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Thursday, 18 September 2014
International investors are flocking back to Italy to seek core and opportunistic investments as they bet on a recovery and reforms, and senior executives at PIE’s Italy Property Breakfast in London on Wednesday said the market is at a turning point for the better.
Generali Real Estate and French industrial group Saint-Gobain are to build a 165m. tower in Paris's La Défense district, with 34 floors providing 49,000 sq.m. in space to house the French firm's new headquarters. The head of Generali Real Estate Italia told a PIE Breakfast yesterday that development is a major part of its ¤28bn exposure worldwide.
The number of German distressed real estate loans coming to the market is set to rise modestly, mainly due to postponed transactions from the recent past, according to a survey by private equity group Corestate Capital and the Real Estate Management Institute of the EBS business school in Wiesbaden. It also found LTVs are rising - but so are NPL discounts.
French REIT/SIIC Terreis boosted the value of its portfolio 10% to ¤1.57bn in first half as it continued to refocus on Paris commercial property, which now makes up 84% of assets. But it sees opportunities for further Paris acquisitions as limited in the current market climate.
The increase in new building and investors’ willingness to look beyond the largest cities has slowed house price growth in the major German conurbations where the market peak has been reached, says Hanover-based property financier Deutsche Hypo.
Helsinki listed private equity investor Capman has added two more properties to its Nordic Fund's Copenhagen portfolio and is looking to buy more in Denmark soon. The assets total 5,000 sq. m., of which 30% is residential and 70% retail. No price was given.
Investment in Polish office outside Warsaw reached ¤220m in first half and could hit a record ¤400m this year, advisor JLL says. The Polish capital has become too expensive, and investors have widened their outlook to large regional cities such as Wroclaw and Krakow.
Infosys BPO Poland, part of the India-based multinational, has signed a new 10-year lease for offices in third-largest city Lodz developed by Skanska Property, which advisor Cushman and Wakefield says is the largest in the city's history and the nation's biggest this year.
Retail tenant take-up in The Netherlands rose 16.5% to 175,000 sq.m. in first half this year, mainly due to an upswing in sales growth, the first over the past two years, says international realtor Savills.
A Bonn court has lifted insolvency proceedings on Germany's IVG, allowing it to operate without restrictions again. A new supervisory board has been appointed and former creditors, largely hedge and opportunity funds, are now owners after a ¤2.2bn debt-equity swap.
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