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Friday, 25 April 2014
The most controversial corporate governance era of giant French REIT Gecina ended this week as representatives of former CEO and Chairman Joaquin Rivero and ally Bautista Soler, under criminal investigation, left the board, and their seats were taken over by US giant Blackstone and Quebec pension manager CDPQ.
Lenders to the Gherkin office tower, one of London’s best-known landmarks, have appointed a receiver after banking covenants were breached on Swiss franc financing raised by its owners, the German-owned IVG Funds and UK's Evans Randall. Germany's insolvent IVG group sold the fund in question last month, but Evans Randall said it stands ready to refinance the asset.
French-Dutch retail giant Unibail-Rodamco, Europe's largest listed property group, has been selected, with partners, by the City of Brussels as co-developer of the mixed-use NEO 1 project, in which it will construct and operate a Mall of Europe for an investment of ¤550m.
UK-based industrial asset manager M7 Real Estate and US private equity firm Starwood Capital have launched a new joint venture, MStar Europe, which targets ¤500m investments in industrial real estate in continental Europe, with a focus on Germany.
Stuttgart’s landesbank LBBW has revealed it was the sole lender to Augsburg-based Patrizia’s acquisitions in the last 18 months of the ¤1.8bn Leo I and II office portfolios leased to the state of Hesse - providing close to ¤1bn in loans for the two separate deals.
Canada Life Investments, an arm of Winnipeg-based insurer Great-West Lifeco, is lending Stg135m to London-focused real estate investment trust Shaftesbury, marking its second deal in Europe after it lent Stg130m to Schroders Real Estate Investment Trust last year.
French REIT/SIIC Affine rental income jumped 11.7% to ¤11.1m in first quarter largely as a result of the acquisition of the Jardins des Quais retail and office complex in Bordeaux. The acquisition in December marked the resumption of active investment after restructuring.
BNP Paribas Real Estate has sold 60% of its 80,000 sq.m. CityLights office development in the Paris suburb of Boulogne Billancourt to the French bank's Cardif insurance unit.
Paris city's efforts to convert 200,000 sq.m. of office into housing will focus on CBD and western business districts, says its new deputy mayor for housing. The conversions will mainly be aimed at increasing supply of social housing.
Portfolio deals and rising activity in non-core property boosted German commercial real estate investment 40% to almost ¤10bn in first quarter, says realtor Savills. It expects full-year investment volume of at least ¤35bn.
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