Institutional Real Estate Europe
October 1, 2011: Vol. 5, Number 9Buy For $150.00 Add to Cart
Global Capital Picks Its Spots: Globalization Is the New Normal and Even Offers Risk-Mitigation Benefits
After seeing record deal flow and unbridled enthusiasm throughout the mid-noughts, the party ended quickly. Scars from the global financial crisis were deep and painful memories remain fresh for many. Therefore, it should come as no surprise that real estate transaction activity has been subdued over the last several years by comparison to the go-go days of easy money and extreme leverage. But as the hangover of the global financial crisis fades, real estate capital is once again flowing freely across borders.
Never a Dull Moment: The Arrival of a New Real Estate Investment Vehicle Adds to German Insurance Company Investment Options
Now that the global financial crisis shows signs of abating, German insurance companies are seeking out new investments. In June 2010, the German insurance regulatory authority, the Bundesanstalt für Finanzdienstleistungen or BaFin, provided further support for real estate investments via regulated funds by creating a new eligible real estate asset for German insurance companies — the “14c fund”.
Moving the Market Forward: Pan-European Property Investment May Only Be in Its Infancy, But Its Diverse Potential Is Clear
Although individual markets have grown and matured, the pan-European property funds market remains small, particularly when compared with the US and UK national markets. Within this context of modest growth, this article explores three key dimensions to the pan-European market: first, the reasons for the slow growth of the market over recent years and why this has started to change; second, some of the main characteristics of the market; and third, the ways in which this market might develop in the future.
Almost Ready to Go: Europe Has One and Soon Asia Pacific Will Have One, Too
INREV is focused on developing a consistent, industry-wide performance measurement standard for non-listed real estate funds. We believe that this is critical to achieving our objective of creating greater transparency in the industry. The INREV Index, which measures annual performance based on net asset value (NAV), is fast becoming that standard. It is adding significantly to the ability of investors and fund managers to better evaluate their portfolio or fund performance.
Aberdeen Acquires German Retail Asset
The Aberdeen European Balanced Property Fund, sponsored by Aberdeen Asset Management, has acquired a High Street retail property in Gelsenkirchen, Germany.
- Deka Buys Dutch Distribution Centre
CPI Buys Assets in Slovakia, Czech Republic
Prague-based Czech Property Investments (CPI) has acquired a logistics park in Lozorno, Slovakia, for €72.9 million.
HUKPUT Buys UK Properties
Henderson UK Property Unit Trust (HUKPUT), sponsored by Henderson Global Investors, has invested nearly £55 million (€62.8 million) in UK properties.
- Internos Sells in Germany for BGP Fund
Invesco Sells Warsaw Office Building
Invesco Real Estate has sold a 6,000-square-metre office building in Warsaw to Rotaria SA, a Polish private equity firm.
- Jargonnant Acquires Munich Offices
London & Stamford Buys London Residential
UK-REIT London & Stamford Property Plc has agreed to acquire the long leasehold on a residential property in London for £24.4 million (€27.9 million) from Kilmorie Investments LLP.
Malaysian EPF Buys UK Logistics
RREEF, the real estate investment business of Deutsche Asset Management, has acquired a UK logistics property for £80 million (€91 million) from European Property Investors Special Opportunities LP (EPISO), an opportunistic property fund co-advised by AEW Europe and Tristan Capital Partners.
MGPA Europe Fund III Invests in Copenhagen
MGPA has recently been involved in a number of transactions across Europe on behalf of MGPA Europe Fund III.
Orchard Street Sells London Asset
Orchard Street Investment Management, on behalf of the Orchard Street UK Special Situations Fund, has agreed to sell 60 Cannon Street in London for £30.9 million (€35.3 million).
Peakside Sells Mixed-Use Property in Berlin
Peakside Capital, on behalf of Peakside Real Estate Fund I (PREF I), has sold a mixed-use asset in Berlin for €12 million.
Pramerica Ground Lease Fund Raises £98.3 Million
Pramerica Real Estate Investors, the European arm of the real estate investment and advisory business of US-based Prudential Financial, has raised an additional £98.3 million (€112 million) in new subscriptions to the Pramerica UK Ground Lease Fund.
Pramerica JV to Invest in Berlin Residential
Pramerica Real Estate Investors, the European arm of the real estate investment and advisory business of US-based Prudential Financial, has formed a €120 million joint venture with Hagen Kahmann and Julian Brown, the founders and principals of Kauri CAB Management GmbH.
- Saxo and Resolution Form Joint Venture
Union Investment Makes Retail Buys
Hamburg-based Union Investment has acquired an 80 percent stake in an OPCI that owns the Géant shopping centre in Bordeaux, France, for €63 million, valuing the property at €80 million.
USS Purchases UK Shopping Centre
Universities Superannuation Scheme (USS) has purchased a UK shopping centre for £31.25 million (€35.7 million).