Thursday, 02 October 2014
The Swiss-based Partners Group said it has closed the largest dedicated real estate secondaries program ever raised at its hard cap of $1.95bn due to strong interest from institutional investor clients.
With French logistic rentals lower than in other countries and prime yields still at nearly 7%, there is room for further compression, says Franck Poizat, Deputy Director Industrial & Logistics Investment at BNP Paribas Real Estate and panelist at the PIE Logistics Property Breakfast on 16 October in London.
The family behind Nan Fung Group, one of Hong Kong’s leading conglomerates, has bought 50 Bank Street in London’s Canary Wharf for £153.5m from London-listed Canary Wharf Group.
Through a turnaround for the underperforming property, US management giant BlackRock added £56m to the value of Exchange Tower in London’s Docklands which it sold this week to an Asian consortium organised by Gaw Capital and including Korea Teachers’ Credit Union.
German savings banks’ investment manager Deka has bought the Gate 2 office project in Vienna for ¤105m from its Austrian developer BAI. The project is scheduled to be completed in January 2015.
German hotel investment volume almost doubled to ¤1.5bn in the first seven months of this year, with full-year prospects headed for a record of over ¤2bn, says consultancy HVS.
Colliers International and Dortmund-based alternative assets manager Dr. Peters are planning to launch a German hotel Special Fund for institutional investors with a target investment volume of ¤150m.
Some 82% of the ¤9.7bn German residential investments in the year to September, up 14pts on last year, were done in secondary cities due to high prices and competition in primary sites, says consultant Dr. Lübke & Kelber.
Netherlands-based Bouwfonds, part of the Rabobank Group, has bought three new residential projects in the German cities of Berlin, Dresden and Cologne for around ¤60.3m on behalf of a southern German institutional fund mandate.
Low inflation and positive economic growth forecasts favour more mature central and east European office markets, with Poland, Hungary, Czech Republic and Slovakia likely to benefit most, says advisor Colliers International.
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