REIT Summary: Unibail, HSBC, Valeo, JLL, KBS Realty Advisors
Unibail To Buy Ivanhoe Malls For $981M
Europe’s biggest shopping-center owner,
Unibail-Rodamco, is buying stakes in seven malls in France and Poland for $981 million,
Bloomberg reports. The seller is
Simon Ivanhoe, a jointly held European subsidiary of the
Simon Property Group and
Ivanhoe Cambridge. The deal, which is expected to close in the first half of 2010, will be financed using existing bank facilities, adds
Reuters. Unibail has also partnered with Simon and Canadian investor,
Ivanhoe Cambridge, to develop five retail property projects in France.
Reported by
Bloomberg
Additional reporting by
Reuters HSBC Unveils €1B Property Fund
HSBC has launched a €1 billion value-added fund to acquire property in the U.K. and continental Europe,
Property Week reports. The bank’s property fund investment arm, managed by
Paul Mackey, has raised nearly €400 million in equity for the HSBC European Active Real Estate Fund, which has a life of seven years. The fund is planning to invest €57 million to buy Valad’s industrial investment partnership with
Willowbrite. The fund has already acquired a 50% stake in the Expo Market Doraly trade counter and a park in Bucharest for €104 million, the Victoria retail park in Nottingham from
Hammerson and the Parkway Industrial Estate from
Aviva Investors.
Reported by
Property Week
KBS Realty Buys $74M Clayton Office
KBS Realty Advisors has acquired
Pierre Laclede for $74.25 million,
Commercial Real Estate Direct reports. The office complex in Clayton, Missouri, was purchased from
BPG Properties.
Colliers Turley Martin Tucker acted on behalf of BPG. The property, which was purchased in 2006 for $75 million, is owned through the property company’s BPG Investment Partnership VII fund.
Reported by
Commercial Real Estate Direct Additional reported by
REjournals
Valeo To Raise $150M Property Fund
Dallas-based money manager,
Fred Hamm, has launched
Valeo Fund in partnership with three real estate executives,
Dallas Morning News reports. The Valeo Fund may raise nearly $150 million for its first investment fund and may start buying properties worth $300 million. The partners are
Mike Lewis, formerly at
Crescent Real Estate Equities,
Jim Yoder, former managing director at
Jones Lang LaSalle, and
Steve Lipscomb, previously a national director of
Goldman Sachs’ Archon Group real estate division. Valeo will invest in office and retail buildings priced between $15 million and $50 million, in areas including Washington, Florida, Georgia, Texas, Colorado and California.
Reported by
Dallas Morning News
JLL Starts D.C. Office
Jones Lang LaSalle has set up a new international office in Washington,
Business Journal reports. The European real estate developer has named
Thierry Delvaux as managing director of the new desk, which will seek to link foreign clients with brokers in D.C. Dalvaux will be responsible for individual transactions as well as clients that do business globally. Prior to this, he was country manager for Hungary and Romania for
Jones Lang LaSalle.
Reported by
Business Journal