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PSP Swiss logs H1 results; European logistics rents post biggest rise since 2008

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PSP Swiss logs H1 results; European logistics rents post biggest rise since 2008

* PSP Swiss Property AG's net income for the first half amounted to CHF258.8 million, or CHF5.64 per share, a gain of 63.5% from CHF158.3 million, or CHF3.45 per share, in the prior-year period.

* Citing Cushman & Wakefield's DNA of Real Estate Q2 2019 report, Europe Real Estate reported that the European logistics sector logged a 0.6% growth in prime rents in the second quarter, with rents rising 2.8% year over year, marking the highest increase since March 2008.

Prime office yields remained at their lowest level since tracking began in June 2002, while office rents rose 1.1% quarter on quarter, with annualized growth coming in at 3.3%.

UK

* Canada's Amica Senior Lifestyles is planning its U.K. debut and is reportedly seeking sites in the London market, according to Property Week. Citing Amica Chief Investment Officer Robert Ezer, the report noted that the company has not yet finalized plans to expand beyond Canada.

* Retail-focused unlisted funds saw sharp declines in the first half, with British Land Co. PLC's Hercules Unit Trust logging the worst performance with a total return of negative 12.4% in the six months, PW reported, citing data from the MSCI/AREF UK Quarterly Property Fund Index. Standard Life UK Shopping Centre Trust recorded a total return of negative 9.9% for the period.

The report noted that industrial funds' growth slowed considerably, while the returns of long-income funds approached 3% during the period. Specialist fund Kames Target Healthcare Property LP delivered a 6.3% return.

Finland

* CapMan Nordic Property Income Fund bought three office properties in Greater Helsinki totaling roughly 14,500 square meters, Europe Real Estate reported. The properties are in Kapyla, Aviapolis and Leppavaara Espoo. The deal price was not disclosed, according to the report.

Russia

* Etalon Group PLC sold a 16-story, 34,000-square-meter build-to-suit office project on Andropova Avenue 18 in Moscow to Raiffeisenbank in what is the first build-to-suit sale in the country's office market, according to Property Magazine International. The deal, for an undisclosed price, is also the largest office deal so far in 2019 in the Russian real estate market, according to the report.

The project is expected to be completed in 2022.

UAE

* Citing the Property Finder Trends report for the first half, Arabian Business reported that a total of 20,978 residential units were completed during the time period in Dubai as developers scramble to complete and hand over projects ahead of Expo 2020 Dubai. The completed units comprise 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes.

There are another 38,426 residential units expected to be complete by the end of the year, according to the report. These comprise 29,397 apartments, 5,642 serviced apartments and 3,387 villas and townhouses.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.