Institutional Real Estate Europe
January 1, 2012: Vol. 6, Number 1Buy For $150.00 Add to Cart
Dig Deep: Looking for a Safe Haven from the Financial Turmoil? Buy Some Good Property, Sit Back and Enjoy It
What do you do in a world where an Italian government bond yields more than a Milan office building? That is the quandary that investors in real estate and other asset classes are pondering as the sovereign debt crisis, centred in the euro zone, continues to wreak havoc in financial markets across the world. Investors are grappling with how to allocate capital in an environment where the supposedly risk-free rate offered by government bonds has become decidedly risky, depending on the government, and where there is a tangible risk that the world will be plunged back into financial chaos by a break-up of the euro.
Keep Your Powder Dry: The Euro Zone Crisis Will Undoubtedly Affect Real Estate Investment Strategy, but Will Also Provide Opportunities
One year ago, in the December 2010 issue of The Letter – Europe, we described the unravelling of the global financial bubble of 2001–2007 as follows: “2008 was the year of the Banking Collapse. 2009 was the year of the Great Recession. 2010 was the year of the Government-Sponsored Recovery.
The Money Talks: The Euro World May Be in Crisis, but Real Estate People Have Still Got a Job to Do
At least the crisis waited this time. It must be something about the time of year. Previous meetings of The Letter – Europe’s editorial board have been held in the middle of periods that participants look back on and think “wow”.
Has the Time Arrived?: Avoid the Pitfalls and Investors Can Earn Attractive Risk-Adjusted Returns in Europe
Rather than being one homogeneous market, residential real estate in Europe is fragmented, comprising a host of local markets with complex and varied drivers.
Columbus Closes UK Real Estate Fund
Columbus Capital Management, part of Schroder’s real estate investment and asset management business, has held a final close for the Columbus UK Real Estate Fund, which raised £160 million (e186.4 million) in equity to invest in UK property.
Cordea Savills Reopens Nordic Retail Fund
Cordea Savills has reopened its Nordic Retail Fund to investors. The core-plus fund invests in both in- and out-of-town retail formats in the Nordic region.
Deka Buys in UK, Sells in Sweden
Deka Immobilien GmbH has sold a logistics property in Sweden for €34 million.
Distressed Debt Research Project Launched
The Real Estate Management Institute (REMI) at the EBS University for Economics and Law in Oestrich-Winkel, Germany, and Corestate Capital AG of Zug, Switzerland, have embarked on a research project aimed at understanding better the issues associated with distressed real estate debt.
Hermes Buys UK Site for Data Centre Development
Hermes Real Estate Investment Management Ltd (HREIM), with GCE Data Centres, has acquired a 1.3-hectare UK site for £2.5 million (€2.9 million) with plans to develop a data centre of up to 5,600 square metres in phases of 460 square metres or more.
Invesco Real Estate Buys Business Park in Prague
Invesco Real Estate, on behalf of the iii-BVK Europa-Immobilien Spezialfonds, has acquired the Futurama Business Park in Prague.
Kirsch Group to Buy London’s Tower 42 Estate
BlackRock UK Property Fund and LaSalle Investment Management have agreed to sell their freehold interest in the 30,100-square-metre Tower 42 Estate in the City of London to the Kirsch Group for a price in excess of £280 million (€326 million).
MGPA Holds First Close for Fourth Europe Fund
MGPA has held a first close for MGPA Europe Fund IV with equity commitments of $100 million (€74.3 million).
NPS Increases Stake in French Shopping Centre
Rockspring Property Investment Managers LLP, on behalf of its client South Korea’s National Pension Service (NPS), has increased its stake in O’Parinor Shopping Centre, a 90,000-square-metre shopping centre near Paris, from real estate developer Hammerson Plc.
Oxford Properties Buys Business Park in Reading
PRUPIM has sold a UK business park to Oxford Properties, the real estate investment arm for Canada’s OMERS Worldwide Group of Companies, which invests on behalf of the Ontario Municipal Employees Retirement System, for a reported £400 million (€466 million).
- Perial Acquires French Offices
Pramerica Awarded UK Ground Lease Mandate
Pramerica Real Estate Investors has been awarded a separate account mandate from a major corporate pension fund to invest £135 million (€157 million) in UK ground lease properties.
Rockspring Buys UK Business Park
Rockspring Property Investment Managers has acquired a UK business park on behalf of the Rockspring Hanover Property Unit Trust (RHPUT).
SEB Disposes of Assets Across Europe
SEB Asset Management, on behalf of open-end real estate fund SEB ImmoInvest, has sold properties across Europe.
Tristan Buys Czech Logistics
Tristan Capital Partners, on behalf of Curzon Capital Partners III, has acquired an 80 percent interest in six Czech logistics parks from real estate developer and manager VGP NV for around €135 million.
- USS Buys Entertainment Asset in UK
Warburg-Henderson Buys in London, Sells in Paris
Henderson Global Investors, on behalf of the Warburg-Henderson KOOP Fund, has acquired a retail property in London’s Covent Garden for £16.46 million (€19.2 million).
- Westfield to Sell Stake in UK’s Broadmarsh