PIE Events
- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
Upcoming Events
- PIE Property Debt Breakfast
20 June 2012
London
Friday, 18 May 2012
Fortress's Eurocastle NOI dips, closes ¤1bn Mars Fixed sale
Fortress Investment's Dutch-registered commercial real estate unit Eurocastle, which manages a ¤2.2bn German portfolio, fared in first quarter little better than the group's German housing affiliate Gagfah. Eurocastle's net operating income yield slid to an annualised 5.4% from 6.2%, but it completed the Mars Fixed portfolio sale.
French home sales may be hit by rent controls
French existing home sales could drop below 700,000 this year if interest rates rise and the new government's proposed rent controls deter investors, says the national notaries association. New President François Hollande is planning to cap housing rents when properties are re-let.
Spain’s Colonial returns to red but operations steady - CEO
Barcelona's listed group Colonial slid into the red again in first quarter, posting ¤13m net losses against ¤10m profit in 1Q11. But CEO Pere Vinolas told PIE operations are holding up well, as is the French affiliate Société Fonciere Lyonnaise. Only Colonial's Asentia 'bad bank' is dragging down earnings.
No signs of German housing bubble - Pfandbrief banks
There are no signs at present that German residential property price developments have decoupled from fundamental economic data, and despite recent price rises therefore no indications of a bubble, says the Association of German Pfandbrief Banks (vdp).
Europa Capital, Spain’s Graells start ¤200m Romanian park
London-based pan-European real estate fund manager Europa Capital has begun construction of a 545,781 sq.m. industrial and logistics park in Turda, Romania, in a joint venture with Spanish developer Graells & Llonch. Total investment will be around ¤200m.
Paris 1Q office build rises 13%, 2013/4 seen strong
Paris region office space under construction increased 13% in first quarter to reach 1.5m sq.m., with projects in the La Défense business district in particular set to boost new supply in 2013 and 2014, says Jones Lang LaSalle.
Russia's Mirland in $18.8m net loss; EBITDA surges
London’s AIM-listed Russian developer MirLand reported a first quarter net loss of $18.8m, wider than the $3.5m in 1Q11 and reflecting rouble appreciation against the dollar. It said however that EBITDA surged 144% to $2.2m.
Deutsche’s RREEF on top as Guggenheim refocuses on it
German open-ended property funds run by Deutsche Bank asset management unit RREEF were among the best performers last year, says rating agency Scope. The news came after the bank announced that talks with US group Guggenheim Partners now focus solely on acquiring RREEF.
Bilgili's BLG in funding for Istanbul opportunities
BLG Capital, a Jersey-registered real estate fund manager, is raising capital to invest in Turkish opportunities and aims to close in summer with equity of ¤100m to ¤200m, mainly targeting Istanbul. The fund will be run by Turkish entrepreneur Serdar Bilgili, his two sisters and business partner Frank Roccogrande.
Swiss house prices near to entering bubble - UBS
Residential prices in Switzerland are showing growing signs of entering a bubble on a number of different measures, says the nation's largest bank UBS. In first quarter, household mortgage debt continued to swell relative to disposable income and is nearing a record.
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