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PIE - Property Investor Europe

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Wednesday, 30 July 2014

French Klepierre, Dutch Corio to merge into ¤21bn group

French shopping centre REIT/SIIC Klepierre and Netherlands-based listed mall group Corio are to merge to form the largest pure play retail group in Europe, the companies have announced. Klepierre has made an offer worth ¤4.3bn which has been accepted by Corio, valuing it at ¤7.2bn. The merger will create a combined group with gross asset value of ¤21bn.

Spain's BBVA pays ¤1.2bn to win nationalised Catalunya Banc

Spain's second largest commercial bank BBVA has won the bid to acquire the nationalised Catalunya Banc, paying ¤1.2bn. Local media say more than half the acquired assets comprise mortgages worth ¤15.3bn with a default rate of 3.7%

Spain's Colonial makes ¤650m bid for Realia properties

Spanish listed group Colonial, now controlled by industrialist Juan Miguel Villar Mir and the Qatar Investment Authority sovereign fund, has submitted a ¤650m bid for real estate assets of listed group Realia.

Paris's La Francaise, Acofi form ambitious debt funds JV

Fast-growing French property investment manager La Francaise is taking a 20% stake in a joint venture with privately-held Paris-based peer Acofi to create a major player in debt funds, the firms announced. The participation will grow to over 50% after six years.

Generali, Allianz said closing Milan CityLife deal at ¤153m

The deal finally closed between Italian and German insurers Generali and Allianz on Milan's 360,000 sq.m. CityLife development means new owner Generali Properties, which paid Allianz Italia ¤153m for its remaining 33% stake, will cut project debt to ¤400m from ¤700m and potentially halve it again by end-2015.

Germany's Patrizia pays ¤578m for 5,500 Dutch housing units

Just weeks after opening an office in The Netherlands and appointing a country head, German listed group Patrizia has signed a purchase agreement to acquire a portfolio of 5,500 Dutch housing units for a price of ¤578m.

French Gecina raises ¤500m 7yr bond, five times oversubscribed

French REIT/SIIC Gecina, the largest listed vehicle in the nation focused on office assets, has raised ¤500m in a placement of a seven-year bond issue based on a 92bp spread over the mid-swap rate and a 1.75% coupon. The issue was five times oversubscribed.

US-based RFR said eyeing Berlin tower for up to ¤300m

RFR Holding, the investment firm that owns New York’s Seagram Building and Lever House, is in talks to buy the 33-floor Upper West tower in Berlin currently in development by Strabag Real Estate, paying up to ¤300m, says Bloomberg news.

Unibail-Rodamco 1H recurring net up 8% on rentals, lower debt costs

Giant Paris-based REIT/SIIQ Unibail-Rodamco boosted recurring net profit in first half by 8%, driven by strong rental growth, operating efficiencies and an even lower cost of debt than last year. It confirmed its recurring EPS growth target of at least 5.5% for 2014.

European 1H cross-border inflows surge; Asians widen focus - Colliers

European cross-border real estate investment rose by nearly one-third in first half 2014 to top ¤44bn, around 57% of total, says realtor Colliers. Of this, 53% came from outside Europe. Asians are looking beyond London to Paris and Germany, but also now Madrid and Rome.

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