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PIE - Property Investor Europe

Property Investor Europe's mission is to bring valuable transparency to European real estate for US & global investment professionals. Via widely-read PIE Dailies (13,000+ readers each working day in 147 countries), downloadable Online Weeklies, PIE's flagship thought-leadership monthly magazine, and an active and highly popular Property Breakfast and 2-day event program, subscribers and sponsors alike gain full connection into the rapidly growing investor community through the PIE platform. Subscribe now and enquire about media planning 2014 for your company at sales@pie-mag.com.

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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