Saturday, 31 January 2015
Chinese and US investors will dominate London’s commercial property again in 2015 after they spent a combined £5.6bn in 2014 and accounted for over a quarter of all investment, according to realtor Savills.
Chinese property group Dalian Wanda plans to spend almost ¤150m to refurbish the landmark Edificio España in the heart of Spanish capital Madrid that the firm bought last year, creating a massive residential, retail and leisure block.
RedTree Capital, a private real estate fund manager set up by two former Carlyle executives, is aiming to invest ¤300m in European assets this year, following its first acquisition of a Paris office building for just under ¤100m.
Giant Franco-Dutch REIT/SIIC Unibail-Rodamco said recurring earnings for 2014 came in above target, boosted by new deliveries and record low debt costs. Because early completion of its five-year disposals program has improved growth prospects, it raised future earnings guidance.
London-based listed Redefine International has bought 56 retail properties across Germany in a 50:50 joint venture with South-African listed Redefine Properties, its largest shareholder, for ¤157m, reflecting a net initial yield of 7.5%. It is the latter’s first direct investment in Europe.
Following steep home price and rental growth in the inner city of German capital Berlin in the past few years, these spread to the city's outlying areas and into lower quality residential in 2014, say realtor CBRE and financier Berlin Hyp.
French Sogécap, the life insurance and savings unit of banking group Société Générale, has inaugurated its ¤176m 54,000 sq.m. D2 office tower in the Paris business quarter La Défense and is starting to market space at a time when demand there is finally starting to pick up.
Paris-based Amundi Immobilier, owned by Crédit Agricole and Société Générale, has bought the Square 41 office in Frankfurt from UK's Peakside Capital and German developer Red Square. The purchase price was not disclosed but specialists estimate it at around ¤35m.
Germany property financier pbb Deutsche Pfandbriefbank has provided a ¤100m facility to Düsseldorf-based developer Centrum for a retail and office project in Hamburg’s city centre.
French bank Crédit Agricole has founded a real estate advisory and asset management unit for institutional investors, Crédit Agricole Immobilier Investors, to meet the requirements of the EU AIFM directive on alternative investment funds.
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