Monday, 02 March 2015
Nearly two year after it bought an initial minority stake, sovereign wealth fund Qatar Investment Authority is taking full control of the giant ¤2bn-plus Porta Nuova development in the heart of Milan from a consortium of investors led by Hines Italia.
Spanish hotel chain Meliá Hotels International has agreed to sell seven of its largest resort assets in Spain to US opportunity fund Starwood Capital for ¤176m but will continue to manage them under its Sol Hotels brand.
Creditor banks of Spanish real estate group Martinsa Fadesa, struggling to emerge from bankruptcy carrying ¤6.6bn in debt, last week finally rejected a restructuring plan put forward by the firm's founder Fernando Martín. The company will now go into liquidation.
Hamburg's alstria office REIT reported a 5.1% rise in 2014 FFO to ¤47.6m, boosting EPRA NAV to ¤11.22 per share. It sees further modest growth for 2015, and said stronger demand for space across Germany doubled lettings last year.
Hamburg's listed TAG raised 2014 FFO to ¤74.5m from ¤68m, reflecting successful rentals as well as increased sales, especially in Berlin, a strategy it will carry forward into 2015. But the firm incurred a net financial loss of ¤118m.
London-listed property group Redefine International has raised £71m through a placing of new shares which it said it will use to invest in Germany and the UK, as well as funding improvements to its existing portfolio.
Real estate is set to attract the largest capital inflows this year of all alternative asset classes - with 79% of active investors planning to allocate more than in 2014 and none intending to cut allocations, research and data group Preqin says.
Spanish house prices rose 0.5% in the last three months of 2014, their first quarterly rise since 2008, arresting a decline that has wiped 50% or more off the value of many homes since the financial crisis, according to government data.
Realtor DTZ is closing three of its six offices in Germany and cutting transaction business in a strategy rejig that follows its November takeover by a consortium of TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan.
Kennedy Wilson Europe, the listed European arm of the US wealth manager, expects growing activity in Spain and Italy in 2015, as Spanish state workout unit Sareb gears up disposals, and Italian NPLs, fund expiries and government sales provide opportunities there.
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