Pramerica Awarded UK Ground Lease Mandate
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.
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.
Rather than being one homogeneous market, residential real estate in Europe is fragmented, comprising a host of local markets with complex and varied drivers.
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”.
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.
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.
Westfield Group has agreed to sell its 75 percent interest in the Broadmarsh centre in Nottingham to Capital Shopping Centres (CSC) for £55 million (€64.1 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).
Universities Superannuation Scheme (USS) has acquired Leisure West, a UK retail and entertainment property, from NFU Mutual for £33 million (€38.4 million).
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.
SEB Asset Management, on behalf of open-end real estate fund SEB ImmoInvest, has sold properties across Europe.
Rockspring Property Investment Managers has acquired a UK business park on behalf of the Rockspring Hanover Property Unit Trust (RHPUT).
Union Investment has sold an office building in Marseille to Perial Asset Management for €38.4 million.
PRUPIM has sold a UK business park to Oxford Properties, the real estate investment arm for Canada’s OMERS Worldwide Group of Companies, which invests on behalf of the Ontario Municipal Employees Retirement System, for a reported £400 million (€466 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.
MGPA has held a first close for MGPA Europe Fund IV with equity commitments of $100 million (€74.3 million).
BlackRock UK Property Fund and LaSalle Investment Management have agreed to sell their freehold interest in the 30,100-square-metre Tower 42 Estate in the City of London to the Kirsch Group for a price in excess of £280 million (€326 million).
Invesco Real Estate, on behalf of the iii-BVK Europa-Immobilien Spezialfonds, has acquired the Futurama Business Park in Prague.
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.
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.
The Real Estate Management Institute (REMI) at the EBS University for Economics and Law in Oestrich-Winkel, Germany, and Corestate Capital AG of Zug, Switzerland, have embarked on a research project aimed at understanding better the issues associated with distressed real estate debt.
Deka Immobilien GmbH has sold a logistics property in Sweden for €34 million.
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.