The largest real estate investment transaction reported by PropertyEU between 16-20 February 2009 was the closing by Compagnie Fonciere Internationale of the acquisition of 12 cinemas in France for EUR 153 mln.
The largest real estate investment transaction reported by PropertyEU between 16-20 February 2009 was the closing by Compagnie Fonciere Internationale of the acquisition of 12 cinemas in France for EUR 153 mln.
Top 5 deals* in 16-20 February 2009
1. CFI closes purchase of 12 UGC cinemas
2. Henderson confirms acquisition of Italian retail outlet for EUR 125m
3. Hewlett-Packard sells office property in Germany**
4. Monceau spends EUR 38m in Paris
5. Matrix fund sells York-Center for EUR 28m
* Deals for which the investment volume was given
** Financial details not disclosed
Scroll down for the news on the deals
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1) CFI closes purchase of 12 UGC cinemas
Date: 20 February 2009
Category: Alternative
France's Compagnie Fonciere Internationale said on Thursday it has completed the acquisition of a portfolio of 11 cinemas leased to UGC Cine Cite from CNP-Assurances, as well as the purchase of a cinema in Lille from its owner and occupier UGC. The transactions were made on behalf of CFI's 95%-controlled unit, CFI Image. UGC owns the remaining 5% stake in CFI Image.
The properties are leased with a fixed term of 12 years and generate rent of EUR 12.8 mln per year. The investment volume came to EUR 153 mln, reflecting a gross yield of 8.36%.
CFI has financed the investment with a EUR 98 mln loan provided by a syndicate of 'first-class banks' and EUR 55 mln of own equity.
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2) Henderson confirms acquisition of Italian retail outlet for EUR 125m
Date: 18 February 2009
Category: Retail
Henderson Global Investors has confirmed the acquisition of the Barberino designer outlet centre near Florence, Italy, for EUR 125 mln. The transaction, which was reported by PropertyEU on February 11, was made on behalf of the European Outlet Mall investment fund. Opened in March 2006, the Barberino scheme currently comprises about 21,500 m2 of gross floor space, representing Phase 1 of development. The centre is let to over 100 tenants including D&G, Polo, Ralph Lauren, Prada, Roberto Cavalli and Richmond. Phase 2 is scheduled to open in 2010, and will add a further 6,000 m2 of retail space.
Following this acquisition, Henderson European Outlet Mall Fund directly owns nine retail outlets across France, Italy, Austria, the Netherlands, Belgium, and Germany. Three retail outlets are indirectly held in the UK, for a total portfolio value of about EUR 1.2 bn.
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3) Hewlett-Packard sells office property in Germany
Date: 19 February 2009
Category: Office
Hewlett-Packard Immobilien has sold an office property in the Echterdingen business park in Leinfelden-Echterdingen, Germany, to unnamed private investors. The financial details were not disclosed.
The property, comprising 17,050 m2 of office space, was built in 1992 and is currently 45%-leased to several tenants including engineering firm Cadfem and biochemical group Syscomp. The seller was advised by Jones Lang LaSalle and ING Real Estate.
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4 ) Monceau spends EUR 38m in Paris
Date: 18 February 2009
Category: Office
French insurance group Monceau has acquired 5,613 m2 of office space in the seventh arrondissement of Paris. The transaction amount comes to EUR 38 mln. The property was sold by the private pension fund for doctors Caisse autonome de retraite des médecins de France. CB Richard Ellis advised the buyer and the seller.
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5 ) Matrix fund sells York-Center for EUR 28m
Date: 18 February 2009
Category: Mixed
UK property fund management group Matrix, on behalf of its Matrix German Portfolio No. 1 fund, has reportedly sold the York-Center building in the German state of Munster for close to EUR 28 mln. According to reports in several German publications, the complex has been acquired by a fund managed by a Swiss bank. The property comprises around 15,000 m2 of space of which 10,000 m2 is retail and the rest residential. The property is mostly leased to Saturn, Drogeriemarkt and Tengelmann. The seller was represented by DTZ, while Savills acted for the buyer.
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