Saturday, 01 November 2014
Singapore’s sovereign wealth fund GIC will, in a ¤250m primary rights issue, take a 20% stake in the property arm of Turkey’s Renaissance construction, energy and health conglomerate aimed at joint acquisitions and development projects.
Deutsche Bank and investment manager and developer Hines Italia are launching a real estate fund reserved for institutional investors which will hold 90 of the bank's Italian branches worth ¤134m on a sale-leaseback basis.
France is attracting a rash of international property investors as rental slides stabilise, PIE's France Property Breakfast heard yesterday. What has turned out to be a W-shaped crisis has rebalanced rents quite steeply, and they are more stable and attractive to tenants now.
Three Spanish real estate advisors and managers are close to launching the nation's first REIT/SOCIMI focused on logistics real estate. TPF Consultora, Ética Patrimonios and La Nave Consulting are seeking more backers and will target initial investment of ¤150m.
Bavarian landesbank BayernLB has sold a portfolio of ¤6.5bn non-performing property loans in an auction to international investors, ending the guarantee agreement on the portfolio with the State of Bavaria ahead of time. No price or buyer details were disclosed.
French shopping centre REIT/SIIC Klépierre has placed a ¤500m 10yr bond at 1.75% with pan-European investors in a move to optimise debt ahead of its merger with Dutch Corio which CEO Laurent Morel says will give Klépierre access to new fast-growing markets.
German property financier Deutsche Hypo has granted a ¤133m facility for the acquisition of the Metropolitan office in Warsaw, bought by Deutsche Asset & Wealth Management, Deutsche Bank’s alternatives arm, for ¤190m.
Zurich-based fund manager Acron is to market its Swiss commercial real estate specialised fund, previously only offered in Luxembourg and Switzerland, also to German investors. It has target volume of CHF650m (¤539m).
French REIT/SIIC Icade will continue to diversify its financing with further bonds after ¤1.3bn issuance over the past 14 months, and investors now have confidence in the group as an issuer, says Finance Director Nathalie Palladitcheff.
London and Paris were the top investment destinations for cross-border buyers in the first half of the year, says realtor Savills. North American and Asian investors favour Europe when investing outside their own region, and Asian buyers are now also increasingly focusing on European cities.
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