Henderson Global Investors has acquired SouthView Gables Apartments for USD40,450,000, including USD23,255,000 in favourable tax-exempt bond financing, on behalf of its Casa Partners IV fund. SouthView Gables is a 424-unit apartment complex located in Inver Grove Heights, Minnesota, US. The acquisition represents Henderson’s eighth multi-family community in the Twin Cities. With Casa IV currently 82 per cent invested, and expected to be 100 per cent invested by the end of this quarter, Henderson is now launching Casa Partners V. Casa V will target a USD400m total equity raise, representing up to a USD1.1bn portfolio, which would make it the largest fund in Henderson’s multi-family Casa Fund Series to date. Casa V will target an initial equity raise of at least USD100m by the end of this year.
Valad Europe, a pan-European multi-let real estate investment management business, has been appointed by Kefren Properties IX as investment manager of its EUR480m real estate portfolio in Sweden for a term of five years. The Kefren portfolio comprises approximately 150 properties totaling more than 827,000 square metres of lettable area. The portfolio consists of predominantly office assets, and also includes warehouse and retail space, with tenants including Ericsson, Volvo and SKF. Ole Vagner, chairman of Kefren, says: “We wanted an investment manager with a strong presence in the Nordic region and the right resources to work through all the complex issues of this large portfolio.”
The Jordanian real estate market has recorded its first quarterly growth since the downturn in the economy, thanks to better home financing and developers securing bank finance. Sales prices in the kingdom rose by between 1% and 3%, with rentals jumping up to 4%. Small and medium-sized properties were particularly popular with tenants seeking affordable prices.
In this issue:
Volatility Cause by Global Debt Crisis
Global Financial Crisis
Chinese Market
Malta: business opportunities
The certificate in Hedge Fund Regulation
Enhancing portfolio performances
New energy investments in Greece
A call for the birth of an Era of Substainable Finance
A Hebrew American’s Sojourn in the Land of Israel
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Andreas Löcher has been recruited by Union Investment Real Estate to develop its asset management hotels team. The 38-year-old, who holds a degree in business administration, took over management of the Hamburg-based property fund manager’s hotel activities on 1 July 2010. Löcher joins Union Investment from Deka Immobilien where he was head of its hotel division. He reports to managing director Dr. Frank Billand.
Pramerica Real Estate Investors has appointed Eric Adler as chief executive Europe, responsible for overseeing its investments and transaction capabilities throughout Western Europe and the emerging markets of Central and Eastern Europe. Pramerica is the real estate investment management and advisory business of Prudential Financial. Adler will be located at the London fund management offices of Pramerica Real Estate Investors, effective 1 July, and will oversee Pramerica’s operations in Europe, which include transaction offices in Luxembourg, Paris, Milan, Madrid, Lisbon and Istanbul.
Australia is the world’s most transparent real estate market in 2010, pushing Canada into second place, according to Jones Lang LaSalle and LaSalle Investment Management’s Global Commercial Real Estate Transparency Index. Whilst one third of markets globally registered no change or a deterioration, there are a number of bright spots and real estate transparency continues to improve, albeit moderately, in the majority of markets. Of the top 15 improvers, nine are in Europe and six are in Asia Pacific. Turkey tops the league table of transparency improvers, and progress has been made in China, India, Poland, Portugal, Romania, Greece and Hungary.
Residential and commercial rents have fallen in Dubai since April, according to a new study by Landmark Advisory. Its report on the Dubai market for June showed that lower limits for a one bedroom apartment on the Palm Jumeirah were down 6% compared to its previous report two months ago. One bedroom properties in JLT fell by 10% while in lower quality areas such as International City, upper limits for both studios and one-bed apartments decreased on average by 22%. The report said the declines were mostly due to increasing supply.
Vertica for real estate services was launched in Beirut, Lebanon focusing initially on the Lebanese market with the expectations that Lebanon’s economy will grow by up to 8% this year owing to high capital inflows, according to central bank governor Riad Salameh. This launch comes during a period where Lebanon proved to be the most resilient to the global crisis in the MENA region.
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