Cordea Savills, the international real estate investment manager, has acquired International Property Asset Management GmbH (IPAM), a German real estate asset management company, for an undisclosed sum. The acquisition complements and expands Cordea Savills’ existing German business and increases assets under management in Germany to approximately €1 billion. IPAM was founded in 2006 and provides both transactional services and asset management, with a strong focus on the retail and office sectors, on behalf of both institutional and family office clients. The three principals, Thomas Lutz, Dr Axel Froese and Bruce Jenyon, will continue to work with their existing clients as well as forming part of the Cordea Savills management team in Germany. The rationale for the acquisition is...

Multi Development NL has acquired the remaining 50% share of ING Real Estate acquired in the development and realization of the second phase of the expansion of the city of Nieuwegein, The Netherlands. Multi will now independently continue to complete Stadskwartier Nieuwegein CV; one of the largest inner city (re) developments in the Netherlands. Multi and ING shared the first phase of the expansion of the city that opened September 2011. On February 15, 2012 construction of the second phase will begin. Heino Vink, CEO of Multi Corporation said: “We have been committed to this wonderful city heart development since 1991 and constructing from 2008 so we are very pleased to be able to continue with delivering on our promise to the people of Nieuwegein.” Largest urban...

LaSalle Investment Management announced that it has completed the sale of Wey Retail Park, West Byfleet, on behalf of a pension fund client. The sale to ING was agreed at a price of £12.85 million (€15.45 mln.), representing a net initial yield of 5.93%. Located on the edge of the commuter town of West Byfleet, Wey Retail Park totals 35,760 ft² (3,310 m²), with tenants including Comet, Pets at Home, Paul Simon and Halfords. It benefits from a part fully open, part bulky planning consent. Christopher Fry, fund manager at LaSalle Investment Management said, “This sale is great news for our client. It crystallizes the increase in value which has resulted from our success in splitting and re-letting the former MFI unit on the park and in widening planning consent.”...

The joint venture between HOCHTIEF Projektentwicklung and INTERBODEN Innovative Lebenswelten has sold the second construction phase of the Düsseldorf downtown residential quarter, le flair, with 151 rental apartments, around 1,000 m²of commercial space and an underground parking garage off-plan to an institutional investor. The apartments should be ready for occupancy at the end of 2013. The second construction phase will see work starting on Lots 6/7 in the center of le flair: The plan foresees three buildings grouped around a central area, split into nine houses, one of which will be a ten-story “high-rise”. Apart from residential space of around 12,500 m², commercial space of approximately 1,000 m²will be available on the ground floor. The shared underground parking garage will...

Summary of findings in Q4 2011 Manhattan Condo Market Index for November 2011 dropped by 1.3% since the previous month and dropped by 1.2% since the prior year. Currently, the market is 14.3% below the 2008 peak. For details see: http://streeteasy.com/nyc/market/condo_index. Median closing prices for condo resales rose 6.8% from the prior while co-op median price declined 8.7% and new development median price decreased by 9.8%. Volume of closings decreased 18.9% from last year and by 29.0% from last quarter. Inventory declined 5.9% from last year and 8.3% from last quarter. Signed contracts declined by 2.7% from the prior year but gained 6.2% from the prior quarter. Price cuts decreased by 1.4% from last year but increased 1.3% from last quarter. Time on...

It’s time to get the old out and in with the new! From top shopping destinations like the Big Apple, exotic Eastern favorites to a not-so-obvious German harbor city, Design Hotels™ has it covered for souvenir-junkies and high fashionistas alike with these four hotels. In New York, the landmark Gramercy Park Hotel is home to the who’s who of the creative class. Pick up tips on the hot new artist or visit big name designer stores in Nolita, Chelsea and the Meatpacking District nearby. In Hamburg, 25hours Hotel HafenCity is in an upcoming waterfront area and sandwiched between the historic harbor quarter and hyper modern area, making it a great starting point. In Singapore, the heritage chic New Majestic Hotel is located in Chinatown where old alleys and two-story shop houses take visitors...

M&G Investments announces the appointment of Alex Jeffrey as the new Chief Executive of PRUPIM, its real estate fund management business. Alex joins from MGPA, the independent private equity real estate investment advisory business, where he has held various senior roles over the past 13 years, including most recently Global Chief Investment Officer based in Singapore. On his arrival at M&G in London, expected in July 2012, Alex will join the main board of M&G and report to Michael McLintock, M&G’s Chief Executive. Martin Moore, PRUPIM Managing Director for the past 15 years, will then become Chairman of the real estate fund management business to ensure a smooth handover to Alex. He has already expressed his intention to retire after 2012. Alex brings to M&G more...

PATRIZIA has launching a special real estate fund through its investment company for a South German savings bank. It is to invest in residential and commercial property. The investment volume of the individual fund is approximately EUR 200 million. The portfolio is to be built up in South Germany, with the focus on residential property. Approximately one third of the investment is to be commercial property, mainly retail parks as well as office blocks and commercial buildings. The new fund is the first by PATRIZIA, which invests both in residential and commercial property. "Our client is looking for an attractive mix of stability and return in the portfolio. We can achieve this in an optimum fashion with this combination of types of use," explains Wolfgang Egger, CEO of PATRIZIA...

By bringing in Israel Casanova to direct Redevco’s operations in Spain and Portugal, Redevco underlines its commitment to the current solid team. Israel Casanova (age 38) started working for Redevco in 2005 as Portfolio Manager, handling the acquisition and integration of the Ahold/Dinosol portfolio (February 2005), which represented an estimated investment of €211 million. In the summer of 2009, Casanova was promoted to Portfolio Director at Redevco Spain and Portugal. Prior to joining Redevco, he was Regional Management Director at Centros Shopping (formerly Ségécé), the Carrefour group’s real estate subsidiary, coordinating seven shopping centres in the Spanish region. Israel Casanova graduated in Business and Economics at Seville University and has also studied at the...

S106 agreement signed with London Borough of Greenwich Contracts exchanged with Willmott Dixon for £60m residential element 104 bedroom hotel pre-let to Travelodge Development Securities in joint venture with Cathedral Group plc, today announces that the construction of its 2.2 acre mixed use development, The Movement, Greenwich, will start in Q2 2012 having signed the S106 agreement with London Borough of Greenwich. The Movement will comprise residential, student apartments and a hotel alongside extensive community infrastructure. Willmott Dixon will deliver the £60m residential element of the scheme and contracts have been exchanged with Travelodge for the pre-let of the 104 bed hotel. These transactions will generate £25m of revenue into the development partnership...