.0% in London, 10.4% in Brussels, and 12.0% in Frankfurt (as of H1 2014).
According to Kai Bender, CEO of ACRON AG, “The Swiss real estate market has become more transparent in recent years. At the same time, confidence in Switzerland as an investment target remains unshaken. We are positive that Swiss commercial real estate is one of the world’s best investments.” ACRON has acquired 14 commercial properties in Switzerland since 2000, including office, hotel, logistics, and retail properties, with a transaction volume of CHF668 million (€553 million).
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IMMOFINANZ Group has sold three residential projects in Houston, Texas, to Sueba, a local developer, and largely completed its exit from the US market. The sale price for this package (IMMOFINANZ held 90% of each project) totalled nearly USD60 million (approx. €47.3 million) and exceeds the book value of the properties. The closing has already taken place.
“Although the US business has shown sound development in spite of the economic crisis, the time is right to withdraw from this secondary market. We also plan to sell the remaining residential property project in the near future and profitably end our overseas commitment – just as we did in Switzerland“, explained Eduard Zehetner, CEO of IMMOFINANZ Group, on the Group’s focus on its core markets.
The sold properties in Houston represent apartment complexes in the north and west of the city with almost 1,000 units in total. The sale process for the remaining San Antigua project with 277 apartments is currently underway and the closing is expected to take place towards the end of the current financial year.
The sale of three logistics properties in Switzerland (two in Bülach and one in Derendingen) and the US apartments reduced the share of non-core countries in IMMOFINANZ Group’s portfolio by nearly one-half from 6.6% at the end of April 2014 to 3.7%.
IMMOFINANZ Group’s business model calls for property sales averaging €500 million to €600 million each year. The original plan to sell €2.5 billion of real estate within five years was exceeded after only four years, with the transactions resulting in a double-digit margin over the book value.
UK & European Investments, the multi-national property investment and Development Company, announced the sale of its Templeback asset, a 122,000 ft² (11.334 m²) office development, located in the heart of Bristol’s commercial area. The transaction completed on Monday following 10 days of exclusivity.
The property has been sold to Benson Elliot, the private equity real estate fund management company. The acquisition adds another high quality regional asset to Benson Elliot’s UK office portfolio, a further demonstration of its ongoing commitment to its strategy of investing in regional office assets.
UK & European Investments completed the development of this Grade A BREEAM Excellent office building in 2009, offering 122,000 ft² (11.334 m²) of office space over six floors. The floorplates of 22,000 ft² (2.043 m²) are well-suited to meet local demand from mid-sized. Benson Elliot will undertake a modest refurbishment of the building before re-launching it to the market.
James Jakeman, Principal at Benson Elliot, said: “We are pleased to have worked with UK & European on this transaction. This opportunity bears all the hallmarks of the kind of investment Benson Elliot is striving to make in the UK – a high quality asset that is located in a recognized business location with strong and improving transport links. We continue to believe in the investment case offered by key regional office markets across the UK.”
Barney Kelham, UK CEO of UK & European, said: “This has been a successful off market transaction and we are delighted with the result achieved. We feel this is the right moment in the cycle to sell the asset and take advantage of the recent significant improvement in the wider UK Regional office investment market. This strategic sale provides us with an opportunity to reinvest capital and to continue to focus our attention on new opportunities.”
Farmer Capital advised the purchaser.
Source: Benson Elliot
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LaSalle Investment Management, the leading global real estate investment manager, has purchased a student accommodation asset in Bristol, King Square Studios, on behalf of a fund in an off-market transaction from The Homes Partnership Bristol Limited for €42.5 mln, representing a net initial yield of 6.12%.
The 11,148 m² King Square Studios was built in 2010 and comprises a total of 301-studio bed spaces in the established university town of Bristol. Located 10 minutes from Bristol University’s main campus at Tyndall Avenue, the property features excellent facilities including a gym, cinema room and games room along with 37 under croft parking spaces.
John Yeend, Director, LaSalle Investment Management, said: “King Square Studios is a high quality building located in the heart of Bristol, close to the university campus and city center amenities. The studio rooms are directly let to students and we anticipate strong demand for future academic years given its attractive facilities. King Square Studios suits our strategy to acquire high quality, core plus assets and is an excellent addition to our growing student accommodation portfolio.”
Barbers Property acted for LaSalle and Lewis & Partners acted for The Homes Partnership Bristol Limited.
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