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Real Estate Briefing - Category | M&A more

MENA Regional real estate industry is ripe for M&A

Posted on 11 June 2010 by Laxman  |  Email |Print

From Ameinfo.com: A.T. Kearney, a global strategic management firm says that many companies emerge more careful in their expansion strategies after the economic crisis. However, companies that look to take advantage of the current situation by orchestrating ‘game changing’ initiatives; such as mergers and acquisitions are best positioned to emerge as winners when the upswing arrives.
Several MENA real estate developers are, according to A.T. Kearney, favorably positioned to use acquisitions as a lever for future growth and competitiveness………………………………………..Full Article: Source

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Two British real estate trusts merge

Posted on 10 June 2010 by Laxman  |  Email |Print

From Reuters: UK Commercial Property Trust is taking over F&C Commercial Property Trust to create Britain’s sixth-largest listed property company, worth about 1.6 billion pounds ($2.5 billion).
UKCPT’s move follows the sale in April of a 16.5 percent stake in FCPT to the Phoenix Group, the parent company of UKCPT manager Ignis Asset Management Limited, from key FCTP shareholder Friends Provident………………………………………..Full Article: Source

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US buyout giant targets UK property

Posted on 09 June 2010 by Laxman  |  Email |Print

From Efinancialnews.com: Texas-based TPG Capital has become the latest private equity firm to target Britain’s property market, launching a €900m ($1.1bn) joint venture, as it bids to take advantage of domestic banks’ efforts to trim their exposures to real estate.
TPG will form a venture with development and investment company Green Property that will target commercial real estate in the UK and Ireland………………………………………..Full Article: Source

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Mena developers look to M&A for growth

Posted on 09 June 2010 by Laxman  |  Email |Print

From Business24-7.ae: Several Middle East North Africa (Mena) real estate developers are favourably positioned to use acquisitions as a lever for future growth and competitiveness, a global strategic management firm said.
“Winning companies in the Middle East will be those that are well positioned to take advantage of M&A [merger and acquisition] opportunities in light of a broader growth strategy………………………………………..Full Article: Source

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Singapore REITs raising gearing levels to grow acquisitions

Posted on 01 June 2010 by Laxman  |  Email |Print

From Channelnewsasia.com: Singapore’s real estate investment trusts (REITs) have toughened up and are ready to hit the acquisition trail, according to analysts. The country’s REITs have recapitalised their balance sheets and refinanced debt, which will put them in a better position to grow this year.
After a difficult 2009, REIT managers have lowered their gearing levels………………………………………..Full Article: Source

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Can Simon close the GGP deal?

Posted on 05 May 2010 by Laxman  |  Email |Print

From WSJ: As bankrupt mall owner General Growth Properties Inc. reviews a $5.8 billion buyout offer from rival Simon Property Group Inc., one question looms: How much property is Simon willing to shed to close the deal?
Simon’s previous efforts to strike a deal have been stymied by General Growth’s concerns that an antitrust review by federal regulators would derail the agreement. Simon is the largest U.S. retail landlord with 321 properties, and General Growth is the second largest with 204……………………………………..Full Article: Source

Brazil’s PDG Realty to create local giant with purchase

Posted on 05 May 2010 by Laxman  |  Email |Print

From Dow Jones: Brazilian real estate investment company PDG Realty (PDGR3.BR) will create a local giant player with the acquisition of its local rival Agre Empreendimentos Imobiliarios SA.
Later Monday, PDG announced an agreement to acquire Agre in a deal worth 2.49 billion Brazilian reals ($1.44 billion). PDG said it will for pay the acquisition through an issue of 148 million shares. On Monday, PDG’s share closed at BRL16.77 on the Sao Paulo Stock Exchange, the BMFBovespa……………………………………..Full Article: Source

Property trusts in merger talks

Posted on 30 April 2010 by Laxman  |  Email |Print

From Moneymarketing.co.uk: The boards of the UK commercial property trust, managed by Ignis Investments, and the F&C commercial property trust are considering a merger. If the merger of the £640m F&C trust and the £979m Ignis trust does go ahead, the combined entity would be one of the UK’s biggest listed property companies.

Ignis, the asset manager owned by the Phoenix Group, has tabled proposals to both boards for a merger of the two companies………………………………….Full Article: Source

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Consolidation is key for the real estate sector

Posted on 28 April 2010 by Laxman  |  Email |Print

From Business24-7.ae: Consolidation and restructuring will lead to a more balanced and mature property market in Dubai with strong long-term prospects, Jones Lang LaSalle (JLL) said yesterday.

The consultancy said in its global perspective report said that the Dubai government was committed to dealing with the real estate crisis, and this was evident from the cash injection in Nakheel…………………………………..Full Article: Source

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European deals hit EUR 13bln in first quarter

Posted on 08 April 2010 by Laxman  |  Email |Print

From Propertyeu.info: PropertyEU Research recorded a total of EUR 13.4 bn in real estate investment deals in the first quarter of 2010. This figure is 15% up on the first three months of 2009.

The retail sector outstripped offices in Q1 2010, with EUR 5.2 bn, boosted by Corio’s acquisition in March of a portfolio of operational shopping centres and shopping centre developments from developer-owner Multi Corporation for EUR 1.3 bn…………………………………………Full Article: Source

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Barwa and Alaqaria ready for merger

Posted on 31 March 2010 by Laxman  |  Email |Print

From Gulf-times.com: Barwa Real Estate Company and Alaqaria (Qatar Real Estate Investment) have cleared their last hurdle to merge.
Both the companies’ shareholders yesterday gave their consent to Barwa’s acquisition of Alaqaria, after which the enlarged entity will become the sixth largest listed realty company in the Middle East and North Africa region with assets worth more than QR38bn……………………………….Full Article: Source

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Germany: Commerz Real to merge hausInvest funds into EUR 12.5bln giant

Posted on 25 March 2010 by Laxman  |  Email |Print

From Propertyeu.info: Commerz Real is to merge its two open-ended real estate funds, hausInvest europa and hausInvest global, later this year. The merger scheduled for September will create the largest open-ended real estate fund in Europe, with a volume of about EUR 12 bn.
The investment focus for the merged hausInvest fund will be on Europe, with a global component mixed in…………………………….Full Article: Source

Saudi real estate acquisition ‘could be worth $130mln’

Posted on 17 March 2010 by Laxman  |  Email |Print

From Cityscapeintelligence.com: A new investment on behalf of a hospitality fund aims for the creation of a hotel complex in Jeddah. A Saudi real estate investment potentially worth $130 million is the first private equity fund investment of its kind in the state.

SHUAA Capital has purchased land on the Jeddah Corniche on behalf of its hospitality fund and appointed Rotana Hotel Management Corporation to run the site………………………………Full Article: Source

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Barwa in $2bln project takeover talks

Posted on 08 March 2010 by Laxman  |  Email |Print

From Ameinfo.com: Khalid al-Nasr, general manager of Qatari developer Barwa Real Estate has said that the company is in talks over the possible takeover of its Barwa City project, worth about $2bn, by a government body, Reuters has reported.
He said that, if negotiations are successful, Barwa will hand over the project in phases as they are completed. Phase one of Barwa City would be completed in June 2011 and would house approximately 25,000 residents, al Nasr said in January. The contractor for Phase One of the project is Germany’s Bilfinger Berger………………………………………..Full Article: Source

Australia: Property fund managers to continue M&A

Posted on 03 March 2010 by Laxman  |  Email |Print

From Moneymanagement.com.au: The Australian Direct Property Investment Association’s (ADPIA) most recent industry survey shows that almost 75 per cent of property fund managers are considering merger and acquisition activity over the next 12 months.

“These findings very much reflect what we have seen in past 12 months, where the numbers of both property fund managers and products on offer have dropped by about 30 per cent,” said ADPIA president Robert Olde……………………………………….Full Article: Source

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China: Property M&As gain momentum

Posted on 26 February 2010 by Laxman  |  Email |Print

From Chinadaily.com.cn: Property developers in the country would have more merger and acquisition opportunities this year as the realty market may witness a correction, ratings agency Standard & Poor’s said Thursday.

“Mid-2010 could prove to be the turning point for many developers, as increased supplies would see competition intensifying even as tighter policies weaken demand,” said Christopher Lee, corporate ratings director at Standard & Poor’s. “Growth rates of many firms may slow, while M&A activity could increase,” he said……………………………………Full Article: Source

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Simon Property urges rival to heed buyout offer

Posted on 18 February 2010 by Laxman  |  Email |Print

From AP: Simon Property Group Inc., is urging rival mall operator General Growth Properties not to delay talks over Simon’s $10 billion takeover offer, stressing it’s not open-ended.

Simon late Wednesday released a letter it sent to General Growth a day after the company essentially rebuffed Simon’s hostile takeover bid………………………………….Full Article: Source

UAE real estate mergers seen rising in 2010

Posted on 04 February 2010 by Laxman  |  Email |Print

From Arabianbusiness.com: An increase in mergers and acquisitions will be one of the major trends to emerge in the UAE real estate sector in 2010, a senior management consultant has predicted.

Dr Sven-Olaf Vathje, who is a partner and managing director at management consultancy firm Boston Consulting Group (BCG) and specialises in the real estate sector, said the increase in mergers and acquisitions in the UAE real estate sector would be an inevitable step for the industry…………………………………….Full Article: Source

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CapitaLand buys Orient Overseas’ China property business

Posted on 20 January 2010 by Laxman  |  Email |Print

From China Knowledge: CapitaLand Ltd, one of Asia’s largest real estate companies, announced yesterday that they had inked an agreement with Orient Overseas International to acquire its subsidiary Orient Overseas Development Corp Ltd, at the price of US$2.2 billion.

The deal, which is expected to be completed in the first quarter of this year, will allow CapitaLand to get 7 developments in Shanghai, Tianjin and Kunshan, with total gross floor area of 1.48 million square meters……………………………….Full Article: Source

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Barwa, Alaqaria agree to merger

Posted on 12 January 2010 by Laxman  |  Email |Print

From Ameinfo.com: Qatar Real Estate Investments (Alaqaria) has agreed to a takeover by Barwa Real Estate in a deal creating Qatar’s ninth-largest company with a market value of $3bn. Each Alaqaria share will be exchanged for 1.1 shares in Barwa, it said, adding that the deal values Alaqaria shares at 36.30 riyals per share and implies a 30.6% premium.
After the merger, Alaqaria will become a subsidiary of Barwa and the market capitalization of the combined firms will reach 11.1 billion Qatari riyals ($3.05bn), it said………………………………….Full Article: Source

Colliers International merges to become the third largest property services firm in the world

Posted on 08 January 2010 by Laxman  |  Email |Print

From Propertyweek.com: FirstService Real Estate Advisors, which bought a major stake in Colliers CRE in the autumn, has merged with Colliers International to become the world’s third largest property services firm.

The Canadian company, which invested £8.9m into Colliers CRE in October, said that it had increased its stake in Colliers International to 70%………………………………Full Article: Source

Global property sector M&A touched $152 bln in 2009: Dealogic

Posted on 30 December 2009 by Laxman  |  Email |Print

From Indiatimes.com: The global merger and acquisition activity in the property sector so far this year amounted to $151.8 billion, the lowest level in the last six years amid the economic downturn.

“Global property sector M&A reached just $151.8 billion via 2,282 deals in 2009, down 34 per cent on 2008 volume, making it the lowest level since 2003,” deal tracking firm Dealogic said…………………………………..Full Article: Source

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Austria’s top developers to vote on merger next month

Posted on 18 December 2009 by Laxman  |  Email |Print

From Bloomberg: Immoeast AG and Immofinanz AG, Austria’s largest property developers, said shareholders will vote next month on a plan for the companies to merge.

If approved, the transaction will proceed in February, Eduard Zehetner, chief executive officer of both companies, said at a briefing in Vienna today. The all-share merger would give Immoeast’s minority investors 54.4 percent of the enlarged company, he said………………………………..Full Article: Source

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Emaar merger plans abandoned

Posted on 14 December 2009 by Laxman  |  Email |Print

From Cityscapeintelligence.com:Emaar Properties has announced that its planned merger with real estate entities that are part of Dubai Holding has been abandoned.

The move would have created one $52.8 billion property giant when the organisations were realigned……………………………..Full Article: Source

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Emaar drops merger plan with Dubai Holding entities

Posted on 11 December 2009 by Laxman  |  Email |Print

From Gulfnews.com: Emaar Properties, which is expected to inaugurate the world’s tallest tower Burj Dubai in four weeks, on Wednesday called off a merger plan with the real estate entities of Dubai Holding that could have created a $52.8 billion property giant.

Emaar Properties, which is 32.5 per cent owned by the Dubai Government, said it will not go ahead with its merger with Dubai Holding, which was announced a few months ago………………………………Full Article: Source

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Dubai Holding, Emaar cancel property merger

Posted on 10 December 2009 by Laxman  |  Email |Print

From WSJ: Dubai Holding, one of the city-state’s biggest holding companies, called off a planned merger between its real-estate units and Emaar Properties PJSC, the developer behind the world’s tallest skyscraper here.

Meanwhile, a separate Dubai Holding unit is planning to raise funds by selling part of its stake in a regional bank, according to people familiar with the situation……………………………..Full Article: Source

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Dubai property subsides further after scrapping of rescue merger

Posted on 10 December 2009 by Laxman  |  Email |Print

From Timesonline.co.uk: Emaar, Dubai’s most solvent property company, has backed out of a rescue takeover of Dubai Holding’s failing property businesses as the fragile web of state-backed companies in the emirate continues to unwind.

This and further bad news from Nakheel, one of Dubai World’s ailing subsidiaries, helped to send stock markets in Dubai crashing for the third successive day……………………………..Full Article: Source

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State Street to acquire European fund administrator

Posted on 03 December 2009 by Laxman  |  Email |Print

From Propertyeu.info: New York-listed State Street Corporation is acquiring Mourant International Finance Administration (MIFA) to expand its global fund administration and alternative servicing capabilities.

State Street said the deal enables it to expand its reach in Europe and Asia and ‘broaden its capabilities for servicing investors’ growing real estate administration requirements’……………………………Full Article: Source

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Recent real estate deals in Brazil

Posted on 04 November 2009 by Laxman  |  Email |Print

From Reuters: Brazil, a future host of the World Cup and the Olympics, is drawing global investor interest to its real estate sector. As investors and analysts predict a wave of investment in Brazil in coming months, here is a sampling of recent deals:

New York-based GoldenTree InSite, an opportunistic real estate company that invests money from pension funds and other institutional investors, raised $500 million to invest in booming Brazilian real estate………………………Full Article: Source

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UK: M&A property deals on the increase

Posted on 29 October 2009 by Laxman  |  Email |Print

From Mandadeals.co.uk: The UK property sector saw a surge in M&A deals in the last quarter, according to research by accountancy firm Grant Thornton.

The firm’s Property M&A Tracker records non-residential, real estate and development transactions and found that there were 30 deals in the third quarter of the year, a 36 per cent increase on last year. ……………………..Full Article: Source

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UK: M&A activity soars in property sector

Posted on 20 October 2009 by Laxman  |  Email |Print

From Reuters: M&A activity in the UK property sector surged in the quarter to September 30, with reported deal values more than five times those seen in the third quarter of 2008, financial services adviser Grant Thornton UK LLP said.

Grant Thornton’s Property M&A Tracker, which tracks UK non-residential, real estate, real estate management and development deals, reported 4.1 billion pounds of transactions last quarter, the highest quarterly figure seen this year by some 2.2 billion pounds…………………..Full Article: Source

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AEW fund acquires UK office property at 10pct yield

Posted on 10 September 2009 by Laxman  |  Email |Print

From Propertyeu.info: AEW Europe announced on Wednesday that one of its funds has acquired a core office building in the west London suburb of Wimbledon, at a net initial yield of 10%.

The European Property Investors Special Opportunities (EPISO) Fund purchased Wimbledon Bridge House from Prupim for £40 mln (EUR 45 mln), representing a capital value of £237 per square foot……………Full Article: Source

Lone Star’s purchase of Japan REIT blocked again

Posted on 10 September 2009 by Laxman  |  Email |Print

From Reuters: U.S. fund Lone Star’s planned takeover of a failed Japanese real estate investment trust (REIT) was blocked by creditors for the second time on Wednesday, a fresh setback in its attempts to scoop up distressed assets.

The rejection of Lone Star’s rescue plan by creditors of failed REIT New City Residence Investment Corp may open the door to a rival bid from Daiwa House Industry Co and a REIT affiliated with the Japanese home builder……………Full Article: Source

Brazil PDG Realty in talks to buy Norcon Sociedade Nordestina

Posted on 09 September 2009 by Laxman  |  Email |Print

From Dow Jones: Brazilian real estate investment company PDG Realty is in talks to acquire local developer Norcon Sociedade Nordestina de Construcoes SA, PDG said in a statement late Monday.

“PDG started discussions with Norcon and its controllers on the subject of an investment by PDG Realty in Norcon. To date no contract or other document has been signed with Norcon or its controllers in this respect,” said PDG, which did not unveil an estimate amount for the acquisition……………Full Article (Subscription Required) : Source

Skandia Property fund on the acquisition trail

Posted on 03 September 2009 by Laxman  |  Email |Print

From Citywire.co.uk: Skandia has become the latest fund manager tempted back into the property market, snapping up sports goods firm Umbro’s Manchester headquarters.

ING Real Estate Investment Management’s Nigel Pickup, who runs the Skandia Property fund, says he believes investor sentiment toward the asset class has improved markedly, driven by a reduction in risk aversion and the hunt for income…………..Full Article: Source

Ropemaker set to make UK acquisitions

Posted on 02 September 2009 by Laxman  |  Email |Print

From IPE: Ropemaker Properties, the direct real estate investment arm of the BP Pension Fund, is expected to complete two real estate acquisitions in the UK.

It has had an offer accepted from UBS Global Asset Management for its office property at 55 Gracechurch Street in the City of London, and is looking to acquire the Hathaway Retail Park in Wiltshire from Prupim……………Full Article (Subscription Required): Source

Real estate acquisitions rise for first time since end ‘07

Posted on 27 August 2009 by Laxman  |  Email |Print

From Privateequityrealestate.net: The number of global property purchases has increased for the first time in 15 months with $62.8bn of sales during Q2 – up 17 percent compared to the previous quarter, according to Real Capital Analytics.
Distress though remains ‘alarmingly’ high with $233bn of property now in trouble……………Full Article: Source

UK property deals start to build

Posted on 25 August 2009 by Laxman  |  Email |Print

From Wealth-bulletin.com: The property market, like the mergers and acquisitions market, tends to lag the broader economy, so real estate bankers have had it doubly hard.
While their colleagues in defensive sectors such as healthcare and utilities have got by on a steady trickle of deals, bankers who advise property companies, funds and investors have suffered a barren spell………….Full Article: Source

Real estate M&A jumps 53 pct on overseas interest

Posted on 24 August 2009 by Laxman  |  Email |Print

From Efinancialnews.com: Real estate bankers and analysts are predicting a revival in the sector after months of inactivity, with overseas and local investors again turning to prime property, and real estate funds looking for steady income from bricks and mortar.
According to Thomson Reuters, the total value of European real estate M&A jumped 53% compared with the previous three months, although it was still down on the same period last year. The total for the first quarter was the lowest for six years…………Full Article (Subscription Required) : Source

Dubai: Is the merger complete?

Posted on 24 August 2009 by Laxman  |  Email |Print

From Kippreport.com: Dubai Holding revealed on Saturday it had created two verticals - property and business parks - as part of its massive restructuring plans.

“The process of realignment has led to the development of Dubai Holding into a more efficient organization, able to respond more effectively to the needs of its stakeholders,” Ahmad Bin Byat, CEO, Dubai Holding said in a company statement. “The transition has been smooth and had minimum impact on our relationships with our partners and clients.”………..Full Article: Source

CalPERS buys Macquarie property

Posted on 04 August 2009 by Laxman  |  Email |Print

From Financialstandard.com.au: One of the US’ largest pension funds, CalPERS, has forked out $550 million for a 60 per cent slice of a Macquarie CountryWide Trust’s portfolio of shopping centers.

The $224 billion California Public Employees’ Retirement System closed the half a billion dollar real estate transaction for a portfolio of shopping centers in 17 states and the District of Columbia in the US, late last week………..Full Article: Source

Consolidation ‘will shape Dubai real estate market’

Posted on 31 July 2009 by Laxman  |  Email |Print

From Tradearabia.com: Moody’s has said that the proposed consolidation of Dubai’s two largest master real estate developers, Emaar Properties and Dubai Holding Commercial Operations Group, would create a dominant entity in Dubai’s property market.

The ramifications of the transaction are discussed in Moody’s Special Comment, ‘The Dubai Property Market in the Wake of Consolidation’……….Full Article: Source

Dubai property company merger will dominate real estate sector

Posted on 30 July 2009 by Laxman  |  Email |Print

From Propertywire.com: The merger between leading property developers in Dubai will create a giant entity that will dominate the real estate market, it is claimed.

Opinion is divided as to whether the merger of Emaar Properties and three companies in the Dubai Holding Commercial Operations Group will have a positive or negative impact in the short term………Full Article: Source

Merrill may sell management of Asian property fund

Posted on 22 July 2009 by Laxman  |  Email |Print

From Reuters: Bank of America’s Merrill Lynch is in talks with several firms including Blackstone and Apollo Investment Management to sell management rights of its $2.65 billion Asian Real Estate Opportunity Fund, a source with knowledge of the deal told Reuters.

The value of the deal would in the range of a few hundred million dollars as Merrill would try to command a multiple on the annual fee it earns from the fund, the source said………Full Article: Source

Teeside begins UK acquisition programme

Posted on 15 July 2009 by Laxman  |  Email |Print

From IPE: The £2bn (€2.1bn) Teesside Pension Fund, administered by Middlesbrough Council, has purchased its first real estate asset through its recently-appointed property manager LV Asset Management (LVAM).

LVAM acquired Bromford Central Industrial Estate in Birmingham, England, on behalf of the pension fund, from Standard Life Investments for £8.96m, reflecting an initial yield of 8.5%…….Full Article (Subscription Required) : Source

Union Investment re-enters London with EUR 165mln acquisition

Posted on 10 July 2009 by Laxman  |  Email |Print

From Propertyeu.info: Union Investment Real Estate has carried out its first acquisition in the London office market for three years.
The German company acquired the office building at 10 Gresham Street in the City of London for just under EUR 165 mln from insurance company Standard Life………Full Article: Source

Google getting ready to take on Rightmove?

Posted on 09 July 2009 by Laxman  |  Email |Print

From Estateagenttoday.co.uk: In a long-awaited move, Google seems to be finally muscling up to take on the property portals at their own game.

It has happened in Australia and New Zealand, where a new tool on Google’s mapping service now links users direct to ‘real time’ property lists, supplied by a network of estate agents and a publisher……..Full Article: Source

Acquisition marks a sea change in London

Posted on 08 July 2009 by Laxman  |  Email |Print

From WSJ: In another sign that the London commercial-property market may have turned the corner, Germany’s Union Investment Real Estate AG agreed to purchase a prime office building in the City financial district for £141.5 million ($230.5 million).

The eight-story office building — 10 Gresham St., located near St. Paul’s Cathedral and the Bank of England — was developed by Standard Life Investments, the investment arm of British insurer Standard Life PLC……….Full Article (Subscription Required): Source

Deyaar CEO: We’re not in talks with Union Properties

Posted on 08 July 2009 by Laxman  |  Email |Print

From Khaleejtimes.com: Deyaar Development denied on Tuesday that it was in talks with its peer Union Properties for a possible merger between the two Dubai-based listed developers — a subject of intense market speculation since the suspension of trade in the shares of home loan providers Amlak Finance and Tamweel late last year.

Rumours of consolidation in Dubai’s troubled real estate sector got a second wind after Emaar Properties announced last month that it was looking at a possible merger with three unlisted developers owned by conglomerate Dubai Holding……….Full Article: Source

Wave of property mergers expected

Posted on 30 June 2009 by Laxman  |  Email |Print

From Khaleejtimes.com: The planned merger between Emaar Properties and three units of Dubai Holding is likely to unleash a wave of consolidations in a property sector beset by excess supply, shriveling demand and an abundance of developers, UAE property analysts say.

Mergers and buyouts could help real estate companies streamline their operations and trim payrolls and thus reduce their costs during the downturn, analysts said……..Full Article: Source

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