Hermes Real Estate Investment Management Ltd (HREIM), with GCE Data Centres, has acquired a 1.3-hectare UK site for £2.5 million (€2.9 million) with plans to develop a data centre of up to 5,600 square metres in phases of 460 square metres or more.
From the Current Issue
Invesco Real Estate, on behalf of the iii-BVK Europa-Immobilien Spezialfonds, has acquired the Futurama Business Park in Prague.
MGPA has held a first close for MGPA Europe Fund IV with equity commitments of $100 million (€74.3 million).
Rockspring Property Investment Managers LLP, on behalf of its client South Korea’s National Pension Service (NPS), has increased its stake in O’Parinor Shopping Centre, a 90,000-square-metre shopping centre near Paris, from real estate developer Hammerson Plc.
Pramerica Real Estate Investors has been awarded a separate account mandate from a major corporate pension fund to invest £135 million (€157 million) in UK ground lease properties.
Rockspring Property Investment Managers has acquired a UK business park on behalf of the Rockspring Hanover Property Unit Trust (RHPUT).
SEB Asset Management, on behalf of open-end real estate fund SEB ImmoInvest, has sold properties across Europe.
Tristan Capital Partners, on behalf of Curzon Capital Partners III, has acquired an 80 percent interest in six Czech logistics parks from real estate developer and manager VGP NV for around €135 million.
Henderson Global Investors, on behalf of the Warburg-Henderson KOOP Fund, has acquired a retail property in London’s Covent Garden for £16.46 million (€19.2 million).
What do you do in a world where an Italian government bond yields more than a Milan office building? That is the quandary that investors in real estate and other asset classes are pondering as the sovereign debt crisis, centred in the euro zone, continues to wreak havoc in financial markets across the world. Investors are grappling with how to allocate capital in an environment where the supposedly risk-free rate offered by government bonds has become decidedly risky, depending on the government, and where there is a tangible risk that the world will be plunged back into financial chaos by a break-up of the euro.
One year ago, in the December 2010 issue of The Letter – Europe, we described the unravelling of the global financial bubble of 2001–2007 as follows: “2008 was the year of the Banking Collapse. 2009 was the year of the Great Recession. 2010 was the year of the Government-Sponsored Recovery.
At least the crisis waited this time. It must be something about the time of year. Previous meetings of The Letter – Europe’s editorial board have been held in the middle of periods that participants look back on and think “wow”.
Rather than being one homogeneous market, residential real estate in Europe is fragmented, comprising a host of local markets with complex and varied drivers.
Columbus Capital Management, part of Schroder’s real estate investment and asset management business, has held a final close for the Columbus UK Real Estate Fund, which raised £160 million (e186.4 million) in equity to invest in UK property.
Cordea Savills has reopened its Nordic Retail Fund to investors. The core-plus fund invests in both in- and out-of-town retail formats in the Nordic region.
Deka Immobilien GmbH has sold a logistics property in Sweden for €34 million.