The ING Real Estate French Residential Fund has acquired a residential complex and individual residential properties in prime locations in France, close to the Swiss border and in Bordeaux. The properties are as follows:
Le Bruant in Ornex, a residential complex consisting of 12 apartments, 33 individual homes and 78 parking spaces, with a total GLA of 5,802m². Situated near the Swiss border, 10km from Geneva and 5km from Geneva airport, the complex's excellent location is attracting a high number of international functionaries. The complex is fully let. The units were delivered in 2003 and represent a total investment of EUR 15.6 million.
Le Parc de la Comtesse and Le Clos du Comte in Villenave d'Ornon, comprising 70 apartments with 85 parking spaces, covering a surface area of 3,485m². The two residential properties are situated in a residential district close to Bordeaux at Villenave d'Ornon. The total investment represents EUR 10.34 million.
Tuesday, September 30, 2008
Saturday, September 20, 2008
European commercial property market weakens
A large hole in a building site at the center of London's square mile — the prestigious district that houses the Bank of England and other major financial institutions — provides a bleak sign of the economic times in the European commercial property market.
Slated to fill the hole is the 47-story "cheese grater" building, just one of several new skyscrapers that are planned to transform the British capital's skyline.
But the global credit crunch has brought construction on the $500 million (286 million pound) project to a halt as its developers worry they won't find purchasers for the new office space — and there are fears that the slump in the British market will worsen conditions throughout Europe.
Slated to fill the hole is the 47-story "cheese grater" building, just one of several new skyscrapers that are planned to transform the British capital's skyline.
But the global credit crunch has brought construction on the $500 million (286 million pound) project to a halt as its developers worry they won't find purchasers for the new office space — and there are fears that the slump in the British market will worsen conditions throughout Europe.
Wednesday, September 10, 2008
Reed Smith boosts Paris arm with De Pardieu real estate partner hire
Reed Smith is to boost its Paris offering with the hire of a real estate partner from local outfit De Pardieu Brocas Maffei. Stephane Illouz will join the firm as a partner in late September with two associates.
Illouz’s practice focuses on transactional real estate work but he also has experience in providing corporate, restructuring and debt advice to clients in the real estate sector.
The team hire gives Reed Smith its first lawyers focusing primarily on real estate matters and more than doubles the number of lawyers with real estate experience in the office.
Roger Parker, Reed Smith’s head of Europe and the Middle East, told Legal Week that the firm wanted to emulate the success it has had cross-selling real estate work between the UK and German offices.
Illouz’s practice focuses on transactional real estate work but he also has experience in providing corporate, restructuring and debt advice to clients in the real estate sector.
The team hire gives Reed Smith its first lawyers focusing primarily on real estate matters and more than doubles the number of lawyers with real estate experience in the office.
Roger Parker, Reed Smith’s head of Europe and the Middle East, told Legal Week that the firm wanted to emulate the success it has had cross-selling real estate work between the UK and German offices.
Tuesday, September 2, 2008
Accor Net Drops 48%, Forecasts Slower Earnings Growth
(Bloomberg) -- Accor SA, Europe's biggest hotel owner, said first-half profit dropped 48 percent from last year, when results were boosted by asset sales, and forecast slowing profit growth as customers retrench.
Net income fell to 310 million euros ($459 million) from 596 million euros a year earlier, when disposals added 311 million euros to earnings, Paris-based Accor said today.
Second-half profit growth will be about 10 percent, excluding currency swings, slowing from 25 percent in the first half because of a ``less favorable economic environment,'' Chief Financial Officer Jacques Stern said. Accor will also cut jobs in the Americas. The hotelier sold units including Go Voyages to focus on lodging and expanding its service-voucher unit.
Net income fell to 310 million euros ($459 million) from 596 million euros a year earlier, when disposals added 311 million euros to earnings, Paris-based Accor said today.
Second-half profit growth will be about 10 percent, excluding currency swings, slowing from 25 percent in the first half because of a ``less favorable economic environment,'' Chief Financial Officer Jacques Stern said. Accor will also cut jobs in the Americas. The hotelier sold units including Go Voyages to focus on lodging and expanding its service-voucher unit.
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