Monday, 27 April 2015
Paris-based car parks group Vinci Park has confirmed it is in exclusive negotiations to buy Portuguese parking firm Empark, reportedly for around ¤900m. The deal would make it Europe's leading car park manager.
Gramercy Property Europe, a fund sponsored by NYSE-listed Gramercy Property Trust, has closed its first deal in Europe in a single-tenant net-lease and sale-leaseback strategy, buying a warehouse in Germany for ¤21m. The firm plans spend of ¤500m-¤700m annually.
Chinese property group Chongqing Kangde is close to buying the Hotel Barceló Santiago in Tenerife, Canary Islands, from Spain's restructuring Barceló group for a reported ¤50m. The deal would be Kangde's first in Europe, and follows a visit by a delegation led by Kangde Chairman Lu Chaokang last year.
Paris-based investment manager AXA Real Estate has further expanded its Spanish portfolio with a ¤308m sale-leaseback purchase of assets let to banking group Santander for two institutional clients. Vendor is the REIT/SOCOMI URO in which Santander holds a large minority.
In its strategy to divest in Germany and focus on Italy instead, listed firm Eurocastle, controlled by New York private equity group Fortress Investment, has sold its Wave portfolio of German offices, valued at close to ¤114m.
Sorgente, one of Italy's longest-established property managers which owns trophy buildings in New York and other international cities, has applied to launch a long-awaited IPO for a real estate investment trust. No financial details were given but it is expected to target ¤500m-¤600m.
Logistics in Italy is among sectors with strongest potential in part due to rapid growth of e-commerce, says a study by research group Scenari Immobiliari and UK-based IDI Gazeley-Brookfield Logistics Properties.
A joint venture fund between Franco-British La Française Forum Real Estate Partners and UK-based Aberdeen Asset Management has paid ¤80m to acquire two German retail assets from Deutsche Asset & Wealth Management, part of the Deutsche Bank group.
In a further sale of assets from its liquidating CS Euroreal German open-ended property fund, Credit Suisse Asset Management, a unit of the Swiss bank, is reported readying a portfolio sale of 20 German commercial buildings valued at around ¤700m. CSAM has made no comment.
Swiss private equity group Corestate Capital is planning to delist German student housing firm Youniq and then recapitalise it, Corestate Founder Ralph Winter told PIE in an exclusive interview. The firm has been boosting holdings in Youniq since last year, and now holds 92.2% of equity.
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