Thursday, 23 October 2014
LaSalle Investment Management and Swiss-based Quantum Global Real Estate have announced the acquisition of Tour Blanche in the La Défense business district on the western rim of Paris for ¤161m. Vendor was New York-based Perella Weinberg Real Estate.
German developer FOM Real Estate has sold the Stuttgart HQ of French engineering conglomerate Thales for a multiple of 17x rents, around ¤170m, to South Korean conglomerate Samsung, according to local specialist media.
German developer High Gain House has bought two buildings adjacent to the giant Mall of Berlin – which it opened last month with London-based Arab Investments, the Affara family office – and plans ¤100m refurbishments to create Germany’s largest shopping centre.
Hong Kong investment group Platinum Estates, led by the textile magnate Harry Mohinani, along with his partner in Spain, Juan Luis Segalerva, has acquired the Plaza Hotel Asturias Madrid. No price details have been released.
Real estate investment in 15 European countries could pass ¤160bn by year-end, beating last year's ¤146bn and hitting its highest since 2007, realtor Savills says in a report. All except Italy and Belgium will exceed the five year average.
Faltering Eurozone recovery, the shadow of conflict in Ukraine and slower growth in China have put the brakes on Europe's office investment this year, but barring new political or economic shocks, demand for space should increase in 2015, realtor JLL says.
The continuing urbanisation trend and increase in household units will keep house prices and rents in Germany growing in about half of Germany’s 60 largest cities over the mid-term, albeit at a slower rate, says Hamburg-based agency partnership Engel & Völkers.
Italy's commercial property is showing signs of life but business in its heart, Milan's office sector, is likely to considerably outperform the broader national recovery, says realtor Knight Frank.
A Paris court has ruled that French luxury goods conglomerate LVMH can resume work on its ¤460m conversion of the Paris La Samaritaine department store into a mixed-use complex including a prestige hotel. Work was stopped after a court ruling in May.
Spanish group GMP, controlled by the Montoro family property dynasty and now backed by Singapore's sovereign wealth fund GIC, has registered as the latest in the nation's expanding list of REIT/SOCIMIs, planning a stock market listing soon.
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