Monday, 06 July 2015
Singapore-based IREIT Global, which last year raised ¤222m in an IPO to invest in Europe, has made its first acquisition in Berlin, buying an office complex for ¤144m. The deal will be partly financed by a ¤59m capital increase.
With a rebranding plus a key hiring, the Bank of Montreal's financial group BMO has ambitious European investment goals for its BMO Real Estate Partners - to meet strong demand in its worldwide distribution network, CEO Nick Criticos tell PIE in an interview in the July/August PIE magazine, published today.
Xcity Investment, a unit of Polish State Railways PKP, needs developers and financiers to exploit the highest and best use on sites at 2,400 train stations in Poland, CEO Maciej K. Król tells PIE in the July/August magazine today.
Despite strong price growth across almost all German property, yields still have scope to fall further in the near future, Georg Jewgrafow, chairman of Real I.S., the commercial property manager of landesbank BayernLB, tells PIE in an interview.
The foundation Novo set up by Danish pharma giant Novo Nordisk and insurer Tryg has purchased 49.2% of Danish real estate manager DADES, which runs about DKK16.9bn (¤2.26bn). No price was given. They aim to boost its investments in housing by ¤228m.
Norwegian Property, the listed property group in which shipping billionaire John Fredriksen has amassed a large stake, is to sell an office block in Oslo’s outskirts to Norwegian insurer KLP for NOK601.5m (¤68.1m).
German developer CG Group is planning to convert the Frankfurt Westend Ensemble office to residential and add a 17-storey residential high-rise for total investment of ¤260m. The firm bought the vacant complex from DO Deutsche Office for ¤82m this year.
First half German commercial property transactions rose 41% to ¤24.3bn, the second highest ever recorded and beaten only in boom year 2007, says realtor BNP Paribas Real Estate. It expects a full-year volume of ¤45bn-¤50bn.
First half residential transaction in Germany rose to ¤17.5bn from ¤6.9bn in 1H14, and lies thus just below the record achieved in 2005, says JLL. It expects ¤25bn-¤30bn deals for the full year, fuelled by possible IPOs and further mergers.
With banks in Portugal having sold off several housing portfolios, the market has become more liquid and transparent, and discounts on distressed sales are falling as the country continues its recovery, says rating agency Fitch.
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