Monday, 06 February 2012

Distressed real estate in Europe is 10-year task - Corestate

Sorting out distressed real estate in Europe will be a 10-year task, says Phillip Burns, CEO of private equity group Corestate. Challenges are very diverse, finance and property expertise are both needed, and markets are very different.

Westfield enters Europe in Milan, checks other locations

After opening Europe's largest mall in London's Stratford in September, the giant Westfield group is in the early stages of its first mainland centre of similar size in Milan, and is also checking other major cities for locations.

Athens airport, Corfu, Rhodes sites up for Greek privatisation

The huge Hellinikon site near downtown Athens is one of the largest regeneration projects ever and one of €50bn of assets being sold by Greece's privatisation fund. Sites on Corfu and Rhodes are also up for sale.

Germany's Union to overweight retail up to 40% - Billand

Germany's Union Investment Real Estate will continue to overweight retail property and is targeting about 40%, implying another €3bn spend, says Board Member Frank Billand.

Sweden’s AMF aims to double RE investment to €5bn

AMF Fastigheter, the property arm of one of Sweden’s biggest pension funds, aims to double investment in commercial real estate to €5bn, says CEO Mats Hederos. It is also working hard on a new project MOOD in downtown Stockholm.

Spain adds €25bn to bank property reserve needs

Spain’s government has added €25bn to the reserves it will require from banks against non-performing real estate - following additional provisions of €50bn announced against performing assets. They hold €323bn in total real estate now.

Investor focus on euro prime in 2012, more risk in 2013 - Invesco

European real estate investing institutions will remain risk averse in 2012 and continue to focus on a narrow definition of prime assets, says Invesco Real Estate European Research Director Simon Mallinson. But they are likely to accept more risk from early 2013.

Sweden’s Fabege profit slides but sees strong 2012

Swedish listed Fabege reported a fall in 2011 net profit to SEK1.1bn (€130m) from €193m equivalent in 2010, mainly due to a smaller portfolio and higher interest rates. However, net lettings soared and it expects strong earnings in 2012.

IKEA starts €264m mall project, first in Croatia

InterIKEA, centre developer for the giant Swedish furniture chain, has begun site preparations for its first shopping and entertainment centre in Zagreb, to include a 65,000 sq.m. GLA mall and its first, 40,000 sq.m. IKEA store in Croatia for a total investment of €264m.

German 2011 logistics rise to continue this year - JLL

German logistics and industrial property investment rose 13% last year to €1.2bn in total as investors returned to asset classes beyond core office, says realtor Jones Lang LaSalle. It expects 2012 to continue the volume growth.

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