FINANCE 2007alstria office REIT-AG hits its investment target for 2007Total acquisitions for the year were more than EUR 520m, with an average vacancy rate of 12.5% and a gross yield on cost of 6.4% House prices are picking up – houses in demandThe monthly Hypoport HPX total index was 282.2 points in November, equivalent to an increase of 0.14% compared with the last survey in October. Year-on-year, however, the total index has declined by 4.1% Franconofurt AG pre-tax profit quadrupled to M9Franconofurt AG, Frankfurt (DE0006372626) almost quadrupled its pre-tax profit to EUR 13.99m in the first nine months of 2007, compared with EUR 3.65m in the same period of last year. Profit before tax is thus already one and half times the figure of EUR 9.36 m reported for the whole of fiscal 2006 CA Immo EBIT climbs by 95% and rental income by 60%CA Immobilien Anlagen AG's interim balance sheet as of 30 September 2007 shows increases in all the key indicators. Net asset value (NAV) rose 58%, and total useable area increased by 125% Analysts confirm target of EUR 17.60 for IFMSRC Research, the independent German analysts for financial and real estate stocks, has confirmed its buy rating and target of EUR 17.50 for IFM Immobilien AG after the company presented 9M key data Grainger shows continued strong progress in EuropeGrainger plc, the UK’s largest quoted residential property owner which has 10% of its assets in Germany, now has a German portfolio comprising 4,520 units with a market value of £242m Deutsche Wohnen increases rents by 3% overallPresenting its key figures as at 30 September 2007, Deutsche Wohnen AG showed revenues for the first nine months of 2007 on a pro forma basis at EUR 199.7m. Gross rental income amounted to EUR 146.8m, with net rental income at EUR 129.6m INREV launches non-listed real estate funds of funds directoryINREV, the European Association for Investors in Non-listed Real Estate vehicles, has launched a real estate funds of funds directory, which gives a comprehensive overview of this rapidly evolving sector of the non-listed property vehicles investment world for the first time Franconofurt AG is switching to the Regulated Market / Prime StandardFranconofort AG (securities identification no. 637262) is switching from the Entry Standard to the Prime Standard on 28 November 2007. The 8,800,000 no-par shares are to be listed on the Regulated Market in Frankfurt in the Prime Standard segment, which imposes more stringent requirements on companies. The listing will take effect on November 28, 2007 DIC Asset plans 10 per cent capital increaseTo maintain scope for further growth, DIC Asset AG will increase its issued share capital by approx. EUR 2.85m, from EUR 28.5m to approx. EUR 31.35m, by issuing new shares Boetzelen receives financing commitment of EUR 128m from Coralcredit BankBoetzelen Real Estate AG, Düsseldorf, a leading German investor in the retail real estate area, has received a financing commitment from CORALCREDIT BANK AG in an amount of EUR 128 million. With it, Boetzelen plans in the future to increase investment to expand its portfolio Deutsche Börse launches REIT segment and indicesWith the successful transformation of alstia office REIT-AG – the first German REIT –Deutsche Börse has created an independent REIT segment for this securities class as planned, and started to calculate REIT indices Price range set for FranconoWest IPOShares in FranconoWest AG (WKN A0KFRM), a real estate investment company specialising in residential property in North Rhine-Westphalia, are to be offered for sale through a bookbuilding process with a price range of EUR 1.80 to EUR 2.20 MAGNAT moves up to General StandardMAGNAT Real Estate Opportunities GmbH & Co. KGaA (ISIN
DE000A0J3CH0) has completed its upgrade to the regulated market
segment. On 30 October 2007 all 52,850,000 bearer shares
were admitted to the General Standard at the Frankfurt Stock Exchange. Trading started on 31 October FranconoWest plans initial Prime Standard listing for 13 November 2007FranconoWest AG, the real estate company specializing in buying and holding multi-tenant homes in North Rhine Westphalia, the most populous area of Germany with 18 million population, is planning an initial listing of its shares in the Prime Standard on 13 November 2007 Focus Nordic Cities open-ended property fund invests in Baltic countriesCatella Real Estate AG Kapitalanlagegesellschaft has launched Focus Nordic Cities, the first open-ended property fund for investments in real estate located exclusively in Scandinavia and countries bordering the Baltic Sea. The initial portfolio includes a new building complex at the City-Süd in Hamburg worth EUR 25m, and another real estate transaction, also in north Germany, which is about to be finalized EUROPACE trading platform agrees to cooperate with BHW BausparkasseBHW – the mortgage financing arm of Postbank – is the first building society to use the EUROPACE internet trading platform for nationwide sales of its services SHB increases capital and plans stock market listingSHB AG, Oberhaching, the specialist real estate funds issuer, is currently executing a capital increase with select institutional investors within the framework of a private placement. This is planned to be followed directly by a stock market listing in the Entry Standard of the German Stock Exchange WIB opens a new office in BerlinWestdeutsche ImmobilienBank AG (WIB) continues to develop its sales network with a new office opening in Berlin in October 2007 Public Service Properties Investments interim dividend of 2p per shareThe AIM listed company’s consolidated operating profit, including fair value adjustments to investment properties, for the period ended 30 June 2007 was £14.3 million compared to £11.7 million for the six months ended 30th June 2006 SRC Research confirms its Buy Rating and Target of EUR 17.50 for IFM ImmobilienIn mid September IFM Immobilien AG published its H1 2007 report. Net profit came in at EUR 1.968m compared to EUR 0.443m at the end of 2006. Pre-tax profit was at EUR 2.943m. This corresponds to 29% of SRC’s full year projection. In 2006 IFM reached a full year pre-tax profit of EUR 0.938m CLS Holdings interim results for H1 2007CLS Holdings plc, quoted on the London Stock Exchange, reported an adjusted NAV per share of 868.6 pence, up 5.4 per cent from December 2006. Operating profit (excluding gains on investment properties) was £22.8 million, down 10.9 per cent informica real invest expands portfolio to EUR 39.98minformica real invest AG, based in Reichenberg near Würzburg and listed on the Entry Standard of the Frankfurt stock exchange, reported Q1 2007/08 income from property held as financial investments of EUR 0.79m. Together with the result of a revaluation of properties held as a financial investments (EUR 0.19m), the company's overall performance amounted to EUR 0.98m Hypoport is planning to go publicA strong H1 2007 has stregthened Hypoport's plans to go public in the Prime Standard segment in Q4 2007. Commerzbank and LBBW will manage the IPO for the internet-based mortgage and financial services provider DIC Asset AG listed on the EPRA IndexFrom 24 September 2007, the share of the Frankfurt-based real estate investor DIC Asset AG (WKN 509840/ ISIN DE0005098404) will be listed on the FTSE EPRA/NAREIT Europe Index Hansteen makes pre-tax profit of £13.6m in H1 2007Hansteen Holdings PLC, the AIM listed pan-European property investment company, reported property assets of £229 million as at 30 June 2007, and an annualised net rental income of £17.1m
conwert revenues increase twofold in H1 2007conwert Immobilien Invest AG, listed in Vienna, reported that revenues rose by 99% over the comparable prior year period to EUR 178.35m. Earnings before interest and tax (EBIT) more than doubled within a single year to EUR 101.61m and earnings before tax (EBT) increased 161% to EUR 90.09m TAG reports a fourfold increase in earnings before tax in H1 2007TAG Tegernsee Immobilien- und Beteiligungs-Aktiengesellschaft's earnings before tax (EBT) rose from EUR 3.8m in H1 2006 to EUR 14.3m in H12007. Consolidated net profit came to EUR 6.5m in the first six months of 2007, up from EUR 1.1m one year earlier Summit Real Estate Holdings' H1 2007 profit falls to half previous year figureSummit Real Estate Holdings Ltd, quoted on the Tel Aviv stock exchange, has published its financial report for H1 2007. The company's results continue to seesaw in line with the results of its subsidiary Summit Germany Ltd, quoted on the London AIM. Summit Real Estate posted a net profit of NIS 67.4m for the first half, half the NIS 134.3m for the first half of 2006 COREALCREDIT Bank finishes H1 2007 with significantly improved figuresCOREALCREDIT Bank AG, Frankfurt, (formerly known as AHBR), a specialist German bank that focuses on commercial real estate financing in its core market of Germany, had positive net interest and commission income in H1, taking in EUR 19.4m. It has no direct or indirect investments in the US sub-prime market Südwestbank founds real estate businessIn pursuit of its growth strategy Südwestbank AG, the private bank based in Stuttgart with 25 branches in Baden-Württemberg, has created a commercial real estate company which together with well known experts will offer a range of services in the Baden-Württemberg region and later across the country MAGNAT achieves profitability in its first year of businessMAGNAT Real Estate Opportunities GmbH & Co. KGaA has announced a consolidated profit after taxes (IFRS based) for its first financial year, covering the period from 6 April 2006 (foundation of company) to 3 March 2007, of EUR 0.34m Taliesin comes to the AIMTaliesin Property Fund Limited, a Jersey incorporated investment company formed to identify and exploit growth opportunities in the Berlin residential property market, announced the flotation of its ordinary share capital on the Alternative Investment Market on 28 August 2007. The Company has, to date, raised EUR 37.8m of equity through private placings HSH Nordbank shows strong earnings growth in real estate sectorIn H1 2007, HSH Nordbank AG’s real estate division generated operating profit after risk provisions of EUR 145m, an increase of 27% over the same period one year earlier. Net interest and commission income rose 7% percent to EUR 250m in the same period, despite the difficult conditions underlying the market Franconofurt H1 2007 pre-tax profit increases to EUR 9.2mFranconofurt AG, Frankfurt, the listed residential real estate group, has reported preliminary unaudited pre-tax profits of EUR 9.2m for H1 2007 (H1 2006: EUR 1.7m), and expects its dividend for 2007 to be EUR 0.80 per share. Assets are estimated to reach EUR 300m by the end of 2007 informica real invest increases EBIT to EUR 4.34minformica real invest AG, Reichenberg, traded on the Entry Standard of the Frankfurt stock exchange, has released its financial statements for the fiscal year 2006/2007. The company generated sales of EUR 1.11m, and generated income
from the valuation of real estate held as financial investments of EUR 4.94m Aareal Bank sells majority stake in Immobilien ScoutAareal Bank AG has sold its 66.22% stake in Immobilien Scout GmbH, Berlin, to a syndicate of investors led by Macquarie Bank Ltd and Publishing and Broadcasting Ltd, both based in Sydney, Australia. The purchase price values Immobilien Scout GmbH, the market leader amongst property internet portals in Germany, at EUR 540m HSH Nordbank finances EUR 120m portfolio for BGPHSH Nordbank AG, Hamburg has provided finance for the purchase of a residential property portfolio by BGP, the joint venture between the Babcock & Brown Group and the GPT Group, within the context of a share deal. Colonia increases stake in Resolution to 75.1%Colonia Real Estate AG has signed a purchase contract to increase its stake in its Asset Management subsidiary Resolution GmbH from 56% to 75.1%. Almost 40% of the transaction price, EUR 19m will be paid in shares of Colonia Real Estate AG, which have been acquired by Colonia in the course of the share buy-back in the market over the last few weeks Heliad invests EUR 4m in TKN Real Estate SolutionsHeliad, the Frankfurt based, publicly listed private equity company, has acquired a shareholding in TKN Real Estate Solutions AG, Grünwald. TKN specialises in the planning, development and marketing of shopping centres for acquisition by institutional investors and high net worth private investors. Around one third of the company was acquired DIC Asset six months profit rises from EUR 3.8 to 19.2mDIC Asset AG's interim report for H1 2007 shows strong, above-average increases in both earnings and profitability: at Euro 19.2m (up EUR 15.4m or 405%), DIC Asset AG’s consolidated net income was more than five times the figure recorded for the first half of 2006. Accordingly, earnings per share more than doubled, from EUR 0.27 to EUR 0.66 (+144 per cent) Hypo Real Estate Bank AG to sell a non-strategic real estate financing portfolio of around EUR 4.27 billionHypo Real Estate Bank AG, which belongs to the Hypo Real Estate Group, has signed a purchase agreement regarding a German real estate financing portfolio worth EUR 4.27 billion with ING-DiBa AG. AIG International Real Estate: Increase of the unaudited net asset valueThe unaudited net asset value (“NAV”) of AIG International Real Estate GmbH & Co. KGaA (the “Company”) and its consolidated subsidiaries (together the “Group“) as of June 30, 2007 was EUR 45.98 per share, an increase of EUR 0.97, or 2.2%, from the unaudited May 31, 2007 NAV of EUR 45.01 per share. NAV per share increased due to the strong performance of the Group’s Tasman office portfolio in The Netherlands and to increases in valuations for a number of the Group’s US investments GWB benefits from increasing rental incomeGWB Immobilien AG, Hamburg has continued to implement its growth strategy. As in Q1, rental income was considerably higher than in the same period in the previous year. GWB’s total turnover increased by 65% to EUR 46.8m in the first half of 2007. As a result of investments of EUR 20m, the balance sheet total was EUR 87m on 30 June 2007
HSH Nordbank finances ORCO's Sky Office project in DüsseldorfHSH Nordbank AG has provided project development finance amounting to EUR 100m for the construction of an eye-catching high-rise office building on Kennedydamm, a prestigious office district to the north of Düsseldorf’s Altstadt (old city). Sky Office is a project of Orco Germany and will be undertaken by its subsidiary Viterra Development GmbH IMW immobilien plans EUR 100m capital increaseIMW Immobilien AG, Berlin, plans to extend the capital increase of 2 million shares resolved at the annual general meeting on 18 August 2006. The company now intends to offer between 4 and 6 million new shares. For this purpose authorized capital in the amount of EUR 4m will be used Corestate starts billion euro fund for commercial real estate in GermanyCorestate Capital, Zurich, has started a new billion euro fund for institutional investors. Following on a fund which invested in residential real estate in Germany, the new venture will be called the Corestate German Commercial Fund. It is expected to reach a volume of up to EUR 2.5bn, 70% of which will be invested in office properties in 2B areas of German top locations, and good areas in B cities IMW Immobilien reports best business year in its historyIMW Immobilien AG, Berlin, the listed real estate group, has reported the best business year (01. April 2006 – 31. March 2007) in its history. The Group total sales increased from EUR 11.7m up to EUR 41.3m and the profit amounted up to EUR 30.2m (previous year EUR 15.0m) MünchenerHyp aquires property loan portfolio from AHBRMünchener Hypothekenbank eG has announced that it has acquired a portfolio of private residential property loans from the Allgemeine HypothekenBank Rheinboden AG (AHBR) as part of a true buy transaction. The portfolio consists of approximately 16,800 performing loans with a total volume of about EUR 715m. The loans were made by AHBR to finance private housing in Germany Aberdeen completes EUR 623.5m investment program for Aberdeen Indirect Property PartnersAberdeen Property Investors has made its fifteenth and final investment for Aberdeen Indirect Property Partners (AIPP), Europe’s largest pan-European pooled property fund of funds. The fund has equity commitments of EUR 623.5m Summit Germany raises EUR 150mSummit Germany Ltd, incorporated in Guernsey and admitted to trading on the AIM in London in May 2006, has raised a further EUR 150m through the issue of 120 million shares at EUR 1.25 per share, the real estate investment trust has announced. The issue reflects a market capitalisation of EUR 345m GPT Group to acquire HalvertonHalverton Real Estate Investment Management Limited has announced that the GPT Group, the Australian based property group, will acquire 100% of its shares Warimpex included in real estate index (IATX) of Vienna stock exchangeIn its meeting of 12 June 2007 the IATX Committee decided to include the shares of Warimpex Finanz-und Beteiligungs AG in the Austrian real estate index IATX. The shares will be included in this index with effect from 18 June Boetzelen Real Estate AG postpones flotationBoetzelen Real Estate AG, a leading German investor in retail real estate and issuer of CMBSs – has postponed its planned IPO on account of current market conditions HSH Nordbank and Aurelius Capital launch European real estate mezzanine fundHSH Nordbank AG, Hamburg and Aurelius Capital Management, Vienna have established a joint venture under the name of Aurora Real Estate Partners. The aim of the newly created platform is to establish and manage a portfolio of high-yield real estate loans, focusing initially on Europe ORCO Germany issues EUR 100m corporate bond with stock optionsOrco Germany S.A., the Luxembourg registered subsidiary of Orco Property Group which has a separate listing on the Open Market of the Frankfurt stock exchange, has completed its first significant financing project. The bond has a five year maturity (2012) and a 4% coupon. 9,328,851 call options with a term of seven years (2014) and a strike price of EUR 16.90 were offered, entitling the holder to one share Warimpex AGM approves issue of convertible bonds and expands Supervisory BoardAn Annual General Meeting of Warimpex Finanz-und Beteiligungs AG in Vienna on 31 May 2007 established the prerequisites for a convertible bond offering, and expanded the group's Supervisory Board. Alarich Fenyves will be the new chairman of the Supervisory Board, with former chairman Heinrich Geyer as his deputy Hypo Real Estate provides EUR 470m financing to Morgan Stanley Real EstateHypo Real Estate Bank AG – a member of the Hypo Real Estate Group – is providing financing of EUR 470m for the acquisition of a commercial real estate portfolio by a Morgan Stanley Real Estate investment fund. The transaction was closed on 27 April 2007. The portfolio consists of 22 high profile commercial assets, of which the majority are located in the Hamburg metropolitan area Marked growth in market share for Hypoport's internet platformHypoport AG has considerably increased its share in the overall market for property financings within the last three years, as revealed by the latest statistics published by the Bundesbank. These show that Hypoport's EUROPACE internet platform was used to process 6.5% of all property finance transactions involving private clients in Germany in the first quarter 2007, compared with just 3.8% in the first quarter 2006 AHBR repurchases EUR 2.3bn of Public Sector PfandbriefeAllgemeine HypothekenBank Rheinboden AG (AHBR) has completed its buyback programme for Public Sector Pfandbriefe initiated on 26 April 2007. The buyback involved five Jumbo Public Sector Pfandbriefe and 15 standard Public Sector Pfandbriefe. By the end of the offer period on 9 May 2007 for the Jumbo Pfandbriefe and 15 May 2007 for the standard Pfandbriefe, a total volume of EUR 2.3bn had been tendered to the bank. The bank accepted all the offers tendered to it DIC Asset AG starts 2007 with strong earnings growthDIC Asset AG has presented its first quarterly report for the 2007 financial year. With a strong increase in profitability - both in absolute terms, and in terms of return on capital - the results reflect the top quality and extraordinary earnings performance of investments made during the last year, worth approximately one billion euros. HSH Nordbank gives GWB Immobilien "buy" ratingIn its latest research paper, HSH Nordbank's recommendation is buy, with a 12-month upside target of EUR 19.50 Hypo Real Estate completes EUR 280m financing facilityHypo Real Estate Bank International AG, a member of Hypo Real Estate Group, has announced that it has provided a EUR 280m financing facility for the INVESCO European Hotel Real Estate Fund, advised by INVESCO Real Estate. The facility will be used for the acquisition of hotels across Europe in the value oriented, mid market and limited service hotel sector, operated by established national or international hotel chains Eurohypo closes third German Opera CMBS transactionOpera Germany (No.3) Ltd. has issued €550 million of commercial mortgage backed securities, rated AAA & AA by Standard & Poor’s and AAA by Fitch Ratings Euroffice Fund oversubscribedIXIS AEW Europe/Curzon has announced the third and final closing of the Euroffice Fund, which brings the total size of the Fund to EUR 350m. Euroffice is a core office fund that invests in the Eurozone, and which targets an IRR of 8% to 9% Hansteen makes pre-tax profit of £22.1mHansteen Holdings PLC, the AIM listed investor in Continental European real estate, has announced preliminary results for the period 27 October 2005 to 31 December 2006, and declared a maiden dividend of 3.0 pence per share Multi Corporation opens EUR 900m corporate credit facilityMulti Corporation bv has entered into a EUR 900 million corporate credit facility arranged by its corporate lenders Hypo Real Estate Bank International A.G. and NIBC Bank N.V. The new facility will expand the existing corporate credit facilities, and enables Multi to further realise its growth ambitions Aberdeen launches new European Fund of Property FundsAberdeen Property Investors has announced the launch of AIPP Active, an an open-ended fund of funds product designed to offer investors immediate exposure to a highly diversified range of non-listed and listed equity real estate investments CLS Holdings plc Preliminary Financial Results 2006During 2006 CLS purchased 11 German commercial properties at a cost of £116.6 million, at an average initial yield of 6.9% Hansteen placing raises £70 million for further European investmentHansteen Holdings PLC has announced a conditional placing by KBC Peel Hunt of 53,435,115 new Ordinary Shares at a price of 131 pence per new Ordinary Share with institutional investors to raise approximately £70.0 million (approximately £68.5 million after expenses). The Placing has been underwritten by KBC Peel Hunt HSH Nordbank Real Estate records higher earnings in 2006HSH Nordbank's Real Estate division raised its operating profit after risk provisioning by 12% to EUR 260m year on year. Combined net interest income and net commission income increased to EUR 478m (previous year EUR 470m) Adler Real Estate EBIT up 109% in 2006Adler Real Estate AG, Frankfurt achieved an increase in its total operating performance of about 59%, coming from EUR 8.3m in business year 2005 to EUR 13.2m in business year 2006. As of the balance sheet date 31 December 2006, the EBIT amounted to EUR 8.9m, compared to EUR 4.4m as of December 31, 2005, equivalent to an annual percentage increase of 102% DEGI reports a positive net sales revenue for 2006Bucking the ongoing trend for open property funds, DEGI Deutsche Gesellschaft für Immobilienfonds mbH, Frankfurt has comfortably exceeded last year with net sales of EUR 177m Bank Austria Creditanstalt fully exercises greenshoe option in Warimpex IPOCA IB / Bank Austria Creditanstalt, the bank lead-managing the IPO of Warimpex Finanz-und Beteiligungs AG, Vienna, is fully exercising its greenshoe (over-allotment) option Protego agrees European property joint venture with ChallengerProtego Real Estate Investors, the London based European property fund and asset management business, has entered into a European real estate joint venture with Challenger Financial Services Group Limited, a leading Australian financial services company which has A$46bn (EUR 27.4bn) of assets under management informica real invest AG increases capital up to EUR 7.7mThe new shares are entitled to dividends from 1st April 2006, and can be subscribed for by the shareholders at a ratio of 1:2 at a subscription price of EUR 4.00 from 21st February until 6th March 2007
informica real invest AG enters the Entry Standardinformica real invest AG, Reichenberg enters the Entry Standard of Frankfurt´s Stock Exchange on February 15th 2007 IVG successfully places convertible bondsIVG Immobilien AG, Bonn has successfully placed convertible bonds with a maturity of 10 years and a placement volume of EUR 400m. Due to strong demand the transaction was five times oversubscribed Sal. Oppenheim launches European real estate fund-of-funds in SwitzerlandSal. Oppenheim jr. & Cie.’s Swiss real estate investment banking arm, Sal. Oppenheim Real Estate Investment Advisors (SOPREIA) has launched a European real estate fund-of-funds known as the "4IP European Real Estate Fund of Funds". Schweizerische National Leben and Basler-Lebens-Versicherungs-Gesellschaft have invested a total of CHF 100m in a first closing Altira AG launched on Frankfurt stock exchangeFirst day of trading for the company's shares was 7 February 2007, when it joined the Entry Standard (Open Market) section with an issue price of EUR 28.50 (fixed-price procedure). 380,000 shares were placed with a first price of EUR 37.50. Sole global coordinator for the issue was VEM Aktienbank AG, and the underwriter was Close Brothers Seydler Buyback programme for AHBR Mortgage Pfandbriefe successfully completedAllgemeine HypothekenBank Rheinboden AG (AHBR) has successfully completed its buyback programme for Mortgage Pfandbriefe, which began on 24 January 2007. By the end of the offer period on 5 February 2007, a total volume of EUR 1,793.1 million had been tendered, giving a buyback ratio of roughly 90% Hypo Real Estate Bank finances Patrizia’s purchase of MEAG portfolioHypo Real Estate Bank AG is financing the purchase of a real estate portfolio for companies in the Patrizia Group, Augsburg. The parties agreed not to reveal the volume of financing, but the intention is that approximately half of the financing volume is to be placed on the capital market as part of a true sale securitisation | Search:
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