Industry News

Redevco Iberian Ventures, a joint venture between Redevco and U.S. private equity group Ares Management, has acquired the El Corte Inglés department store in the heart of Barcelona to transform it into a highly sustainable, mixed-use prime location. The JV project represents an estimated total investment of just over €200 million. The c.18,000 square metres El Corte Inglés building is currently operated as a sports fashion department store over nine floors and is located on the main Porta d’Angel shopping...

BNP Paribas Real Estate Investment Management (BNP Paribas REIM) Germany recently acquired a mixed-use property in Leipzig for its European Impact Property Fund (EIPF). The asset features 196 furnished student apartments, a university facility and smaller office units and it totals around 11,000 square metres of rental area. The apartments are located at Zschochersche Straße 69, Eduardstr. 8 and 10 and Industriestraße 59. They are let to SMARTments student, which is operated by the non-profit FDS Foundation. Their objective is...

Deka Immobilien has exchanged contracts to secure the acquisition of a logistics project in the province of Gelderland for around €30 million. The property, which is currently under construction, has been sold by the Dutch project developer VolkerWessels Logistics Development. Once completed, the site will be transferred to the WestInvest TargetSelect Logistics sector fund, which is aimed at institutional investors. The logistics complex consists of two hall sections including mezzanine and integrated office and social areas. A photovoltaic system will...

Just three months after the launch of its new pan-European fund, MNK Europe +, MNK Partners has made its first investment and diversified its geographical presence with the acquisition of an office asset in Utrecht, Netherlands. Located in one of the main cities of the country, in the center of the Netherlands, this office building of 2,176 square metres, built in 2003, is fully leased to the international audit, tax and consulting firm, Mazars, present in 90 countries with 44,000...

Commerz Real and EnBW with its French subsidiary Valeco are further expanding their strategic partnership in the field of renewable energy generation. For its impact fund Klimavest, the real assets subsidiary of Commerzbank acquired 49 % of the shares in a French wind and solar portfolio. This consists of nine onshore wind farms and one solar park with a total capacity of 169.1 megawatts. The remaining 51 % is held indirectly by Valeco. The seller of the stake is a...

Danish pension funds ATP and PensionDanmark are selling four retail properties housing the upmarket department store chain Magasin back to the retailer’s owners for an undisclosed sum. The pension funds said in a joint statement that the properties on Kongens Nytorv in Copenhagen, in Lyngby, Aarhus and Odense, were now being sold back to the department store’s owners, after more than a decade in the hands of ATP Real Estate and PensionDanmark. Peter Fabricius, Magasin’s chief executive officer said the...

Real estate investor Altera Vastgoed NV has reached agreement with Van Wijnen Projectontwikkeling West BV on the acquisition of the library in the De Rede apartment complex in the centre of Uithoorn. The 30 new-build apartments above it were taken over by Altera, fully let, in May 2022. The library space has been leased to the municipality of Uithoorn on a multi-year agreement. Altera’s CEO, Jaap van der Bijl, says, ‘In terms of ESG impact, choosing this investment is in...

Troels Andersen, who joined abrdn in April 2011 and is based in Copenhagen, Denmark, will take over his role with immediate effect. Castelein said he would remain at abrdn until the end of the year, ensuring a handover of his duties. Said Tony Roper, chairman of abrdn European Logistics Income: 'Evert has been with us since our IPO in December 2017 and has been a valued member of the wider abrdn European Real Estate team. The board thanks him for...

M&G plc has appointed Andrea Rossi as its next CEO and executive director. Rossi will take up his new position on 10 October, succeeding John Foley who, in April 2022, announced his intention to retire after seven years in the role. Foley will step down as CEO and executive director on 10 October, but will remain at M&G in an advisory capacity until December 2022 in order to ensure an orderly transition. Most recently, Rossi has been a senior adviser...