News from 10/22/2007
Aldi Nord: Aldi Nord apparently offering property package for sale
According to the newspaper Lebensmittelzeitung, the discount chain Aldi Nord is intending to offer a sizeable property package for sale. The property branch is talking about approximately 200 locations. As the branch network comprises some 2,500 markets, this would be 8% of the total network. Experts are estimating the value of such a package at up to €400mn.
Austria: First bids for Bawag package under €450mn
The first bids for the Austrian Bawag’s properties are all considerably lower than €450mn, the daily newspaper Österreich reports. Bawag had speculated on a yield of up to €500mn. According to the report compiled by Austrian investor René Benko's Signa Holding, the bidder shortlist for the 15 objects in Vienna, Graz, and Innsbruck includes a consortium of Uniqa and Raiffeisen, the wood industrialist Gerald Schweighofer, and an international property fund. Binding offers must be submitted by the middle of November.
Casino: Supermarket chain selling properties for €650mn
The French trading concern Casino has announced the sale of properties worth €650mn. For €455mn, a supermarket portfolio with 170,000 sqm is going to a company in which several French banks and Casino itself will hold shares of up to 18%. Furthermore, the Italian financial concern Generali is buying large-scale markets owned by a Casino subsidiary on the island La Réunion belonging to France in the Indian Ocean.
ProLogis: Logistics park planned in Augsburg
ProLogis Germany Management GmbH intends to erect a service-logistic park in Augsburg with a total surface area of 47,290 sqm. All in all, six warehouse units individually measuring up to 10,310 sqm are projected. Commencement of construction is planned for February, 2008. Completion is to take place in September, 2008. The new logistics park is to have its own connections to the Autobahn A8 and two national highways.
Stenham Property: New fund investing €50mn in Berlin residential properties
The British company Stenham Property has announced a further residential property fund for Berlin. The projected fund is to invest approximately €50mn in blocks of houses in the national capital, Stenham Property says, continuing that it has invested over €1.6mn in German properties up to the present time. Stenham Property’s current Berlin fund has invested more than €50mn until now in the acquisition of 29 residential blocks with a total of 650 residential units and 120 stores. Managing Director Paul Arenson declares that the reason for the expansion of business in Berlin by means of a new fund is the high attractiveness of Berlin and the relatively economical purchasing prices for residential properties by comparison with other large European cities.