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Real Estate Briefing - Category | M&A more

UAE real estate companies Aldar, Sorouh to merge

Posted on 23 January 2013 by Laxman  |  Email |Print

The merger would create one of the largest listed real estate companies in the Middle East and North Africa region, with over AED 47 billion (US $12.8 billion) of combined total assets.
Abu Dhabi-listed companies Aldar Properties PJSC (Aldar) and Sorouh Real Estate PJSC (Sorouh) announced today that their boards of directors have unanimously voted to recommend a merger to their shareholders. The proposed merger will create a stronger and more diversified company to take advantage of future opportunities in Abu Dhabi and other regional markets in the coming years………………………………………..Full Article: Source

VietNam: The biggest real estate M&A deals in 2012

Posted on 08 January 2013 by Laxman  |  Email |Print

A lot of investors had to transfer real estate projects in 2012 when their money got exhausted. Though the real estate market was frozen, it is now still the right time to make investment in the real estate sector, when the prices get cheaper.
In March 2012, the real estate market witnessed a big merger & acquisition (M&A) deal, under which Daewoo E&C sold its 70 percent of stakes in Daewoo project to Hanel. The Vietnamese partner which held the other 30 percent of stakes in the joint venture, became the only owner of the five star hotel, located on the golden land area of Hanoi………………………………………..Full Article: Source

Abu Dhabi realty firms advance merger talks

Posted on 08 November 2012 by Laxman  |  Email |Print

Abu Dhabi’s top two developers - Aldar Properties and Sorouh Real Estate - said their government-backed talks were at an advanced stage. The two companies also both reported higher quarterly profit, albeit with impairments and asset writedowns as valuations fell, highlighting glum conditions.
Their merger talks were started against the backdrop of continuing oversupply and declining house prices. Prices in Abu Dhabi were expected to fall 5% this year, a Reuters poll found………………………………………..Full Article: Source

Structuring commercial property acquisitions in Russia

Posted on 27 March 2012 by Laxman  |  Email |Print

Any transaction for the sale or purchase of a commercial property in Russia will invariably start with structuring.
Each situation will have its particular circumstances. These include the manner in which the property was built or acquired by the current owner(s), the manner in which it is structured from a corporate and finance standpoint (i.e. as an asset owned solely or jointly by one or more legal entities) and the specific tax issues……………………………………….Full Article: Source

European REITs may become takeover targets on low valuations

Posted on 19 March 2012 by Laxman  |  Email |Print

European real estate investment trusts have become likely takeover targets after share prices failed to keep pace with asset values, JPMorgan Chase & Co. said.
Companies that may attract bids include the U.K.’s Hammerson Plc (HMSO), Big Yellow Group Plc (BYG), Helical Bar Plc (HLCL), Metric Property Investments Plc and Workspace Group Plc and Amsterdam- based Eurocommercial Properties NV (ECMPA), analyst Harm Meijer said in a note to investors………………………………………..Full Article: Source

Abu Dhabi: Merger to shore up real estate market

Posted on 14 March 2012 by Laxman  |  Email |Print

Abu Dhabi’s move to merge builders Aldar Properties and Sorouh Real Estate is geared towards shoring up sovereign wealth fund Mubadala and stabilising the emirate’s brittle real estate market.
Bankers say that a deal is likely to be effected through a share swap, which would dilute Mubadala’s sizeable stake in Aldar, a developer hit by stagnant sales and falling asset prices, and improve its ability to tap capital markets………………………………………..Full Article: Source

UAE real estate to make real progress

Posted on 14 March 2012 by Laxman  |  Email |Print

Having languished in the doldrums since the days of boom and build were dramatically slowed down by the global meltdown, the real estate sector in the UAE is on the brink of a revival with the prospect of a $15bn merger.
News of the government-back deal between Aldar Properties and Sorouh, both based in Abu Dhabi, sent their stocks soaring by 9.8% at the start of the week with investors reacting positively………………………………………..Full Article: Source

UAE developers Aldar, Sorouh eye state-backed merger

Posted on 12 March 2012 by Laxman  |  Email |Print

Abu Dhabi’s struggling developer Aldar Properties may merge with local rival Sorouh Real Estate in a state-backed tie-up that could create a company worth some $15 billion in assets.
A decision on the merger of the top two developers in the emirate will be made within three months after a joint committee assesses the matter, the companies said in a joint statement on the Abu Dhabi bourse, adding the talks had “the blessing of the Abu Dhabi government”………………………………………..Full Article: Source

Simon buys BNP Paribas stake in Klépierre for EUR 1.5bln

Posted on 09 March 2012 by Laxman  |  Email |Print

Simon Property Group (SPG) has acquired a 28.7% stake in French retail REIT Klépierre from BNP Paribas for EUR 28 per share, or a total transaction value of around EUR 1.5 bn.
The deal is expected to close next week, SPG said on Thursday. The US company, which is the largest owner of American malls and outlet centres, has no current intention to acquire additional shares in Klépierre………………………………………..Full Article: Source

Canada Pension Plan agrees $5bln mall acquisition with Westfield

Posted on 17 February 2012 by Laxman  |  Email |Print

Canada Pension Plan Investment Board (CPPIB) has agreed to a nearly $5bn (€3.8bn) joint venture with Westfield that will see it acquire a portfolio of 10 malls in its largest single real estate transaction.
The agreement, covering 10 regional malls as well as two redevelopment sites in the Australian company’s US portfolio, comes at the same time as the Canadian scheme entered a 50:50 joint venture with Land Securities to develop a retail, office and residential site in central London………………………………………..Full Article: Source

Patrizia acquires EUR1.3bln worth of residential with LBBW Immo deal

Posted on 15 February 2012 by Laxman  |  Email |Print

German property company Patrizia has acquired more than €1.3bn worth of local residential real estate on behalf of a group of pension funds and insurers.
The consortium consists of the Swedish buffer fund AP3 (25%); an unnamed Swiss pension fund (5%); three German first-pillar pension funds (25%); five German insurers (40%); a savings bank (3%); Patrizia itself (2%)………………………………………..Full Article: Source

Real estate market likely to see an increase in M&A activity

Posted on 09 February 2012 by Laxman  |  Email |Print

China will see more mergers and acquisitions in the real estate sector this year, with domestic players continuing to dominate the market, according to industry analysts.
The cash flow of property developers will be further squeezed as the credit policies relating to them remain tight and most of their financing channels, such as trust and overseas financing products, will come due this year………………………………………..Full Article: Source

REIT firms set for acquisitions

Posted on 04 January 2012 by Laxman  |  Email |Print

Real-estate investment trusts raised a record-breaking amount of equity in 2011, which analysts believe will be used to pursue acquisitions.
REITs issued $37.5 billion in initial and additional common and preferred shares last year, according to the National Association of Real Estate Investment Trusts. That was up 32% from 2010 and was the largest amount of REIT stock issued since the securities were established in 1960………………………………………..Full Article: Source

CBRE completes ING real estate acquisition

Posted on 02 November 2011 by Laxman  |  Email |Print

CB Richard Ellis (CBRE) has completed the acquisition of ING Real Estate Investment Management (ING REIM) Europe, marking the final stage of CBRE’s absorption of ING’s real estate business.
CBRE has acquired ING REIM Europe for $540m, bringing the total sale value of the various real estate businesses to approximately $940m. ING agreed to sell all three ING REIM businesses to CBRE in the first quarter of 2011. CBRE purchased Clarion Real Estate Securities (CRES) on 1 July and ING REIM’s Asian business on 3 October……………………………………….Full Article: Source

German pre-REITS could consider mergers, says Fair Value CEO

Posted on 10 October 2011 by Laxman  |  Email |Print

German companies seeking to convert to a real estate investment trust could consider merging with existing REITs if they fail to meet the deadline for full conversion at the end of 2012, according to Frank Schaich, CEO of Fair Value REIT.
Schaich told PropertyEU at Expo Real that this option would also help tackle the under-representation of REITs in the German market compared to the UK and France……………………………………….Full Article: Source

German pre-REITS could consider mergers, says Fair Value CEO

Posted on 07 October 2011 by Laxman  |  Email |Print

German companies seeking to convert to a real estate investment trust could consider merging with existing REITs if they fail to meet the deadline for full conversion at the end of 2012, according to Frank Schaich, CEO of Fair Value REIT.
Schaich told PropertyEU at Expo Real that this option would also help tackle the under-representation of REITs in the German market compared to the UK and France. ‘REITS are the investment scheme of the future, offering a highly efficient way to invest in the German real estate. The sector is too small and the solution needs to come from within Germany.’………………………………………Full Article: Source

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Invesco Real Estate spends ca. GBP48 mln on two acquisitions for UK Fund

Posted on 06 September 2011 by Laxman  |  Email |Print

Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce that it has completed/exchanged contracts on two acquisitions for the Invesco Real Estate - UK III Fund, being the BREEAM Excellent-rated ‘The Paragon’ in central Bristol and a retail warehouse in Harlow, northeast London for a total investment of ca. £48 million (approx. €55 million).
Toby Simon, Invesco Real Estate’s Director of Fund Management, says: “The two investments fit the Fund profile well by focusing on strong real estate fundamentals……………………………………….Full Article: Source

BofA may sell Merrill Property for $1 bln

Posted on 17 August 2011 by Laxman  |  Email |Print

Bank of America Corp. (BAC), the largest U.S. bank by assets, is in talks to sell real estate investments held by its Merrill Lynch unit to Blackstone Group LP (BX) for as much as $1 billion, said a person with knowledge of the matter.
The assets include properties in Europe, the U.S. and South America, said the person, who asked not to be identified because the negotiations are private. Bank of America in July 2010 hired Blackstone to manage Merrill’s Asian real estate investments while retaining ownership in what was a $2 billion private- equity fund……………………………………….Full Article: Source

Hotel scquisitions will rise 28pct to $34.8 bln in 2011, Jones Lang says

Posted on 14 July 2011 by Laxman  |  Email |Print

Purchases of hotels probably will rise 28 percent to $34.8 billion worldwide this year as climbing occupancies lure investors to the properties, Jones Lang LaSalle Hotels said.
Lodging transactions increased to $14.8 billion in the first half of 2011, up 117 percent from a year earlier, the London-based company said in a statement. In the Americas, acquisitions totaled $7.4 billion, up 187 percent, driven by deals in such large cities as New York………………………………………Full Article: Source

Jones Lang LaSalle announces merger with King Sturge

Posted on 30 May 2011 by Laxman  |  Email |Print

Christian UlbrichGlobal commercial real estate firm Jones Lang LaSalle will merge with international property consultancy King Sturge. The combined firm will be the clear leader in the UK and also in continental Europe, with greatly enhanced strength and depth of service capabilities across the region that will directly benefit the clients of both companies.
The transaction is expected to close on May 31, 2011. Under its terms, Jones Lang LaSalle will pay consideration of £197 million (approx. €227 million or $324 million) to the partners of King Sturge, with £98 million in cash at closing and the balance paid out in cash over five years……………………………………….Full Article: Source

French property group DTZ in takeover discussions

Posted on 13 May 2011 by Laxman  |  Email |Print

French real estate company SGP is in line to mount a takeover of DTZ, following an announcement on Wednesday that it was in discussions with various suitors, according to a UK newspaper.
SGP already owns 55% of the indebted real estate company and could choose to buy all remaining shares in a deal that would value DTZ at £162m (€186m), according to The Daily Telegraph……………………………………….Full Article: Source

Istanbul earmarked as investment opportunity for new property acquisitions

Posted on 12 May 2011 by Laxman  |  Email |Print

Istanbul has been named the top city in Europe for new property acquisitions and development in 2011 by a new report, as it is less likely to be affected by the economic problems affecting the rest of the continent.
For the second year in a row the annual Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute puts Turkey’s largest city at the top of its chart for development prospects……………………………………….Full Article: Source

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Vietnam: Lifeless property market gets lift from M&A deals

Posted on 10 May 2011 by Laxman  |  Email |Print

The moribund Vietnamese property market may see a glimmer of light through an increasing number of mergers and acquisitions (M&A).
According to Savills Viet Nam real estate agency expert Troy Griffiths, there was a rapid need for cash among investors that boasted large land reserves but lacked capital to invest, resulting in a rising number of M&A deals……………………………………….Full Article: Source

REIT merger boom is brewing

Posted on 05 May 2011 by Laxman  |  Email |Print

At a time when most are focusing on luxury, boutique and convention hotels, amenity-light chain properties offer value. In 2010 real estate watchers became very excited about two potentially big trends: initial public offerings and mergers and acquisitions.
Unfortunately the consolidation wave never materialized, and the new stocks that were offered seriously lagged major REIT indexes. Last year investors stuck with the established REITS that had made it through the downturn, as they raised $47.7 billion in secondary stock offerings and unsecured debt. Overall REITs had a total return of 28%. As a group they snapped up $25 billion worth of individual properties……………………………………….Full Article: Source

Blackstone is said to agree on $764 mln price for Valad Property Group

Posted on 29 April 2011 by Laxman  |  Email |Print

Blackstone Group LP (BX) agreed to buy Valad Property Group (VPG) for about A$700 million ($764 million) including assumed debt, said two people with knowledge of the deal, its first major acquisition of real estate in Australia.
The people, who asked not to be identified, declined to say how much Blackstone will pay on a per-share basis because the buyout of the Sydney-based company hasn’t been announced……………………………………….Full Article: Source

Real estate IPOs may be limited by REIT acquisitions, AvalonBay CEO says

Posted on 08 April 2011 by Laxman  |  Email |Print

Initial share sales by property owners may be limited this year as publicly traded real estate investment trusts acquire companies that planned to list stock, said Bryce Blair, head of AvalonBay Communities Inc. (AVB)

“We’ll see far fewer IPOs than people think,” Blair, chairman and chief executive officer of Arlington, Virginia- based AvalonBay, said today at a conference in Manhattan. “It’s going to be more private selling to existing public, than private to public.”……………………………………..Full Article: Source

U.S. property M&A to be active, IPOs not so much

Posted on 07 April 2011 by Laxman  |  Email |Print

Jackson HsiehU.S. real estate merger and acquisition activity has rebounded strongly this year and is likely to keep percolating, investment bankers at the Reuters Global Mergers and Acquisition Summit said on Wednesday.

But megadeals or large initial public offerings of private companies such as Hilton Hotels or apartment owner Archstone are not likely to appear this year, they said……………………………………..Full Article: Source

Property investors expanding outside prime European retail

Posted on 04 April 2011 by Laxman  |  Email |Print

Investors are expanding their retail acquisition strategies outside saturated prime to secondary assets in stable markets such as Germany and Sweden, according to a CB Richard Ellis (CBRE) report.
Retail investment totalled €36.2bn in 2010 – a 60% increase over the previous year, compared with 47% across the property market as a whole……………………………………….Full Article: Source

F&C REIT eyes EUR 500mln German acquisition spree

Posted on 22 March 2011 by Laxman  |  Email |Print

European investment manager F&C REIT is planning to invest some EUR 500 mln in German core and core plus real estate on the back of strong client demand for this type of product, Zvi Noé, director of investments said.
‘We hope to spend EUR 500 mln on behalf of three German Spezialfonds targeting core/core plus products. Additionally, we will look for opportunities in the value-added and opportunistic segments,’ Noé said……………………………………….Full Article: Source

National Australia Bank buys 35pct stake in Area Property Partner

Posted on 09 March 2011 by Laxman  |  Email |Print

From Bloomberg: National Australia Bank Ltd., the nation’s fourth-largest lender, bought a 35 percent stake in William Mack’s Area Property Partners as the U.S. firm seeks funding to expand its global real estate investments.
Mack, chairman of New York-based Area, and Lee Neibart, chief executive officer, will remain in charge of all investment decisions, the real estate fund manager said in a statement. Terms of the agreement weren’t disclosed……………………………………….Full Article: Source

India: Kotak Realty Fund sells property to Tata Realty

Posted on 08 March 2011 by Laxman  |  Email |Print

From Indiatimes.com: Kotak Realty Fund, a unit of Kotak Mahindra Bank , said on Monday it sold Peepul Tree Properties Pvt Ltd , one of its property assets, to Tata Realty Fund for 5.25 billion rupees or about $117 million.
Peepul Tree Properties owns an information technology park in Goregaon in suburban Mumbai, it said in a statement……………………………………….Full Article: Source

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Blackstone said to buy Centro’s U.S. malls for $9.4 bln

Posted on 01 March 2011 by Laxman  |  Email |Print

From Bloomberg: Blackstone Group LP, the world’s largest private-equity firm, agreed to buy Centro Properties Group’s U.S. shopping centers for $9.4 billion, two people familiar with the matter said.
The purchase of 588 malls, at the price they were valued at as of Dec. 31, may allow Centro’s Australian operations to continue as an independent company, said one of the people, who declined to be identified before an official statement. The deal may be announced as early as today, the person said……………………………………….Full Article: Source

Capitamall Trust says buys Singapore property for S$295 mln

Posted on 28 February 2011 by Laxman  |  Email |Print

From Reuters: Singapore’s CapitaMall Trust Management said on Monday it has entered an agreement to buy a shopping mall in the city-state, Iluma, for S$295 million ($231 million).
“Iluma is a new shopping mall in Singapore located at Victoria Street opposite the popular Bugis Junction, one of CMT’s existing properties. The mall has a net lettable area of 185,190 square feet,” CapitaMall Trust said in a statement……………………………………….Full Article: Source

Post-Deal, ProLogis, AMB look to Europe

Posted on 02 February 2011 by Laxman  |  Email |Print

From WSJ: The distribution-space giant being formed by the megamerger of ProLogis and AMB Property Corp. already is looking at Europe as a major stomping ground. ProLogis and AMB, the biggest publicly traded warehouse owners based in the U.S., announced a merger agreement on Monday that will establish a landlord with some 600 million square feet of industrial real-estate space on four continents.
As a rationale for the merger, scheduled to close in the second quarter, company executives didn’t just promise cost savings, but also a larger global operation that is more attractive to multinational corporations, from logistics providers like Deutsche Post AG’s DHL to consumer-oriented companies like Unilever……………………………………….Full Article: Source

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Merger creates Italian fund management giant

Posted on 02 February 2011 by Laxman  |  Email |Print

From IPE: First Atlantic Real Estate (FARE) and Fondi Immobiliari Italiani (FIMIT) are to merge to create Italy’s largest independent real estate asset management company.
DeA Capital, the alternative investments operator that owns 70% of FARE, and FIMIT’s shareholders, which include a number of Italian retirement institutions, has agreed the merger……………………………………….Full Article: Source

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S.Africa: Property giants set to merge

Posted on 02 February 2011 by Laxman  |  Email |Print

From Timeslive.co.za: Two of South Africa’s prominent commercial property companies are to merge and establish a sizeable, diverse commercial property fund with exceptional black economic empowerment (BEE) credentials.
The planned merger of Dipula Property Fund and Mergence Africa Property Fund will create a R1.4-billion property portfolio spanning a lettable area of about 320000 m² and serving more than 500 tenants throughout SA……………………………………….Full Article: Source

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CBRE in talks to buy ING’s real estate unit for 1-bln euro

Posted on 17 January 2011 by Laxman  |  Email |Print

From Indiatimes.com: CB Richard Ellis, the US-listed property services firm, has emerged as favourite to acquire the majority of ING’s real estate group in deal worth one billion euro (USD 1.35 billion) to create the world’s largest property funds business, says a media report.
CBRE Investors manages direct real estate investments for separate accounts and closed-end vehicles as well as real estate debt and real estate-related debt securities across 20 offices in North America, Europe, Asia, including India, Australia and the Middle East……………………………………….Full Article: Source

Singapore M&A activity to be real estate dominated in 2011

Posted on 21 December 2010 by Laxman  |  Email |Print

From Channelnewsasia.com: Merger and acquisition activity in Singapore almost doubled this year compared with 2009, led by financial services and real estate, according to Thomson Reuters data.
Total value of announced deals stood at 40.7 billion US dollars, which included SGX’s proposed 8-billion-dollar takeover offer for the Australian Securities Exchange……………………………………….Full Article: Source

Malaysian property firms to team up

Posted on 23 November 2010 by Laxman  |  Email |Print

From WSJ: IJM Land Bhd. and Malaysian Resources Corp. plan to merge into a new company in a bid to become the second-largest property group in Malaysia, a person familiar with the matter said. The new company will buy IJM Land and MRCB through a share-swap arrangement. “Details are likely be announced Tuesday,” the person said.
The planned merger is part of a continuing consolidation in Malaysia’s property sector. UEM Land Bhd. this month proposed buying the entire capital of Sunrise Bhd. to create the biggest property group in Malaysia with a market capitalization of more than 9 billion ringgit ($2.89 billion)……………………………………….Full Article: Source

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Corporate RE departments play ‘critical role’ in M&A process: CBRE

Posted on 16 September 2010 by Laxman  |  Email |Print

From Propertyeu.info: With M&A activity on the rise globally, corporate real estate departments have an increasingly critical role to play in the consolidation process by preparing corporate portfolios for strategic change, according to CB Richard Ellis.
‘Companies acquiring and divesting property are under pressure to provide complete transparency for investors, so corporate real estate teams need to prepare their portfolios for merger or acquisition changes, whether acting on the offensive or defending hostile bids,’ said Mike Gedye, senior director of CBRE’s EMEA Global Corporate Services……………………………………….Full Article: Source

IC real estate merger to create EUR 10bln platform

Posted on 16 September 2010 by Laxman  |  Email |Print

From Propertyeu.info: Munich-based IC Real Estate Group has merged with PropertyOne, the asset and property manager with an international clientele. The company is in charge of a commercial property portfolio located throughout Germany which is jointly owned by Cerberus.
The financial basis of the merger is an in-kind investment in return for an increase in capital. As a result, PropertyOne’s shareholders will receive a 7% stake in IC Immobilien Holding……………………………………….Full Article: Source

European listed real estate sector to expand via acquisitions and IPOs

Posted on 06 September 2010 by Laxman  |  Email |Print

From Propertyfundsworld.com: The European real estate equities sector is well positioned for a strong expansion over the next few years via acquisitions and initial public offerings.
The resilience of the listed Reit model, in terms of access to capital, has proved to be more robust than non-listed property funds in the credit crisis, brokers Kempen concluded in a research paper presented to journalists at the European Public Real Estate Association’s annual conference………………………………………..Full Article: Source

European listed sector poised for M&A surge

Posted on 01 September 2010 by Laxman  |  Email |Print

From Propertyeu.info: Europe’s listed real estate sector is set for a new round of takeovers, signalling that the worst of the downturn may be over. ‘This is the time for a new round of M&A to reach the industry.
It will likely be a long-term process, similar to the last wave of consolidation which hit the sector in 1995 and went on through 2007,’ Philippe Le Trung, head of Investors Relations and Capital Markets at Foncière des Régions (FdR), told PropertyEU Magazine……………………………………….Full Article: Source

ING Real Estate Investment Management acquires prime office property in Helsinki

Posted on 25 August 2010 by Laxman  |  Email |Print

From Europe-re.com: ING Real Estate Investment Management announces the acquisition of Brondankulma, a prime office property in the heart of the Helsinki CBD area in Finland from Bronda Properties B.V.
The property will be added to the ING Real Estate Nordic Property Fund (NPF), a semi-open ended balanced core plus fund investing in Sweden, Finland and Denmark. The acquisition is in line with the NPF’s strategy to increase investment exposure to quality assets in Finland and adds to the substantial portfolio that the NPF already holds in Finland…………………………………….Full Article: Source

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US: Home builders likely to consolidate, merge

Posted on 19 August 2010 by Laxman  |  Email |Print

From WSJ: What’s a poor home builder to do, when the housing market stinks and the economy is refusing to cooperate and just, you know, recover already? According to CitiGroup analyst Josh Levin: Consolidation’s the word.
In a note Wednesday, Mr. Levin wrote that the likelihood of acquisitions among the public homebuilding companies has increased for five reasons……………………………………….Full Article: Source

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Builder takeovers loom as sales slump, Citigroup says

Posted on 19 August 2010 by Laxman  |  Email |Print

From Bloomberg: Homebuilder takeovers may increase as tumbling demand for new houses and a faltering U.S. economic recovery spur companies to consolidate to gain market share, according to Citigroup Inc.
Ryland Group Inc., Meritage Homes Corp. and Beazer Homes USA Inc. are the most likely acquisition targets, Josh Levin, a New York-based analyst, wrote in a note to clients today……………………………………….Full Article: Source

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UK: Shareholders reject GBP1.6 bl property merger

Posted on 10 August 2010 by Laxman  |  Email |Print

From Reuters: Independent shareholders have voted down a controversial merger of two of Britain’s largest property trusts by a whisker, blocking the creation of the sixth-largest property company with assets of about 1.6 billion pounds.
The proposed takeover of F&C’s Commercial Property Trust by Ignis Asset Management’s UK Commercial Property Trust failed to win support from a majority of independent investors, ending a three-month struggle for power from the deal being first outlined in April……………………………………….Full Article: Source

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Australia: Merger and acquisition talk is in the air for embattled listed property trust sector

Posted on 09 August 2010 by Laxman  |  Email |Print

From Businessday.com.au: Recent speculation that the $84 billion listed property trust sector is on the cusp of a takeover frenzy has sparked the interest of hedge funds and day traders who are taking positions on the most likely takeover targets and their acquirers.
If the much-needed clean-up of the sector takes place, particularly at the small end, which is still jammed up with debt, it will go a long way to rebuilding the battered credibility of the sector……………………………………….Full Article: Source

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Chinese Estates to acquire Tower 42 in London for GBP300 mln

Posted on 07 July 2010 by Laxman  |  Email |Print

From China Knowledge: Chinese Estates Group, a leading property developer headquartered in Hong Kong, will spend £300 million to purchase Tower 42, the former NatWest skyscraper in London, from Hermes Real Estate and BlackRock’s U.K. property fund.
After a three-month auction, the Hong Kong-listed firm will acquire the 600-foot tower near Bank of England, which will be the firm’s first large commercial property deal in London……………………………………….Full Article: Source

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Bouwfonds buys German housing developer

Posted on 05 July 2010 by Laxman  |  Email |Print

From Propertyeu.info: Netherlands-based Bouwfonds Property Development has reached agreement with Dutch engineering firm Grontmij on the acquisition of German housing developer Kontrola. The takeover sum was not disclosed.
The deal also includes the acquisition of 49% of the shares in the OolderVeste area development by Bouwfonds subsidiary Nouville Ontwikkeling……………………………………….Full Article: Source

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