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Thursday, 24 April 2014
The two largest Italian banking groups, Intesa and UniCredit, said they have signed an agreement with US private equity giants Kohlberg Kravis Roberts and Alvarez & Marsal on a private ‘bad bank’ to deal with non-performing real estate loans on books.
Italian property is still overpriced and set to fall in value, offering cash buyers a life-time opportunity to make lucrative deals, says Massimo Caputi, deputy chairman of Milan listed group Prelios. International investors have started to take an interest, but so far this is mainly confined to opportunity funds.
The co-CEOs of Czech residential firm Domus, which owns 44,000 units in the Ostrava region, see its upcoming Netherlands IPO as offering groundbreaking exposure to an asset class with more potential than many German peers.
Idealista.com, one of Spain’s largest home listing sites, has signed with Chinese portal Juwai.com to market to Chinese buyers. Spanish home listings will begin appearing on Juwai, which is trying to develop a world listings platform.
New-build logistics properties in eastern and value-add in western Europe both offer interesting investment opportunities, says Mo Barzegar, president and CEO of Blackstone unit Logicor, and panellist at the PIE Logistics Property Breakfast on 6 May in London.
Luxembourg-based Gagfah, a listed manager of German housing, has received a loan facility totalling ¤176m from north German landesbank HSH Nordbank to refinance a portfolio of 4,400 units in southern Germany.
The Croatian national oil company has put up for sale the disused Hotel Belvedere in the Mediterranean resort town of Dubrovnik in an auction next month with a starting price of just over ¤12m - which it says is a 50% discount on the property's value.
The 15-year long boom in retail park development in the Czech Republic is now over as shopping patterns such as online retailing reduce demand for large projects, according to realtor Cushman & Wakefield. It forecasts average space shrinking by about 40%.
Swiss-based listed Mobimo has issued a CHF200m (¤164m) seven-year bond with a coupon of 1.625% and aims to use the proceeds to replace short-term debt facilities and finance ongoing projects.
French bank Crédit Agricole has again become the second shareholder in REIT Société Fonciere Lyonnaise after changes in its capital. SFL also confirmed the entry of Qatar, and said the stakes highlight the appeal of prime Paris assets.
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