Tuesday, 25 November 2014
Spanish property group Hispania has launched a voluntary tender offer via its Hispania Real REIT/SOCIMI for listed peer Realia and plans an ¤800m recapitalisation if it reaches 55% acceptances for its ¤0.49 per share cash offer, pricing Realia at ¤158m.
South Korea’s largest investing institution, National Pension Service, is planning to buy the MainZero office complex in Frankfurt, under development by Tishman Speyer, for around ¤250m and a yield of 7%, according to South Korean media.
US-based RFR Holding, founded by German-born Aby Rosen and Michael Fuchs, has bought the IBC office tower in Frankfurt for ¤300m from Quebec's Ivanhoé Cambridge. RFR has around $10bn of real estate under management.
Some 55 global standard-setting bodies have launched the International Property Measurement Standard for Offices to replace dozens of existing measures and thus bring transparency and consistency to the industry.
Northern European private equity firm Niam, based in Swedish capital Stockholm, has agreed to buy about 66,000 sq.m. of office buildings worth NOK1.5bn (¤178m) in Stavanger, the centre of Norway's oil industry.
Sonae Sierra and CBRE Global Investors have sold the La Farga mall in Barcelona to Temprano Capital Partners, set up last year by ex-Grosvenor and Rockspring executives Neil Jones and James Preston. No price was given.
Listed Grand City Properties Ratings, based in Luxembourg but investing in German housing, has won a raise in its investment rating to BBB- from BB+ from Standard & Poors after strong results on the back of fast growth.
Commercial and residential building refurbishment in Germany’s seven largest cities has never been so active, with Berlin having most projects under redevelopment or scheduled for renovation, says German developer Hochtief.
Swiss office rents fell 1.1% in first half and will continue under pressure as supply is high, especially in the city centres, and demand low, says UBS Asset Management, part of the giant banking group. Politics is also playing a role.
Property taxes paid by French businesses have been stable for the past two years but firms need to be prepared for a rise that will boost their overall real estate costs from next year, says consultancy Alma Consulting.
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