Sunday, 25 January 2015
Frankfurt listed DIC Asset is not part of the new private German Estates Group which bundles German activities of its one-third shareholder Deutsche Immobilien Chancen and US private equity giant KKR because returns did not match, says CEO Ulrich Höller. But its addition to the deal may be an option for the future.
Yesterday's announcement by the European Central Bank of so-called Quantitative Easing could have a substantial impact on property and, by diverting even more demand into the sector, depress yields by as much as 70bp, says David Hutchings, Head of EMEA Investment Strategy at international realtor Cushman & Wakefield.
The Russia-Ukraine conflict is failing to deter investment in Poland and other central and eastern European states as attractive returns and increasingly open economies draw capital from Europe, North America and Asia, PIE’s Poland and CEE Property Breakfast heard Thursday.
Deutsche Asset & Wealth Management, the alternatives manager of the Deutsche Bank group, said it has sold Tower Place office in the City of London for £327m to China’s second largest insurer Ping An. The deal marks the latter's second large acquisition in the UK.
Paris office REIT/SIIC Eurosic is considering expanding into other European markets such as Spain and Germany to find assets that complement its French portfolio, say senior executives. It is also focusing on redevelopment of existing assets after last year's takeover of peer SIIC de Paris.
French logistics REIT/SIIC Argan has achieved its ¤250m net asset value target a year ahead of schedule and says it is firmly on course to grow its portfolio to ¤1bn by the end of this year. Recurring net profit rose 20% in 2014 to ¤36.7m.
German listed housing firm Deutsche Annington said it exceeded the 50% minimum acceptance threshold in its public offer to take over listed peer Gagfah before the expiration Wednesday night. Some 74.41% of Gagfah were already tendered by the afternoon.
Listed Swedish warehouse and light industrial investor AB Sagax has made its first investment in France, a warehouse sale-leasback for some ¤6m and yielding 8.5%, as the first step in plans to expand beyond its home market and neighbouring Finland.
German property financier pbb Deutsche Pfandbriefbank has granted ¤102m in loans to Hamburg-based developer Quantum and property agent Engel & Völkers for a new development in the Hamburg Harbour City (HafenCity) district.
Investing Institutions intend to raise allocations to global real estate to a median 11.3% this year from 10.8% currently, according to Europe's non-listed property association INREV. This means a minimum ¤42.5bn is earmarked for real estate this year. Italy has moved up in favour, while Turkey has slid lower.
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