Property Investor Europe & Property Finance Europe

RREEF, Area, Europa in second BBVA S&L

A consortium of RREEF Europe, Area Property Partners and Europa Capital has acquired a second package of property assets owned by Spanish bank Banco Bilbao Vizcaya Argentaria in a sale-leaseback less than a year after they partnered to invest E1.15bn in 944 BBVA branches. Press reports put the price at E364m

Predica, Foncière des Murs in E367m Accor buy

French insurer Predica and REIT Foncière des Murs, a subsidiary of Foncière des Régions, are to buy 48 European hotels from operator Accor for E367m in a sale-leaseback. Crédit Agricole insurance unit Predica will have an 80% stake. Accor will continue to operate the hotels and has agreed a 12-year lease.

Norwegian to sell Norgani Hotels for E1bn

Norwegian Property has entered into a preliminary agreement with Pandox, a JV of private firms Eiendomsspar and Sundt, to sell its Norgani Hotels unit for NOK 8.3bn (E1.08bn). The sale ends a long bumpy road since acquisition soon after NPRO's foundation in 2006.

Austria's Immofinanz ends re-jig, EBITDA up 27%

Austrian Immofinanz ended its financial year to April having undergone extensive restructuring including merger of its Immoeast unit, ending a judicial process with its former owner, and reporting a rise of 27% in EBITDA. Earnings indicators remain on a sustainable upward trend.

Germany's DIC Asset profits rise, raises forecast

Frankfurt listed property investor DIC Asset posted a 3% rise in net profits at half year, driven by higher contributions from co-investments, and reduced operating costs and financing expenses. "Our strong operative performance has prompted us to raise our forecast for the year," said Chairman Ulrich Höller.

Better 2Q10 boosts profit at Sweden's Klövern

Swedish listed property group Klövern boosted first half net profit to SEK144m (E15.4m) from SEK111m (E11.9m) in 1H09, citing a pick-up in activity and lettings in second quarter. The result was supported by revaluations of properties equal to E12.4m - after writedowns last year.

ECE steps into Spain malls, buying Auxideico Gestión

Hamburg-based inner-city shopping centre specialist ECE has acquired a leading Spanish centre management firm Auxideico Gestión from ING Real Estate Development, marking ECE's first entry into the Spanish market and one of its few in western Europe outside Germany.

Austria's CA Immo returns to profit in first half

Austrian listed property group CA Immobilien reported a return to profit in first half 2010, with consolidated net income, after minorities, of E4.2m, reversing a loss of E56.2m in 1H09. Some property sales proceeds were in the result and a small positive portfolio adjustment was made, which compared with writedowns of E98m in 1H09.

alstria first half improves, GREIT ratio in sight

Hamburg's alstria office REIT turned round a loss of E2.3m in first half 2009 to report consolidated net profit for 1H10 of E11.6m. Revenues of E45.2m were in line with guidance, and it posted FFO of E15.7m, down slightly from E16.2m in 1H09 but benefiting from lower financing costs.

Sonae Sierra turns in small 1H profit, reversing loss

Lisbon-based international shopping centre specialist Sonae Sierra reported a small net profit in the first half, turning round a significant net loss in 1H09 of E94.2m. The change was caused by a revaluation of its properties due to the smaller increase in yields in 2010. EBITDA rose 10%.

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