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EUROPEAN INVESTMENT Performance Review
NewmarkKnight FrankGlobal
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Whilst the political rhetoric has changed positively from ‘austerity’ to ‘growth’, the European economy is yet to follow suit. Nevertheless, against this backdrop, the core markets have remained buoyant and, despite worrying levels of tenant activity, have seen prime yields harden under the weight of an ever increasing flow of intercontinental capital. Yet more encouraging is the increase in transactions at the ‘added value’ end of the risk spectrum, although this remains to the exclusion of most of Southern Europe for the moment.
Knight Frank advised on many of the key transactions of the last twelve months, crowning the year as ‘Property Week’ Investment Agency Team of the Year, an accolade attributed largely to the firm’s market-leading ability to access and deploy International Capital.
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Prime European Markets Remain Buoyant
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European Investment A selection of recent transactions
United KingdomFestival Place Shopping Centre, Basingstoke
Sector Retail/Shopping CentrePrice £280 millionVendor Grosvenor Festival Place LTD.Purchaser TIAA-CREF
United KingdomLion Portfolio – One Exchange Square, EC2 & 90 High Holborn, WC1
Sector OfficePrice £500 millionVendor KanAmPurchaser PNB
BelgiumRue Montoyer 34, Brussels
Sector OfficePrice €60 millionVendor CofinimmoPurchaser Hesse Newman
PolandAlfa Centrum, Aleja Piłsudskiego 16, Olsztyn, Poland
Sector Shopping CentrePrice ConfidentialVendor Arka Property Funds Purchaser Rockspring Property Investment
ItalyMilano, Piazza del Duomo
Sector Department StorePrice €472 millionVendor Institutional InvestorPurchaser Institutional Investor
United KingdomQueensberry House, Old Burlington Street
Sector Mixed usePrice £170 millionVendor AVIVA InvestorsPurchaser Confidential
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European Investment A selection of recent transactions
United KingdomThe Teal Portfolio
Sector Industrial PortfolioPrice £214 millionVendor PrologisPurchaser Blackstone Real Estate
France7 Place Vendome, Paris
Sector Office/retailPrice ConfidentialVendor IVGPurchaser Private Investor
Netherlands“Lotus A and Lotus B”, George Hintzenweg 81- 85, Rotterdam
Sector OfficePrice €57.1 million (approx)Vendor SEB ImmoInvestPurchaser Real I.S.
United KingdomEaling Broadway Shopping Centre, Ealing
Sector RetailPrice £146.6 millionVendor Legal & GeneralPurchaser Wereldhave (Dutch REIT)
RussiaSummit
Sector OfficePrice Part of the portfolio deal of $970 millionVendor UnicorPurchaser Gutsiriev Family
United KingdomThe Rolls Building, 110 Fetter Lane
Sector OfficePrice £305 millionVendor Delancey/InvistaPurchaser Legal & General
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European Investment A selection of recent transactions
United KingdomRockingham House, Sheffield
Sector OfficePrice £4.3 millionVendor RREEFPurchaser KAMES
SwitzerlandDietikon, “Baumgarten”
Sector ResidentialPrice €17.5 millionVendor ConfidentialPurchaser Confidential
BelgiumPlace du XX Aout, Meuse Campus in Liège
Sector Student accommodationPrice €20 millionVendor Private InvestorPurchaser Eckelmans Group
United Kingdom5 Callaghan Square, Cardiff
Sector OfficePrice £14.3 millionVendor MEPCPurchaser Credit Suisse Real Estate Fund International
United KingdomThe Date Portfolio
Sector Student accommodationPrice £ 34.4 millionVendor Gatehouse BankPurchaser Aprirose
United Kingdom133-137 Buchanan Street, Edinburgh
Sector Prime Retail/OfficePrice £22.1 millionVendor LNCPurchaser DTZ Investment Management
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European Investment A selection of recent transactions
United KingdomKeel Row Shopping Centre, Blyth
Sector RetailPrice £9 millionVendor PrivatePurchaser Northumberland Estates
United KingdomThe Atlas Portfolio
Sector 41% Industrial, 24% Retail & Retail Warehousing, 20% Office and 15% Leisure
Price £31.4 millionVendor CBRE Property TrustPurchaser Marchmont Investment Management Ltd
ItalyMilano, Corso Buenos Aires 64
Sector Highstreet retailPrice €39 millionVendor Institutional InvestorPurchaser Private investor
United KingdomThree Spires, Lichfield
Sector Shopping CentrePrice £33.4 millionVendor HammersonPurchaser Orchard Street Investment Management
United KingdomCuprum, Cadogan Square, Glasgow
Sector OfficePrice £23.5 millionVendor Kenmore Capital (in administration)Purchaser Tristan Capital Partners
United KingdomMarlow International
Sector Office Price £50.2 millionVendor Avestus/BlackstonePurchaser London & Stamford
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European Investment A selection of recent transactions
United Kingdom1-5 Grosvenor Place, London SW1
Sector OfficePrice ConfidentialVendor Derwent LondonPurchaser Grosvenor
United KingdomMilton & Shire House, 1 Silk Street, London, EC2
Sector OfficePrice ConfidentialVendor Beacon Capital Partners LLCPurchaser PNB
RussiaYakimanka, 40
Sector OfficePrice ConfidentialVendor ConfidentialPurchaser Confidential
United KingdomCostain House, Vanwall Business Park, Maidenhead
Sector OfficePrice £14.7 millionVendor AvivaPurchaser Middle Eastern
United KingdomAgecroft Commerce Park
Sector IndustrialPrice £10.8 millionVendor AegonPurchaser Investec Bank PLC
NetherlandsBlaak 28-34, Rotterdam
Sector OfficePrice €36.2 million (to 1 Dec)Vendor CommerzReal Purchaser Real I.S.
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European Investment A selection of recent transactions
FranceMSquare, 132 boulevard de Paris, Marseille
Sector OfficePrice ConfidentialVendor PramericaPurchaser Real I.S.
United KingdomZenith, 26 Spring Gardens, Manchester
Sector OfficePrice £24.5 millionVendor ElascoPurchaser Henderson
United KingdomB&Q, Mavor Avenue, East Kilbride
Sector Retail warehousePrice £20 millionVendor Consensual sale by Irish syndicate driven by LBGPurchaser F&C Commercial Property Trust
France14/16 bd Poissoniere, Paris
Sector Office/retail/residentialPrice ConfidentialVendor GeneraliPurchaser Family Office
United Kingdom1 Whitehall Quay, Leeds
Sector OfficePrice £14.4 millionVendor DanmercPurchaser L&G
United KingdomPrinces Exchange, Leeds
Sector OfficePrice £36.6 millionVendor Canada Life/New StreetPurchaser Credit Suisse
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European Investment A selection of recent transactions
United Kingdom110 Cannon Street
Sector OfficePrice £52.2 millionVendor Land SecuritiesPurchaser Universities Superannuation Scheme Limited
NetherlandsSchiphol Logistics Park, Schiphol
Sector Warehouse/OfficePrice €15 millionVendor Private investorPurchaser WDP
United KingdomAdmiral Insurance Headquarters, David Street, Cardiff
Sector OfficePrice £58.6 millionVendor Stoford Developments LimitedPurchaser Union Investment RE
United KingdomUniversity of Winchester, Burma Road
Sector Student accommodationPrice £25.6 millionVendor OsbornePurchaser F&C REIT
United KingdomBBC Cymru Wales Roath Lock Studios and Welsh Government Centre for Creative Industries, Porth Teigr, Cardiff
Sector Office/IndustrialPrice £46 millionVendor The igloo Regeneration FundPurchaser British Steel Pension Fund
RussiaDream House, Rublevo-Uspenskoe hw, 85/1, Barvikha
Sector RetailPrice $106 millionVendor ConfidentialPurchaser Romanov Drov Holdings
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European Investment A selection of recent transactions
France20A Place Vendome, Paris
Sector OfficePrice ConfidentialVendor Private InvestorPurchaser Private Investor
United KingdomTDG Facility, Condor Glen, Eurocentral
Sector DistributionPrice £22.5 millionVendor Ropemaker Properties (BP Pension Fund) Purchaser Gatehouse Bank (London acted)
United KingdomSECC Multi Storey Car Park, SECC Arena, Glasgow
Sector Car park/income stripPrice £22.6 millionVendor SEC LtdPurchaser Canada Life Ltd
United KingdomHayes Park, Uxbridge UB4 8FE
Sector OfficePrice £56.3 millionVendor Joint LPA Receivers (c/o Morgan Stanley) Purchaser Universities Superannuation Scheme Limited
United KingdomCyrus Portfolio – London & South East Industrial Portfolio
Sector Multi Let Industrial PortfolioPrice £50.4 millionVendor HendersonPurchaser Orchard Street
United KingdomPremier Inn Hotel, York Road, London
Sector HotelPrice £36.5 millionVendor MaxamPurchaser York Road LLP
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European Investment A selection of recent transactions
United Kingdom169 Union Street
Sector OfficePrice £50 millionVendor HDG MansurPurchaser Private South African
United Kingdom88 St James’s Street, London, SW1
Sector Mixed UsePrice £36.5 millionVendor The Crown Estate Purchaser Carlyle Europe Real Estate Partners III (CEREP III)
United KingdomUnilever Leatherhead
Sector OfficePrice £61.2 millionVendor SWIP/Orchard StreetPurchaser London & Stamford
ItalyRoma, Via del Tritone
Sector OfficePrice €42 millionVendor Institutional Investor Purchaser Institutional Investor
FranceL’Amarante, 110 rue Ambroise Croizat, St Denis
Sector OfficePrice ConfidentialVendor Foncière ArizonaPurchaser Real I.S.
United KingdomGrenfell Island, Maidenhead
Sector OfficePrice £72.5 millionVendor CastlemorePurchaser British Land
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European Investment A selection of recent transactions
United Kingdom1 Finsbury Circus
Sector OfficePrice £141.5 millionVendor HermesPurchaser Invesco
FranceVictoria Michelet, Levallois-Perret/Paris
Sector OfficePrice €55 millionVendor Real ISPurchaser AEW France
United KingdomAviva Tower 1 Undershaft
Sector Office Price £288.3 millionVendor Ernst & Young/CBRE Loan ServicingPurchaser Private Investor
RussiaArbatskaya Ploshad, 1
Sector OfficePrice $200 millionVendor InvestproektPurchaser Investment Company Region
United KingdomHansteen PLC’s Acquisition of The Spencer Group
Sector 88 Industrial assets located throughout the United KingdomPrice £150 millionVendor The Spencer Group of Companies Purchaser Hansteen Holdings Plc & Hansteen UK Industrial
Property Limited Partnership
United KingdomRolls-Royce Unit, Inchinnan Business Park, Glasgow
Sector IndustrialPrice £49.5 millionVendor Evans RandallPurchaser Gatehouse Bank
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European Investment Contacts
United KingdomPeter MacCollHead of [email protected]
T +44 (0)20 7861 1211
Stephen CliftonPartner, City of [email protected]
T +44 (0)20 7861 1312
Ker GilchristPartner, West [email protected]
T +44 (0)20 7861 1748
Alastair Graham-CampbellPartner, [email protected]
T +44 (0)20 7861 1219
Richard ClaxtonPartner, Business [email protected]
T +44 (0)20 7861 1221
Henrie WestlakePartner, [email protected]
T +44 (0)113 297 2413
European InvestmentAndrew SimHead of European [email protected]
T +44 (0)20 7861 1193
AustriaDr. Eugen OttoHead of [email protected]
T +43 1512 77 77-102
BelgiumFilip [email protected]
T +32 2 548 05 55
Czech RepublicPremysl ChaloupkaManaging [email protected]
T +420 224 217 217
FranceJulien BonnefoyHead of [email protected]
T +33 1 43 16 88 89
Germany - FrankfurtCarmen [email protected]
T +49 69 55 66 33 0
Germany - Munich Helmut SchüchlManaging [email protected]
T +49 89 83 93 12 133
IrelandPaul McDowellManaging [email protected]
T +353 1 662 3255
ItalyFederico FaravelliHead of Capital [email protected]
T +39 02 62 81 20 442
Middle EastJames LewisDirector, Capital [email protected]
T +971 2 6353 297
The NetherlandsSiem-Jan [email protected]
T +31 20 707 30 00
PolandJoseph BorowskiManaging [email protected]
T +48 22 596 50 50
PortugalPedro RutkowskiPresident & [email protected]
T +351 21 799 99 60
RomaniaHoratiu FlorescuPresident & [email protected]
T +40 21 380 85 85
RussiaEvgeniy SemyonovHead of [email protected]
T +7 495 981 0000
SpainHumphrey WhiteHead of International [email protected]
T +34 91 595 90 53
SwitzerlandReto BrunnerHead of Real Estate [email protected]
T +41 44 403 28 53 M + 41 79 559 68 85
InternationalJeremy WatersPartner, International [email protected]
T +44 (0)20 7861 1228
“ Over the last 12 months Knight Frank has concluded transactions in Europe with over 60 different nationalities and remains at the forefront of the deployment of international capital into the European Real Estate markets. The team remains cautiously optimistic about the next twelve months with continued focus on ‘core’ assets albeit gently drifting towards more ‘added value’ opportunities in the strongest markets with a positive increase in core interest in the tougher European economies.” Andrew Sim Head of European Investment
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The Knight Frank network consists of Knight Frank LLP and its direct subsidiaries which provide services in the UK and an international network of separate and independent entities or practices providing services internationally.
All information correct as of September 2012.
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