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Gecina, FdR report H1 earnings; NAMA to sell €4B property loans

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Gecina, FdR report H1 earnings; NAMA to sell €4B property loans

* Gecinasaid that its netdebt as at the end of the first half of 2016 was up €809 million year over yearto around €4.74 billion, as 2015 saw the French developer become apredominantly net buyer, and also due to its healthcare portfolio sale.

The company's recurrent net income for the first half,meanwhile, surged 17.2% year over year to €198.0 million from €169.0 million. Itsgross rental income rose 8.2% to €298.8 million during the six-month period butdropped 0.2% like for like.

* NAMA is tipped to be planning the sale of property loans worth about €4billion. The Irish Independent citedtwo unnamed sources as saying that Project Gem could be one of the lastportfolios that the Irish bad bank will divest.

France

* Foncière desRégions reported thatfirst-half recurring net income rose 4.2% year over year to €176.6 million. Theincrease was attributed, in part, to a hike in the company's €287.1 million netrental income.

* French real estate company Proudreed divested a portfolio of warehousesand logistics facilities aggregating 360,000 square meters to York CapitalManagement and Stam Europe for over €100 million, Property Investor Europe reported.Most of the 19 properties are in the country's north-south logistics corridor.

UKand Ireland

* In west Dublin, co-owners Grosvenor Group Ltd., Hines and HSBCAlternative Investments, have appointed agents to sell the Liffey ValleyShopping Centre for roughly €600 million, Bloomberg News reported,citing three unnamed sources.

The IrishIndependent addedthat a 50,000-square-foot Penneys anchor store is under construction at theproperty, which also has a 2,500-seat Vue cinema and at least 63 stores.

* Aberdeen Fund Managers Ltd. imposeda 7.5% increase in the dealing price for its Aberdeen UK Property Fundand Aberdeen UKProperty Feeder Unit Trust, a result of the reduced dilution adjustment on theproperties within the funds' portfolio.

* CBRE Global Investment Partners bought the 231,000-square-foot WillowBrook Centre retail park in Bristol, U.K., for £88.8 million, according to a newsrelease. The Tesco-anchored property has 40 more tenants and was bought forCBRE GIP European Co-Investment Fund and Arax Properties.  

* In a cross-border deal, the Sheffield City Council in the U.K. signed a£1 billion investment agreement with China's Sichuan Guodong Construction Groupfor yet-to-be-determined projects, ConstructionEnquirer reported.

* About 11,250 square feet of retail space is going on the market asagents have been appointed to sell Netto Ltd.'s on 18 sites across the U.K., Property Week reported.Expressions of interest are due by Aug. 5.  

* The British Property Federation called for the U.K. government to takea closer look at the commercial property market and possibly draft policiesthat will help uplift the falling market, IPEReal Estate reported.

Poland

* Orbis SAlaunched a public offering of five-year bonds worth up to 200.0 million Polishzlotys. The bonds are expected to be issued July 29, according to a .

* Bouwfonds Investment Management bought a residential development inWarsaw from Matexi's local unit. The purchase price was not disclosed in thecompany statement citedby PIE. The property is still underconstruction and was designed to offer 193 apartments and retail space at theground floor.

Germany

BMO Real Estate Partners bought an urban developmentscheme in Mannheim from Diringer & Scheidel, PIE reported,citing a company statement. The purchase price was not disclosed.  

Otherreal estate news

The Qatar Investment Authority and a class A Los Angelesoffice property for US$225 million. The 365,000-square-foot property is at 12100 WilshireBlvd. in the Brentwood submarket, and will be 77% leased, including knownmove-outs. 

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TheDaily Dose Europe, Real Estate edition, is updated as of 6:30 am London time.Some links require a subscription. Articles and links are correct as ofpublication time.