Tuesday, 26 May 2015
Helsinki's listed shopping centre investor Citycon, controlled by the US-Israeli Gazit-Globe, has acquired Norwegian mall specialist Sektor Gruppen for ¤1.47bn, a move that makes it the third largest continental European operator. The deal reflects a net entry yield of 5.2%.
Like the protagonist of the Danish 1990s thriller Smilla's Sense of Snow, Gazit-Globe boss Chaim Katzman's sense of retail is close to unerring after acquiring $21bn of it globally over the last 20 years. But in Dutchman Marcel Kokkeel, Katzman has found a CEO at Finnish Citycon whose sense he evidently trusts, writes PIE Managing Editor Allan Saunderson in a blog. The duo's ¤1.47bn acquisition of Norway's Sektor, announced Monday, is fully backed by the Canada Pension Plan Investment Board, whose own retail sense was refreshed in early May by spending ¤760m for nearly half of Unibail-Rodamco's German mall unit mfi.
Spanish billionaire Alicia Koplowitz and New York-based hotel chain Belmond have finally sold the prestigious Hotel Ritz in Madrid after two years of trying. Mandarin Oriental hotel group and the Saudi Olayan family were reported to have paid ¤130m.
Spanish lender Banco Santander has sold its 8.56% stake in the nation's listed NH Hotel Group for ¤153m to giant US wealth manager BlackRock, UK manager Henderson and UK hedge fund Oceanwood.
Low interest rates, rising liquidity, improving economic growth, stronger occupier demand, low supply and a -supportive policy environment have produced a 'sweet spot' for real estate investment, Pramerica Real Estate Investors says.
International retailers are finding attractive opportunities for expansion in German B cities, such as Ulm, Leipzig, Aachen and Bremen, which are set to witness above-average retail revenues by 2018, says realtor JLL.
Spain's 682 commercial centres are among Europe's most sought-after real estate as the nation's economy improves, says realtor Cushman & Wakefield. First quarter investment in the segment reached ¤988m and could hit ¤2.5bn this year. Sixteen are currently for sale.
Private Budapest-based developer Wing has agreed to build a new 55,000 sq.m. headquarters for the national telecoms group Magyar Telekom in the Hungarian capital, based on a pre-lease of 15 years.
London-listed realtor Savills said it has formed an association with Nybolig Erhverv, Denmark's largest commercial real estate advisor with 25 locations, to boost its reach in the nation and around northern Europe.
Paris-based investment fund Carmignac Gestion has become the latest French investor to identify potential in Germany’s commercial real estate, taking a stake of just over 3% in Cologne’s commercial property manager Deutsche Office.
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