Tuesday, December 18, 2007

Leasing event pulls retailers from Europe and US

Retail Connections will enable tenants and retailers to meet and do business directly with the leasing teams within developers responsible for hundreds of shopping centers across Europe in a formal environment that is more common in the USA, where serious deal-making is accepted business practice. Meetings can be arranged online, prior to the event, via www.icsc.org/2008LRC.

Ermine Amies, Managing Director for ICSC in Europe, said: “With more retailers determined to take their brands across Europe and developers keen to meet them, it is time-consuming and increasingly expensive and unsustainable to travel around Europe for a single meeting. With markets opening up and geographical borders blurring, we have had an increasing number of calls from members to set up this event, the first of its kind in Europe.”

Once registered with ICSC Retail Connections, retailers and developers can arrange appointments enabling them to make the most of their day as well as learning about new markets in Europe, Russia, Ukraine and Turkey.

The event is led by the ICSC Leasing Group, chaired by Neil Mitchenall of UK-based retail and leisure specialists Lunson Mitchenall. He said: “I’m very pleased with the response we have had from retailers and developers for this event, which I consider the best opportunity currently available in Europe for retailers and leasing teams to meet and do business.”

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



source: europe-re.com

Pirelli RE awarded contract to manage €2.6bn portfolio of non-performing loans (IT)

Pirelli RE is coinvesting in the portfolio with a 16.5% interest through its joint venture with Calyon SA (67%- Pirelli RE 33%) while the remaining 50% is purchased by GE. The total acquisition price of the portfolio amounts to €530m, which will be financed for approx. 65% with senior debt granted by Royal Bank of Scotland and Calyon SA and for approx. 35% with mezzanine debt (subscribed by the buyers) and equity.

This operation, involving a portfolio of loans relating to over 20,000 positions, is the second stage in the transaction concluded at the end of last year regarding a portfolio of mortgage and corporate loans worth some €1 billion at gross book value.

As a result of acquiring this new management contract, the gross book value of non performing loans managed on an exclusive basis by Pirelli RE has risen to €12 billion (approximately €2.5 billion at net book value), thereby consolidating Pirelli RE's position as market leader in Italy. Amongst this global amount, circa €9 billion (approximately €2 billion at net book value) are managed within the context of the well established joint venture with Calyon SA, which is now positioned as one of main investors in the nonperforming loans sector in Italy, combining the experience of Pirelli RE in handling NPLs with the international financial skills of the French bank.

The Group has an integrated platform of services, the only one of its kind in Italy, allowing it to manage non performing loans both in and out of court, to value NPL portfolios and provide master servicing to securitized portfolios (management of data and information flows).

Pirelli RE's asset management and special servicer platform boasts around 300 professional staff and a countrywide coverage, with 7 Pirelli RE Credit Servicing offices located in Milan, Florence, Rome, Naples, Bari, Palermo and Catania. The company intends to open another 3 offices, including one in Padua, also in view of the newly-acquired management contract and with the goal of strengthening its business in the north-east of Italy. Its countrywide coverage together with the synergies with the other Pirelli RE Group service companies represent an important competitive advantage in the business of non performing loans, allowing Pirelli RE to collect around 50% of planned recoveries each year out of court.

This area of business is expected to expand in 2008: apart from Italy, whose banking industry is undergoing consolidation, Pirelli RE is focusing on countries in Central and Eastern Europe - particularly Germany and Poland - where it intends to develop platforms for managing NPL portfolios.

“We are very satisfied of the skills of our management team which have so permitted over the past few years the growth in the NPL business which represents an important part of our activity. We believe we will soon be able to leverage our experience and professional expertise in other European markets”, commented Carlo A. Puri Negri, Pirelli RE's CEO.

Bonelli Erede Pappalardo acted as legal advisors to the Pirelli RE/Calyon joint venture.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



source: europe-re.com

REDEVCO acquires shopping center in Gijon for €45,4m (ES/NL)

Los Fresnos is situated in the heart of the city of Gijon, between Calle Río de Oro and Avenida del Llano, near the intersection with Calle de Pérez de Ayala. “We are very pleased to add this strong, excellently located shopping center to our Spanish portfolio. The acquisition fits in perfectly with our strategy of investing where people buy,” says Javier Hortelano, Managing Director of Redevco Spain and Portugal.

REDEVCO’s investment portfolio in the Iberian Peninsula currently comprises 70 properties with an approximate total value of €700 million, 80% of which consists of retail and 20% of logistics and office buildings. The company owns outstanding properties on major shopping streets in Barcelona, Saragossa, Madrid, Seville and Palma de Mallorca. Other investments include retail units in the main shopping centers of Spain and Portugal, as well as logistics centers and office buildings.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



source: europe-re.com

Westfield granted approval for Sydney CBD development (AU)

The approval completes the second and final stage of the development application process and incorporates the winning concept design from John Wardle Architects, selected in a design competition held by the City of Sydney following the first stage approval in June 2006.

The $600 million project will integrate the existing centres to create a world-class retail destination in the heart of Sydney’s CBD. Showcasing the best local and international retailers, the centre’s redevelopment will focus on high-quality design and features in line with Westfield’s recent CBD projects in San Francisco, Los Angeles and upcoming projects in London.

The completed centre will include a commercial precinct with a 27-story office tower of around 60,000 m² of space to sit above the retail site. The tower will have direct links to the street and the retail below, and has the potential to share an elevated lobby above the retail podium with the offices at 100 Market St. Colliers International and DTZ have been appointed as the commercial leasing agents.

A detailed construction management plan has been developed to minimise the project’s impact on the city over the anticipated 3-year construction period, and addresses traffic management, pedestrian flows around the site and dust and noise control.

Construction is expected to start in the second half of 2008, and will be staged to maximise trading periods for retailers and minimise disruption.

Westfield will continue its program of community consultation to ensure that retailers, surrounding businesses, city residents, workers and shoppers are kept informed about the project and its progress.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



source: europe-re.com

Fifth CEE Real Estate Quality Awards announces new date

Each autumn a jury is selected containing regional management heads of leading companies active in the sector, reflecting a broad knowledge and experience of the real estate business, combined with direct knowledge and experience across the 10 countries covered by the sector’s main industry awards program organized each year in association with the Financial Times, the worlds leading business newspaper, and the sector’s foremost magazine Estates News. As usual the jury contains representatives of the major agents plus a rotation of developers, investors, bankers, project managers and other professional services.

The elected members of the Quality Awards Jury preside over the judging of hundreds of nominations for a total of 16 award for the outstanding real estate projects, companies and industry professionals in 2007. The short-lists for the awards are announced at the end of January following a rigorous scoring process, with the winners in each category announced at the prestigious CEE Quality Awards Gala held in Warsaw each February, the CEE real estate sector’s flagship black tie event attracting over 400 of the sector’s top professionals. The awards are given primarily for business performance in one of the world’s most exciting emerging markets, with an increasing number of domestically created companies such as TriGranit Development Corporation, CTP Invest, Echo Investment, Cefin Real Estate, HB Revis and Ogmios Centras now competing for honors with major international companies.

Last year’s major winners included the Rondo 1 office tower in Warsaw by Hochtief Projekt Development (CEE Building of the Year), Jones Lang LaSalle (CEE Real Estate Agency of the Year for the third time), and Lifetime Achievement Award winner Cor Van Zadelhoff, founder of DTZ Zadelhoff, however awards

Whilst for the most part obeying the general rule “if it aint broke, don’t fix it,” the fifth edition of the event also includes a number of changes including a new home, some new awards and even a new date.

Having reluctantly outgrown its original home at the Warsaw InterContinental Hotel, itself a previous winner of the CEE Hotels & Leisure Development of the Year award, the 5th edition of the annual Gala will be hosted at the more spacious, newly opened Hilton Warsaw Hotel – which will also be in the running for the award having opened its doors in March 2007. The day’s itinerary will also host the regular CEE Insight forum in the morning, focusing on one of the sector’s hottest strategic topics of the moment, The Green Debate.

The fascination with all things green will continue into the evening when the first winner of the new CEE Green Initiative Award will be announced for “mobilizing and encouraging energy efficient and eco-sustainable building design as a standard practice in Central & Eastern European real estate.” The award, which can be won by either a real estate project, a company or an individual for effective leadership of environmentally sustainable issues and practice in the sector, was proposed and sponsored by Colliers International, while another new award sponsored by Hypo Real Estate is only open to one category of real estate professionals, architects. The CEE Architect of the Year award is open to both companies and individual architects for outstanding achievement in 2007.

And while Warsaw’s first self-styled convention hotel promises more space for more guests, with tickets in previous years selling out early, the growing appeal of the event is creating new difficulties for the organizers in accommodating everybody’s diaries.

For what are described as “positive reasons” the organizers have decided after wide consultation to change the date of the event to 27th February, from the previously advertised 21st February. CEE Quality Awards and Imagine Events head Richard Hallward commented: “It was a difficult decision because normally changing the date of a major event is not a positive development and can be difficult to carry out. But we have been trying for some time to get into the diary of someone much more important than us, and the mountain has inexorably been forced to move to Mohammed. I can’t say who it is yet but they will bring a fair bit of charisma to both The Green Debate and the Gala, and we’re far enough out from the date for it to not be too strenuous on either organizers or participants.”

One of the main attractions of the annual CEE Quality Awards Gala each year is the presence of important figures in the regional and global real estate business, including previous Lifetime Achievement Award winners Eugene Golub (Founder & President, Golub & Co and Quinlan Private Golub), David Mitzner (Founder and President, Apollo Rida) and Sándor Demján (Founder and Chairman, TriGranit Development Corporation).

“With the Gala date generally picked the previous spring to accommodate the scheduling needs of busy international hotels,” continues Hallward, “important forum speakers and Lifetime Achievement Award winners are only picked in the autumn, which always puts the event date under a bit of pressure around Christmas time. This year we’re only too pleased to shift our plans, and will work with all pre-booked guests, sponsors and partners to make sure everyone benefits and nobody is inconvenienced.”

Bert Fol, General Manager of the Hilton Warsaw Hotel & Convention Centre, commented: “We’re only too happy to work with the organizers on this, it should be a very good event and we are offering some very attractive discounts for Quality Awards guests so we’re expecting a full house and accordingly advise people to book early.”

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



source: europe-re.com