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Wednesday, 07 October 2015
Private Netherlands-based retail group Redevco announced Tuesday its second joint venture with an external investor in a month, linking 50:50 with UK pension manager Hermes to acquire and manage a European retail portfolio worth about ¤250m. Hermes is to announce a similar JV in logistics investment in Europe soon with another partner.
London-based real estate investment manager Europa Capital has sold a Paris office tower to private UK-based Alduwaliya Asset Management for more than ¤130m. The price reflects a net initial yield of around 5%.
UK logistics firm IDI Gazeley, owned by Canadian wealth manager Brookfield, has entered the Dutch market, buying 13 assets for a price that specialists estimated at ¤110m. The firm gave no official price.
German asset manager Corpus Sireo, owned by Zurich insurer Swiss Life, is launching its third healthcare real estate fund with a target volume of ¤300m, 50% of which equity. It plans to expand and open it to foreign investors.
Europe’s lenders and bad banks have ¤531bn of non-core real estate and loans on books, ¤53bn less than this time last year, says advisor Cushman & Wakefield. It expects disposals to hit another ¤60bn-¤70bn in 2015.
Paris is reinventing itself as a place to live and work, and therefore as a real estate capital destination, and holds plenty of opportunities for investors to accompany and profit from this process, a panel at Expo Real heard Tuesday.
Holland's four biggest cities - Amsterdam, Rotterdam, The Hague and Utrecht - have launched an initiative to attract more international property capital, saying that, together, they have the potential to rival major global cities as an investment hub.
Real estate managers targeting opportunistic deals have had their strongest fundraising year since the financial crisis after gathering ¤42.6bn from investors in just nine months, says data group Preqin.
New housing construction in about half of all European countries rose last year for the first time since 2010, says German property group Patrizia, and it predicts value growth across Europe at 2%-4% p.a. over the next five years.
The density of major European cities is rising at a rapid pace as a result of a high population inflows, says Stockholm-based financial advisor and asset manager Catella.
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