Saturday, 28 March 2015
German listed Deutsche Wohnen, currently bidding for Austria's conwert, raised 2014 funds from operations by 90% to ¤218m due to the integration of Berlin peer GSW, quadrupling net profit to ¤889m. It expects like-for-like FFO at ¤250m this year.
Germany’s listed Deutsche Office, created out of a merger of Munich’s Prime Office REIT and a unit of US private equity firm Oaktree, will increase its dividend per share to ¤0.15, and announced that CFO Alexander von Cramm is leaving.
US private equity group Colony Capital and listed French investor Eurazeo have sold almost half their combined stake in hotel group Accor - some 9.65% for around ¤1.1bn - taking advantage of a sharp rise in the share price from the new strategy implemented by CEO Sébastien Bazin
British financial advisory firms JC Rathbone and Laxfield Capital have formed a new venture to help property buyers from Asia, Middle East and North America source debt capital for deals across Europe.
In the largest single asset transaction ever in Finland, a domestic institutional joint venture led by listed developer SRV is launching construction of the ¤480m REDI shopping centre in Helsinki, kicking off a ¤1bn urban development project.
Munich-based landesbank BayernLB doubled real estate lending profits to ¤180m last year with new business stable at ¤3bn. But exposure to Austrian Heta, the ‘bad bank’ of scandal-ridden Hypo Alpe Adria, pushed it to a massive ¤1.3bn net loss.
US investment group Thor Equities sees good opportunities in European real estate due to the euro depreciation, and attractive valuations in Greece similar to those in Ireland and Spain recently, says CEO Joseph Sitt.
Spain’s Amancio Ortega, the world’s wealthiest fashion magnate and founder of textile conglomerate Inditex, has amassed nearly ¤4.6bn in a property empire based on plum retail and commercial assets, principally in Madrid and Barcelona.
Annual returns on German property last year, summing rental income and capital gains, rose to 6%, said IPD/MSCI, the highest since IPD records began in 1996. They were propelled by 12% earned in industrial property, and solid residential and retail returns.
Central and eastern European direct property investments returned an average 4.8% last year, according to the IPD CEE Annual Property Index. Income returns of 6.2% far outweighed capital values losses of 1.4%. Retail property was strongest.
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