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Henderson Global Investors extends £560 million Central London Office Fund I

2010-09-02T11:57:00+02:00

Henderson Global Investors has extended its £560 million Central London Office Fund I until December 2015. Nearly all of the fund’s 84 investors voted in favour of extending the fund from 2011 in order to take advantage of the strong London office market.

Clive Castle, fund manager of the Central London Office Fund I said: “Pushing the expiry date of the fund fits in with our view of the market. We expect strong rental growth and the extension enables us to manage properties and create value.”

The fund was launched in 2004. Several of its properties were sold in 2007 and 2008 to reduce its debt and £100 million of capital was returned to investors in December 2008. The Fund has achieved a return of 30.5% to June 2010. Over the last three years its return to investors has made it the best-performing UK office fund of the recession.

Two months ago Henderson raised £90 million of equity for its second Central London Office Fund, which provides it with around £150 million for acquisitions.

source : Henderson

MPGA acquires portfolio of 140 properties from German retail giant ALDI

2010-09-02T11:55:00+02:00

MGPA, the private equity real estate investment advisory company, is pleased to announce that it has exchanged contracts for the acquisition of a real estate portfolio from Germany’s leading discount retail company ALDI SUED. The 140 properties will be managed by MGPA Europe Fund III. The properties, mainly located in the Southern and Western parts of Germany, are stores which will partially be leased back by ALDI SUD, as well as currently unused land and a logistics centre. The parties agreed that the purchase price is to remain undisclosed.

Marius Schöner, MGPAs Managing Director for Germany, says: "This is the first transaction in Germany involving MGPA Europe Fund III, which only began investing last year. We have sufficient capital to make further interesting investments. During the next six months, our focus lies on retail properties and also specialist outlet stores as well."

MGPA plans to further raise its investment volume in Germany with plans to invest up to EUR 200m by the end of 2010. The strategy is to build portfolios that combine properties on long term leasing contracts with property or real estate that have upside potential. Furthermore MGPA is actively driving its business opportunities with institutional investors in Germany.

MPGA has been supported in the transaction by GIG Grundbesitz GmbH, legal advice was provided by law firm CMS Hasche Sigle; ALDI SUED has been advised by JenAcon GmbH and law firm Schmidt, von der Osten & Huber

Catella establishes Amplion Asset Management's operations in Sweden

2010-09-02T11:54:00+02:00

Catella’s asset management division Amplion has established a new business unit in Sweden.
Amplion has teamed up with three highly experienced real estate professionals Greger Hedlund, Magnus Edlund and Örjan Johansson, who will become partners in the new company. Greger Hedlund has been nominated as MD. Additionally Sara Östmark and Josefina Erenius have been nominated as asset managers.

Before joining Amplion, the team operated PINE (Property Incentive Northern Europe). PINE’s mandate Lönnbacken Fastigheter AB will continue to be taken care of by PINE with Magnus Edlund being the external MD of the company.

”Magnus, Örjan and I are very satisfied for the opportunity to start Amplion’s business in the Swedish market. The market looks very promising and we are looking forward to creating new investment opportunities for our clients,” says Greger Hedlund, Amplion Sweden.

“The expansion to Sweden is an important step in Amplion’s growth strategy as Sweden is one of the most active and attractive real estate markets in Europe. Amplion’s business concept is to establish investment clubs and non-regulated fund vehicles for investors where Amplion is part of the set up. Our model fits well for the investing clients’ requirements since a crucial part of the service concept is the profit participation based on performance which will ensure the aligned interest between the investors and Amplion,” says Timo Nurminen, Amplion Group.

Source: Catella Group

Awon Asset Management becomes Tour Eiffel Asset Management

2010-09-02T11:53:00+02:00

Société de la Tour Eiffel’s in-house management company, Awon Asset Management, is to be rebranded Tour Eiffel Asset Management as from September 1, 2010.
Tour Eiffel Asset Management comprises some 20 professionals dedicated to the asset management of the mother company’s property portfolio which comprises principally periurban offices located in the Paris area and throughout the regions, valued at in excess of €1 billion.

Awon Asset Management, the vehicle used by Mark Inch and Robert Waterland to launch Société de la Tour Eiffel as a SIIC in 2004, was subsequently absorbed into the SIIC in 2006.

“This change signals the growing notoriety of the Société de la Tour Eiffel’s image and the progress achieved since 2004,” affirms Frédéric Maman, the Managing Director of Tour Eiffel Asset Management.

The three operating divisions of the structure remain unchanged:

Director of investments: Nicolas Ingueneau
Director of asset management: Odile Batsère
Director of projects and development: Nicolas de Saint Maurice.

Source: Awon Asset Management

GENOPACE erreicht bereits Ende August Vorjahresniveau im Transaktionsvolumen

2010-09-02T08:31:00+02:00

Erneut erfährt die Transaktionsplattform für Volks- und Raiffeisenbanken eine Erfolgsgeschichte: Das Plattformvolumen des Vorjahres erreichten die Partnerbanken 2010 innerhalb der ersten acht Monate. Der Marktplatzeffekt kommt damit ins Rollen und kurbelt den Trend weiter an.

Bereits zum 31. August 2010 haben die Partner von Genopace das Transaktionsvolumen des gesamten Jahres 2009 von rund 308 Mio. Euro erreicht. „Dieses hervorragende Ergebnis unserer Partnerbanken verdanken wir neben der Gewinnung neuer Partner, insbesondere auch der intensiveren Geschäftsbeziehung zu bestehenden Partnern“, erläutert Jens Fehlhauer, Geschäftsführer von Genopace, die Entwicklung. Zu diesem starken Ergebnis trugen auch die neuen Rekorde im monatlichen Transaktionsvolumen von Juni, Juli und August bei. Eine Abschwächung dieses Trends ist aktuell nicht zu erwarten. „Weit über 90 Prozent des vermittelten Volumens verbleibt hierbei im genossenschaftlichen FinanzVerbund“, ergänzt Fehlhauer mit Freude.

Immer mehr Volks- und Raiffeisenbanken nutzen Genopace, um ihre eigenen Vertriebsprozesses zu optimieren und Neukunden in ihrem regionalen Markt zu gewinnen. So befindet sich Genopace aktuell in Anbindungsprojekten mit weiteren sechs Volks- und Raiffeisenbanken, die in den nächsten Monaten zum weiteren Wachstum beitragen werden.

quelle : Genopace

Echo Investment to develop an outlet centre

2010-09-02T08:29:00+02:00

Echo Investment is to build Outlet Park Szczecin on Struga street in Szczecin, which will be the first facility of this type in the Pomeranian province.

Outlet Park Szczecin will be built on the spot of the currently open PHS centre, where earlier the Astra shopping centre was planned to be built.

“Since the time when the first concept was developed, we have carried out professional assessment of the changing market situation. We have established that an outlet centre will address the demand and fill in a market niche in this region of the country. We have a great location at our disposal with a reach of over 2,2 mln people, we have financial resources reserved and we cooperate with teams of designers and consultants who are experienced in the field of outlet centres,” says Marcin Materny, shopping centre sales director at Echo Investment SA.

The leasable area of Outlet Park Szczecin will amount to over 23,000 sqm. Customers will have 1,400 parking spaces at their disposal. Outlet Park will be developed in three stages. In stage one there will be a shopping gallery built with a leasable area of approx. 9,000 sqm, where 60 retail outlets will be located, in the second stage there will be 10,000 sqm built and in the next one – app. 4,000 sqm. There will be approx. 120-130 tenants in the whole facility.

source : Echo Investment

The market of outlet centres in Poland is still a very young business. Because of specificity of outlet centre activities the number of developers specializing in this type of projects remains small. “The pool of tenants interested in running their business in outlet centres is not without importance. The sector will reach the level of relative saturation in the next few years and a sudden growth in leasable area in this sector is not to be expected. Our research has shown that in the current situation Szczecin is ready for another format of a shopping facility such as an outlet centre. Also the change of tenants’ perception of Szczecin is not without importance, for whom Szczecin has become another place to develop their chains in. Commercialization of the Outlet Park has not started yet but the project enjoys a lot of interest,” says Magda Frątczak from CB Richard Ellis, the company cooperating at the commercialization of the centre.

The architectural concept of Outlet Park Szczecin was created in Vsf – Creative architectural studio.
The first stage of the project will already be launched in Q1 2011. The stage is to be completed in Q4 2011.

ING REIM appoints Bruno Cohen Chief Investment Officer France

2010-09-02T08:24:00+02:00

ING Real Estate Investment Management (ING REIM) has appointed Bruno Cohen as Chief Investment Officer (CIO) of ING Real Estate Investment Management France as of 1st of September 2010.

From its Paris office managed by Silvio Estienne, ING REIM France manages a portfolio of real estate assets in the retail, offices, residential and logistic sectors with a total value of approximately EUR 1.7 billion. Bruno Cohen will be in charge of the Transaction team and of the monitoring of the Asset Management of the French portfolio.

Bruno Cohen (47) has a career spanning over twenty years in real estate investment, asset management, development and fund management. He holds a Civil Engineering degree from ESTP as well as an MBA from INSEAD (1990), and he is member of The Royal Institution of Chartered Surveyors (RICS).

He started his career in 1987 with Disneyland Paris, being the assistant of the CEO. He then joined Sorif (Vinci Immobilier) as Project Director for 6 years. In 1996 he joined Hammerson in Paris where he held the position of Head of the Office and City Retail Department and Member of the Executive Committee. In 1997, Bruno Cohen took up the position of Managing Director at Tishman Speyer Properties where he headed the French operations and was a member of the European Executive Committee until 2004. He also served as Tishman Speyer Properties representative at the Board and Investment and Finance Committees of Cogedim for three years.

He pursued his career as Executive Director of Investments at AEW Europe where he was in charge of pan European investments for funds managed in London by Curzon Global Partners. During the past three years, Bruno Cohen has opened and managed the European Office of the American group Broadway Partners where he put together, analysed and presented an over € 4 bn investment pipeline.

“The appointment of Bruno Cohen at ING REIM France will reinforce our ability to source new investments, which is key for the development of ING REIM in France, both for our pan European or domestic funds, and for our international and French institutional clients in club deals and mandates. His significant experience in real estate will also contribute to our asset management activities with the purpose of constantly improving the quality of our clients services”, says Silvio Estienne, CEO of ING REIM France.

source : ING Real Estate Investment Management

FROM CAR LAUNCHES TO SUMMER BARBEQUES EXTRAORDINARY MEETING SPACES PRESENTED BY DESIGN HOTELS™

2010-09-02T08:16:00+02:00

Forget drab, uninspiring conference rooms – Design Hotels™ presents five member hotels with amazing views, lavish gardens and state-of-the-art technology. From the north German port city of Bremen, to an urban resort in Jakarta, there are exciting meeting spaces to be discovered all around the world. In Turkey, Hillside Su (www.designhotels.com/hillside_su can cater to anything from summer BBQs to chic car launches with its vast ‘Voda Congress Hall’ and lush picturesque gardens. The Alila Jakarta (www.designhotels.com/alila_jakarta is centrally located and yet a sanctuary within the city. The calm ambience and cool design create the perfect environment for presentations or celebrations. For those who want to be inspired by breathtaking vistas, Memmo Baleeira (www.designhotels.com/memmo_baleeira_hotel) in Portugal has meeting rooms with terraces presenting views of the harbor, ocean and the islands of Martinhal. In Mallorca, Puro Oasis Urbano (www.designhotels.com/puro) offers not only three new state-of-the-art meeting spaces ideal for a creative retreat but also Purobeach, a separate event space for up to 200 guests situated in the bay of Palma with a terrace pool. For a stylish meeting in the city, Hotel ÜberFluss in Bremen (www.designhotels.com/hotel_uberfluss) offers a sixth floor penthouse overlooking the Weser river, as well as two roof terraces and a chic private bar and lounge.

Alila Jakarta, Indonesia
Situated in the heart of the city's business district overlooking the Presidential Palace, the 246-room Alila Jakarta fits with its neighbors’ business prowess. With a minimal design aesthetic, the hotel offers a refreshing sanctuary from the world outside. Guests are welcome to relax in the light and calming lobby lounge with chill out music, or wander in the garden in the peaceful inner courtyard. With nine conference rooms, accommodating between 10 and 500 people, the hotel is an ideal meeting spot for any occasion, from exclusive business meetings to elegant banquets. There are four meeting packages to choose from, including a one-night residential package for those wishing to stay at the hotel and enjoy its many facilities, including a spa, outdoor pool and contemporary Shanghainese restaurant. www.designhotels.com/alila_jakarta

Hillside Su, Turkey
A summer BBQ? Chic car launch? Or perhaps swimming with dolphins? All are possible at this 294-room hotel situated by the sea and just 15 minutes from Antalya airport. The ‘Voda Congress Hall’ has a ceiling height of 23 feet and an extensive balcony, while the Amanzi hall offers a large door opening on to lush gardens. Together with an 9,000 square foot ballroom, the spaces are ideal for large events such as car launches because of their style, size and easy access. Outside, a 1000 square metre al fresco function area with beautiful gardens is the perfect setting for gala dinners and parties. There are also eight smaller breakout meeting rooms for different purposes. www.designhotels.com/hillside_su

Memmo Baleeira, Portugal
The phrase ‘a room with a view’ is foremost at 144-room Memmo Baleeira where meeting rooms overlook the Baleeira harbour in Sagres Bay, known for its rich history and stunning natural beauty. For a relaxing coffee break a terrace off the rooms is a place to take in the refreshing sea air, while indoors on the top floor flexible rooms for 10 to 150 people are ideal for special events or small creative sessions. The hotel also offers a wide variety of menus, ranging from working lunches to exquisite menus created for special events. www.designhotels.com/memmo_baleeira_hotel

Puro Oasis Urbano, Mallorca
This 50-room hotel in the center of Palma has recently unveiled two new meeting rooms and event spaces for 10, 20 or 40 people. For small groups and informal meetings, the new multimedia room with 72” plasma screen, video console and Mac computer is ideal, whilst the new Mandala room is perfect for larger events. It has a capacity for 40 guests, state-of-the-art audio visual equipment, spaciousness and natural light. In January 2011 the hotel will also open The Wing Room, a completely new area which can be hired exclusively for private corporate and social events. It will include a Music Studio which will be the base for Puro´s own releases and remixes from its label ‘Puro Music’. For those seeking a place to wind down afterwards a poolside break or massage at Purobeach is the ultimate option. www.designhotels.com/puro

Hotel ÜberFluss, Bremen
Situated on a quiet street on the banks of the river Weser, the 51-room Hotel ÜberFluss is ideal for a variety of small events, from small wedding ceremonies to model castings. On the sixth floor there is a penthouse space for up to 54 people, with large floor-to-ceiling windows offering beautiful vistas of the river and historic city. From this room there is access to a rooftop bar and two rooftop terraces. Outfitted with lounge sofas and sunbedes, these are ideal for relaxed get-togethers and summer barbeques. Downstairs on the first floor an 900 square foot space is light and airy, with a glass front and modern multimedia equipment. www.designhotels.com/hotel_uberfluss

source : DESIGN HOTELS™

Benefits of Going Green - Sustainable Investment Conference auf der EXPO REAL

2010-09-01T07:42:00+02:00

Immobilieninvestoren und Nutzer im Dialog über nachhaltige Lösungen, von denen alle Seiten profitieren

Nachhaltigkeit rechnet sich – doch wie sehen die Konzepte und Strategien aus, die hinter wirtschaftlich erfolgreichen „grünen“ Immobilieninvestments stehen? Die EXPO REAL, 13. Internationale Fachmesse für Gewerbeimmobilien und Investitionen in München, bietet mit der Sustainable Investment Conference am zweiten Messetag (5. Oktober 2010, 10.30-13.30 Uhr) ein spezielles Forum, auf dem internationale „Best-Practice“-Unternehmen aufzeigen, wie Investoren und Nutzer vom Nachhaltigkeitstrend profitieren können. Eröffnet wird die Konferenz (Ort: Planning & Partnerships Forum in Halle A2) mit zwei Fallbeispielen: Lee R. Utke, Director Global Real Estate der Whirlpool Corporation, und Rainer Kohns, Head of Sustainability von Siemens Real Estate, berichten aus der Nutzerperspektive, welche Rolle nachhaltige Gebäude in der Corporate Sustainability ihrer Unternehmen spielen. Wie Investoren und Nutzer zu nachhaltigen Lösungen kommen, diskutieren im anschließenden Forum hochkarätige Vertreter von Prupim, Hammerson, FABEGE, CB Richard Ellis, TNT Real Estate und Union Investment Real Estate. Weiteres Highlight der Sustainable Investment Conference ist die Preisverleihung des Prime Property Award 2010. Mit dem Preis werden bereits zum zweiten Mal Investoren für Immobilienprojekte in Europa ausgezeichnet, die wirtschaftlichen Erfolg auf vorbildliche Weise mit ökologischer und soziokultureller Nachhaltigkeit verbinden. Für den mit 30.000 Euro dotierten Prime Property Award 2010 sind 14 Projekte aus Deutschland, Dänemark, Österreich, der Schweiz, den Niederlanden und Spanien nominiert.

Weitere Informationen zur Sustainable Investment Conference unter www.exporeal.de oder www.union-investment.de/realestate

quelle : Union Investment Real Estate GmbH

King Court sold by King Sturge in multi-million pound investment deal

2010-09-01T06:09:00+02:00

ONE OF Leeds best-known city centre offices buildings has been sold by property consultants King Sturge in a multi-million pound investment deal.

Kings Court, King Street, with its imposing entrance and prominent position on the corner of King Street with Quebec Street, has been sold for an undisclosed sum by the King Sturge Leeds-based Investment team acting for Alliance Trust Real Estate Partnership Limited, an investment company based in Dundee.

Kings Court, which is in the heart of Leeds’ business district and has 47,698 ft² office space over seven floors, has been sold to a Swiss based private trust in a deal which represents an 8.4 per cent yield.

Built in 1989, King’s Court is let to one of the country’s leading independent commercial law firms, Walker Morris, which has 51 partners, at an annual rent of £891,000 on a 25-year lease which expires in 2014.

Head of the King Sturge Leeds Investment Team, Andrew Summersgill, a partner, who brokered the deal, says: “We have been delighted to act on behalf of Alliance Trust Real Estate Partnership Limited to sell Kings Court, one of Leeds’ highest-profile professional services properties.

“In spite of there being a relatively short unexpired lease term, the building is located in the heart of Leeds’ central business district and the rent reflects a modest level of £17.67 a ft². At a time when income security is so important, it was encouraging to see the level of investor interest as prospective purchasers were undoubtedly attracted to these strong fundamentals which resulted in several offers for the building.

“This latest deal follows our sale of Benson House, Wellington Street, for £20m this spring for business estates manager, MEPC, and shows that there is still strong interest in the Leeds business district property investment sector.”

source : King Sturge

WestImmo posts good half-year results

2010-09-01T06:05:00+02:00

Westdeutsche ImmobilienBank AG (WestImmo) posted good results in the first half of 2010 in what continues to be a difficult general economic climate.

At €81.5 mln., the operating result (earnings components less general administrative expenses) exceeded the figure for the first half of 2009 (€76.1 mln.) by 7.1%. Net interest income, which at €120.5 mln. was some 27% above the result for the same period last year (€95.2 mln.), showed a particularly positive trend.

Peter Knopp, Chairman of the Managing Board of WestImmo, said: “I am satisfied with this result. It underlines the operative strength of WestImmo in client business and demonstrates that the bank is a successful business even in these difficult times and under the harsh conditions that still prevail on the capital markets. Nevertheless, WestImmo will continue to apply its very high standards for new business in the future. Quality and security go above quantity.”

Pre-tax earnings came to €35.5 mln., down 19.5% on the figure for the same period last year (€44.1 mln.). After eliminating taxes, consolidated net income for the year was €24.8 mln., a fall of 19.6% on the previous year (€30.8 mln.). The downturn in earnings was due largely to special effects associated with the economic transfer of the private construction financing portfolio to Erste Abwicklungsanstalt (EAA). This was particularly reflected in net fee and commission income, which at €5.1 mln. was below the figure for the first half of 2009 (€13.9 mln.), and the balance of other operating income and expenses (-€11.8 mln. compared with -€0.1 mln. in the comparable period in the previous year).

On June 30, 2010 the risk provision for credit losses was in line with projections (PY: -€21.0 mln.). Net income from non-current financial assets improved on the first half of 2009 (-€11.0 mln.) to -€1.3 mln. The trading result stood at €4.9 mln. at the half-year mark and thus in line with projections; the figure for the previous year (€11.0 mln.) had been skewed by a one-off valuation effect. The increase in general administrative expenses to €49.0 mln. (PY: €44.0 mln.) can be attributed almost entirely to one-off expenses associated with the current sale process.

The key income ratios of the bank were also distorted by the one-off expenses and the transfer of the portfolio. The return on equity employed (RoE) came to 7.2% at the halfway point in 2010 (whole of 2009: 7.9%) and the ratio of costs to income (Cost-Income Ratio, CIR) rose to 41.3% (whole of 2009: 37.7%), but still well within WestImmo’s target corridor.

Private construction financing portfolio transferred to EAA The economic transfer of the private construction financing portfolio to EAA, completed in the first half of the year, was particularly significant for WestImmo. It means that WestImmo has taken a major step forward in its strategy of focusing on the commercial real estate lending business. Of the portfolio, which has a volume of some €4.2 bln., construction financing loans of around €500 mln. were transferred to EAA in a demerger. The remaining portfolio (about €3.7 bln.) is to remain with WestImmo and will be protected by a finance guarantee from EAA.

New business volumes reach €2.1 bln.
Although there are varying indications from the regions that the real economy is recovering from the crisis, the financial and real estate markets remain in a fragile state of health. While the bottom seems to have been reached or is at least in sight in some of the most important commercial real estate markets, the trend is varying by region and segment, which suggests no relaxation in the risk-conscious approach to new business.

In the first half of 2010 WestImmo committed €2.1 bln. in commercial real estate financing compared with €3.1 bln. in the same period last year. This is a satisfactory volume given the much more intense competition on the markets and the continuing difficulties in refinancing, particularly in uncovered refinancing.

Position in syndicate business strengthened
In the first half of 2010 WestImmo continued to step up the syndicate financing business in which it takes on the role of arranger and agent. In total it arranged loans worth €1.14 bln. in the first half of the year, well above the figure for the same half last year (€0.7 bln.). Of this total, WestImmo placed €0.6 bln. in the bank market, a rise of 58% on the figure for the comparable period in the previous year (€0.4 bln.).

Issuing volumes at previous year’s level
At €2.2 bln., issuing volumes in the first half of 2010 were in line with those for the first half of 2009. Of this amount, €1.6 bln. comprised issues of mortgage pfandbriefs and €0.6 bln. uncovered issues. The refinancing options overall were dominated by the general market trends and the caution that continues to dominate in relation to uncovered financing.

Outlook
For the year as a whole, WestImmo expects to see economic growth differ from one region to another, with a correspondingly varied upturn on the real estate markets. Competition will intensify further, particularly for core properties. The refinancing situation is expected to remain difficult in the second half of the year, which will have a considerable impact on the business options for real estate financiers.

WestImmo has remained consistently in the black throughout the severe crises of the last few years. The bank anticipates that net earnings for the year as a whole will be very respectable. The volume of new business will fall below that for 2009, due in the main to the uncertain and fragile conditions on the capital markets and the much more intense competition on the markets.

Source: Westdeutsche ImmobilienBank AG

VARENA opens in Vöcklabruck

2010-09-01T05:51:00+02:00

VARENA, Austria's most modern shopping center, in Vöcklabruck has opened its doors on Wednesday, August 25th 2010. It is the 24th mall of SES Spar European Shopping Centers. The company has invested €82 million in this location and created 750 jobs. It is the single largest private investment ever made in Vöcklabruck.

With its exceptional architectonic presence the shopping center presents 80 attractive shops, shop-in-shop-concepts, restaurants and service providers throughout its 32,000 m². The grand opening of VARENA is the largest shopping center opening in Austria for 2010.

VARENA has been fully leased for months. Only the very best international, national and regional merchants have taken up occupancy in the shopping center.

The shopping center also demonstrates a good carbon footprint. An innovative and environmentally friendly energy concept utilizes groundwater-pumps to both heat and cool the building.

The location adjacent to Bundesstraße / Highway 1 in Vöcklabruck has been a retail location since the 1960s. INTERSPAR opened its hypermarket at this location in 1995. A new and wholly integrated project has been in the planning since 2002.

The new and modern world-class shopping center VARENA was built over a period of 29 months. SES is the developer, constructor, investor and operator of the shopping center. The renowned architectural firm ATP Architekten & Ingenieure designed the center. The mall was constructed as a joint venture between the companies Alpine, Strabag and Dywidag. The neighboring property owners were kept informed about the development of the shopping center from the very beginning.

VARENA enhancing Vöcklabruck as a Commercial Center

VARENA strengthens the capital city of Vöcklabruck as a retail center and increases its significance throughout the region. The state of Upper Austria is also excited about the project, as Governor Dr. Josef Pühringer relates: "This large investment by SES Spar European Shopping Centers is an important sign in financially difficult times. It is a sign that our state is on the path to improvement. It is an optimistic economic signal because investments are only made when positive financial growth can be expected. This large-scale project is an important regional economic engine and is equally important for the regional job market."

VARENA and its Retail Partners - All the Best under One Roof

"Not every developer succeeds in having the very best retail partners in house when a shopping center first opens its doors. In this respect VARENA is something extraordinary. The wide variety of businesses is a strength of the center and an enormous competitive edge for the entire region," reports the SES Chief Executive Officer Marcus Wild. With its ca. 80 shops and shop-in-shop concepts, including 28 fashion providers, shoe stores and sports equipment centers, VARENA is bringing both new and tried-and-true concepts to the Upper Austrian marketplace. The numerous national and international top brands are joined by the best regional players. As an example, five of VARENA's restaurants are regionally owned and operated.

VARENA and Access to the Shopping Center

Exemplary Traffic Solutions Provide for Improved Safety

In close cooperation with the national traffic agency of the state of Upper Austria and the city of Vöcklabruck an holistic traffic solution was designed to meet the needs of the new shopping center. Be it by foot, bicycle, bus or car: customers can reach VARENA easily and directly. A rotary traffic system (roundabout) enables access to and departure from VARENA to Bundestraße (Highway) 1 without the inconvenience of streetlights or intersections. The highway was extended by 370 meters and widened by about 3.5 meters, including the historic Vöckla-Bridge (ca. 60 meter). This traffic solution was financed by SES Spar European Shopping Centers to the tune of €7 million.

Parking

A comfortable car-park routing system was integrated to ensure easy access to the 1,900 free parking spaces on three levels.

The optimally designed traffic system is complemented by the generous oversized parking spaces (2.7 m wide instead of the traditional 2.2 m wide) and a dedicated handicapped parking zone.

Optimal Access by Automobile

The shopping center was provided with its own bus stop during construction, and the city bus lines 2 and 3 run every 15 minutes. The buses connect VARENA with the local train station nearby. The percentage of customers that arrive at SES shopping centers via public transportation is relatively high.
In addition to the integration into the public transportation network, the shopping center can be reached by the pedestrian and bicycle paths along the Vöckla River which run to and from the city center.

VARENA and the Environment

Ecologically, Socially and Economically Sustainable

As with many of its projects, SES is making use of natural resources and renewable energy in its new shopping center VARENA, and in doing so is setting new international standards for sustainability and architecture. The technical systems of the shopping center VARENA ensure a significant reduction in CO2 emissions when compared to similar projects using traditional technology; this innovative step enables a reduction in running costs. Hydro-extractors use groundwater to heat and cool the shopping center.

In contrast to traditional hydro-extractors, VARENA's innovative system can be used both in the summer and winter by reversing the directional flow of water. All shops, offices and public spaces are capable of being individually adjusted to specific room temperatures. The lack of roof-mounted cooling systems also helps decrease sound pollution.

The Architecture of VARENA

The Shopping Experience of the 21st Century

Not 10 years from now but today, the shopping center VARENA is instituting the leading trend to combine shopping destinations with social meeting places to emphasize the multifunctional aspects of a shopping center. With its functional and emotional assets, shopping world VARENA is striving to become a leader in the marketplace.

A Sleek Structure with an Eye-Catching Appearance

The architecture of the shopping center was developed with the motto "Colorful Shopping in the Lake Region" in mind. The Salzkammergut and its many lakes serve as the backdrop for this beautiful location.

New Mall Concept "Plaza"

In contrast to traditional mall design, a 2,000 m² open space known as the Plaza provides the heart of the shopping center. It was designed in keeping with the idea of a traditional marketplace. This location serves to bundle the activities of the shopping center: shopping, eating, playing, communicating, relaxing - a new urban space for Vöcklabruck. The high-quality granite floor of the mall reinforces this impression. The central plaza is ringed by shops, cafés and restaurants.

CB Richard Ellis Secures Barratts for Sauchiehall Street, Glasgow

2010-08-31T13:05:00+02:00

CB Richard Ellis (Scotland) has announced the completion of a letting at 169 Sauchiehall Street, Glasgow on behalf of London-based property investment company, Winston Group.

Barratts, the leading footwear retailer, has renewed its lease to occupy the entire unit, extending to 2,800sq ft over two floors, on a new ten year lease at a rental of £137,500 pa.

CBRE recently sold 169 Sauchiehall Street for £1.3m on behalf of Deloitte to Winston Group and was retained as the lettings agent for the property.

Kevin Sims, Retail Director, CB Richard Ellis (Scotland), commented: “This letting confirms continued demand for Sauchiehall Street for well positioned units at sustainable rental levels.”

CB Richard Ellis (Scotland) represented Winston Group; Barratts was unrepresented.

Kungsleden—SEK 135 m property acquisition

2010-08-31T12:23:00+02:00

Through Hemsö, its joint venture with AP3 (the Swedish Third Pension Insurance Fund), Swedish listed property company Kungsleden AB (publ) is acquiring a property for a total investment of SEK 135 m.

This property, a retirement home located in Uppsala, near Stockholm, will be constructed by Riksbyggen, with Hemsö taking possession when building is complete. The home will have 80 places with leasable area of approximately 5,500 sq.m.

A rental agreement has been signed with Attendo Care, which runs for 15 years. Completion is scheduled for spring 2012.

“A newly built retirement home in Uppsala on a long rental agreement, and which satisfies our required returns, is a good fit in our property portfolio,” commented Kungsleden’s Chief Executive Thomas Erséus.

ZACHRY NUCLEAR ENGINEERING TO RELOCATE FROM GROTON TO STONINGTON, CT

2010-08-30T22:28:00+02:00

Zachry Nuclear Engineering, a subsidiary of Zachry Nuclear, Inc., will be relocating its Connecticut facility from Groton, CT to nearby town Stonington, having just signed a new long-term lease for the 67,651- square-foot building at 14 Lords Hill Road.

The impetus for the relocation was the company’s need for a larger one-story facility with an open floor plan.
“This is a shallow market with very few big blocks of space,” explained Ted Harris of Studley, Zachry’s national real estate advisor. “With an imminent lease expiration, we kept our tentacles in the market in order to act quickly if or when something became available.”

The building, which the company will occupy in 2012, is an old manufacturing facility that the company plans to convert into contemporary loft-style office and R&D space, similar to what they did for their headquarters location in San Antonio, Texas.

Studley is also working to get Zachry tax incentives beyond the state’s established programs.
Studley has also represented Zachry in Minnesota, Omaha, Colorado, and Texas. In this transaction, the landlord, the Shermen Group, was represented by Dan Barber of Northeast Property Group.

source : Studley

NAI Global Selects Winston Global to Expand Coverage in Central California

2010-08-30T22:19:00+02:00

NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, announced today it is expanding its coverage in Central California with the signing of Winston Global, Inc. The firm will now operate as NAI Central Cal.

Located in Bakersfield, CA, NAI Central Cal is a full-service commercial real estate brokerage offering leasing and sales for industrial, office and retail properties, agriculture sales, investment sales, property management, disposition and site selection services.

“The Central California region has experienced massive foreclosures and unemployment over the course of the recession,” said Chad Brock, President of NAI Central Cal. “Property disposition and sales create a huge opportunity for investors, and tapping into NAI Global’s vast network will help us to expose the opportunities in our region to potential investors and corporate users across the U.S. and the world.”

“We look forward to working closely with NAI Central Cal to expand NAI Global’s presence in the region,” said NAI Global Executive Vice President David Blanchard.
“Chad’s team adds valuable experience and depth to our strong base in the region.”

NAI Central Cal is located at 8009 Wimbley Way in Bakersfield, CA. Headquartered in Princeton, NJ, NAI Global manages a network of 325 offices and 5,000 professionals in 55 countries across the globe.

source : NAI Global

Roche leases more space in Malta Office Park

2010-08-30T22:17:00+02:00

Echo Investment and ROCHE Poland have signed the second office space lease agreement in the Malta Office Park complex being developed in Poznań on Arcybiskupa Baraniaka street.

ROCHE Poland is a leading manufacturer of drugs used in many fields of medicine, which operates in over 150 countries. In Malta Office Park Roche runs its IT Service Centre on an area of nearly 1,450 sqm. The newly leased space of over 1,830 sqm will allow the company to develop operations of the Centre. Roche has leased a total of nearly 3,300 sqm.

Commercialization of the complex is going according to schedule. In the first and second stages of the complex (buildings A - E) there has already been 76% of space leased.

More information about the tenant is available at www.roche.pl.

Foruminvest sells a majority stake in its Belgian projects

2010-08-30T22:03:00+02:00

Banimmo, the listed Belgian property company and Patric Huon, the CEO of Foruminvest Belgium have successfully negotiated with the Foruminvest Group to acquire a majority stake in three Walloon shopping center developments in Verviers, Namur and Charleroi. The Foruminvest Group will still keep an interesting financial stake in the future results in these Belgian projects.

Immobilière Huon and Banimmo were assisted in the deal structure by the Belgian investment bankers, Bank de Groof. The new company, of which Immobilière Huon and Banimmo will be the shareholders, will operate, for the time being, under the name City Mall-Foruminvest.

Foruminvest in the Mall (shopping center management) and Forum TV (the TV channel for shopping centers), both belonging to the Foruminvest Group, will continue to be active and present in Belgium.

This transaction fits perfectly into the strategy of the Foruminvest Group to focus on Dutch projects and several large prime shopping center developments in Italy and Germany.

Immobilière Huon and Banimmo were advised by Linklaters, Nauta Dutilh and Bank de Groof and Foruminvest was advised by Allen & Overy.

Source: Foruminvest B.V.

Chinese set to replace Russians as major investors in prime residential property

2010-08-30T22:03:00+02:00

Chinese buyers are anticipated to replace Russian investors as major players in the prime central London market as the number of super-wealthy individuals continues to grow rapidly in the country, new research from CB Richard Ellis has revealed.

Buyers with foreign currency are still enjoying attractive discounts on prime central London property as Sterling continues to remain weak.

In the prime London borough of Westminster where average house prices have now returned to pre-recession peak levels, a weak pound means that property is essentially 36% cheaper for buyers with Japanese yen. Investors with currencies such as the Hong Kong dollar, American dollar, Saudi riyal and the United Arab Emirates dirham can expect a discount of around 25%.

Ongoing interest from international investors has resulted in a strong six months for the prime central London market with a pickup in transaction levels and significant average house prices increases of 23% and 20% in Westminster and Kensington and Chelsea respectively.

Domestic high net worth individuals are also expected to return to the market, as prospects in the City start to look up. The emergency budget did not yield any big bonus taxes and the bonus pool expectations for 2010/11 currently stand at £6.8 bln.

Supply constraints have meant that areas such as Hampstead, St John’s Wood, Notting Hill and the Southbank are now attracting more attention, as potential purchasers cast the net beyond the traditional ‘golden postcodes’ of Westminster and Kensington and Chelsea.

Jennet Siebrits, Head of Residential Research at CB Richard Ellis commented: “The bulk of the London market is trying to dodge the double dip, much like the rest of the UK. However, in what is truly emerging as a tale of two cities, the prime central London property continues to defy the downturn thanks to strong interest from international investors.

“The popularity of prime London property has been buoyed by the international appeal of its universities with many wealthy parents looking to combine an apartment for their children with a good long term investment.

“Interest from domestic buyers has been revived with a broader number looking at mid-sized properties in the Capital. This might be in the form of a personal investment or via a specialist fund that can capitalize on short-term lease opportunities.

“While prime properties must be exclusive by definition, the shortage of stock has been exacerbated by the reluctance of sellers to put their properties on the market until values improve and a lack of development over the last two years, which has put upward pressure on prices.”

Source: CB Richard Ellis

Savills : Interim Results August 2010

2010-08-30T22:02:00+02:00

RESULTS FOR THE HALF YEAR TO 30 JUNE 2010

Savills plc, today announces its unaudited results for the six months to 30 June 2010.
Key Financial Information:

● Group revenue increased 23% (22% in constant currency) to £304.4m (2009: £247.6m)
● Group profit before tax recovered to £14.4m (2009: £0.1m)
● Underlying Group profit before tax* grew to £17.2m (2009: £2.5m)
● Basic earnings per share increased to 7.9p (2009: 0.7p)
● Underlying basic earnings per share increased to 9.6p (2009: 1.3p)
● Interim dividend of 3.0p per share (2009: 3.0p)
● Net cash of £20.1m (2009: net debt £0.4m)
* After adjusting for certain share based payments £1.4m (2009: £1.0m) and the amortisation of acquired intangible assets £1.4m (2009: £1.4m)
Operational Highlights:
● Strong first half performances in Asia Pacific and the UK
● Restructuring achieves a 54% reduction in Continental European losses to £4.0m (H1 2009: £8.6m)
● Strong growth in Transaction Advisory revenues (up 57%), Consultancy (up 12%) and Property and Facilities Management (up 8%)
● Increased investment in the business with acquisitions in Fund Management, Project Management and the opening of further residential offices in London

Commenting on the results, Jeremy Helsby, Group Chief Executive of Savills plc, said:

“We have had a strong first half particularly through the recovery of transaction markets in the UK and Asia Pacific, which are core to the Group’s success. At the same time we have substantially reduced losses in the Continental European business and are seeing some improvement in the US market.
Looking to the second half, factors such as the Chinese Government’s desire to contain overheating in the residential market, continued concerns over economic growth in many countries and prolonged low levels of debt availability indicate that the recovery is likely to flatten off during the coming months. Since Q4 2009 we have consistently maintained a cautious outlook for the second half of 2010, and with such uncertainties remaining we currently have no reason to change that view.

Over the last two years we have successfully restructured and re-positioned Savills businesses to address the market conditions that they face, and we are now well placed to take advantage of business opportunities as they arise.”

Download Full Press Release (PDF)

source : Savills