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Sunday, 09 March 2014
The Paris district of La Défense Seine Arche needs upgrading through a gradual process of renovation, says Hugues Parant, new head of its management body EPADESA. As well, the district must become more mixed, and less dominated by office buildings.
German listed Deutsche Annington has placed all 16m shares offered in a capital increase to raise ¤304m, which it will use to help finance the purchase of 41,000 housing units from two vendors announced earlier. Another 11m shares were placed by main shareholder Monterey.
Sovereign wealth funds and large US investors are moving into mezzanine and other higher risk debt as capital-constrained banks lend less and leave space for alternative lenders, according to the co-heads of debt fund manager Tyndaris Real Estate.
House price growth of 3% across Germany last year was moderate and does not indicate emerging overvaluation, says the country’s largest building society LBS, part of the savings bank network. Prices for existing housing are still below 2000, and have not kept up with inflation.
Internet search giant Google is paying $50m for a minority stake in Auction.com, the largest US online real estate auction firm which last month suddenly closed its first European activities in Frankfurt which had been operating for about 18 months.
Commercial and residential property investment in the three Baltic nations reached pre-crisis levels last year, and is set to break records in 2014 helped by the elimination of local currency risk, says property adviser Newsec. Latvia joined Estonia in the euro this year, and Lithuania plans to join in 2015.
German fund manager Warburg-Henderson, the joint venture between UK fund giant Henderson Global Investors and Hamburg private bank Warburg, transacted ¤892m in property deals last year, and in 2014 expects to significantly raise managed assets from ¤4.4bn.
Paris-based international realtor and developer BNP Paribas Real Estate in 2013 boosted operating profit 6% to ¤164m, and revenues by 8%. Nearly two-thirds of this came from property services, and the rest from commercial and residential property development.
The Alaska Permanent Fund, which manages resource income in America's northernmost state, has hired LaSalle Investment Management to invest Stg250m into UK commercial property, marking the $50bn fund's entry into the European market.
German savings banks' investment manager Deka has acquired the office building Sanoma House in Finnish capital Helsinki in a sale-leaseback worth some ¤176m. The asset will go into the Deka-ImmobilienGlobal open-ended fund.
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