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IVG Immobilien names CEO for new office real estate firm; new Polish REIT in the offing

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IVG Immobilien names CEO for new office real estate firm; new Polish REIT in the offing

* IVG Immobilien AG has set up an office real estate firm and appointed Michiel Jaski asits CEO, effective May 9. Jaski was recently CEO oflisted Dutch company Grontmij NV.

IVG said the new company will be created in the "nearfuture" and will have its headquarters in IVG's landmark property, TheSQUAIRE, at Frankfurt Airport.

* The planned Polish REIT by partners Redefine Properties Ltd., Griffin Real Estate and EchoInvestment is set to launch "as soon as" regulatory work is concludedregarding the establishment of domestic REITs in the country, PIE reported.

The news outlet cited Maciej Dyjas, co-CEO of Griffin RealEstate, as saying that the new joint venture REIT is slated to increase its AUM by €1 billion in upto four years.

* Central and eastern Europe region is witnessing "anincreasing flow of capital," thanks to interest from South Africaninvestors, and the trend is expected to continue, according to JLL.

In March, Redefine Properties a 75% stake in a Polish realestate portfolio, marking the largest real estate deal in the history of thePolish market, as previously reported.

* Private equity firm Lone Star is poised to market theAdequa business park in the Las Tablas neighborhood of Madrid, Property Investor Europe reported,citing Cinco Días. The sale will onlybe open to a small group of investors, according to the news outlet.

The more than 120,800-square-meter business park was worth€726 million last year, the newspaper added. The property houses the Spanishheadquarters of French carmaker Renault.

UK and Ireland

* U.S. real estate company Hines is in pole position toacquire Setanta Centre in Dublin for more than €100 million, the Sunday (Irish) Independent reported.Larry Goodman, the owner of the asset, acquired it from Green Property in 2003for €89 million.

* Milton Keynes Development Partnership has chosen SterlingProperty Ventures to develop the tallest building in Milton Keynes, U.K., Construction Enquirer reported.The mixed-use office-led scheme will be constructed on a 1.5-acre site onMidsummer Boulevard. Plans will be submitted to the city council later thisyear, according to the report.

* Citing real estate buying agent Huntly Hooper, The Wall Street Journal reportedthat prime central London saw the sale of only 125 homes in April, compared tothe previous low of 151 in January 2009. The decline in sales in districts suchas Kensington and Chelsea is attributed to a change in the U.K. stamp duty taximplemented on April 1, under which, the government levied a further 3% hike onthe sale price of homes for foreign buyers and buy-to-let properties.

The (U.K.) Daily Telegraph reportedthat regional U.K. outperformed the prime London market by posting a steepincrease of 24% in the sale of prime country houses during the first quarter,according to Knight Frank.

* Commercial real estate activity in Dublin is going down onthe back of concerns surrounding Brexit, the Irish Independent reported.Prospective sellers are waiting clarity around the U.K.'s future in Europe,according to the newspaper.

Germany

* House prices in Germany are set to rise by up to 4% in2016 due to growing demand on the back of a sound economy and favorablefinancial conditions, PIE reported,citing Landesbausparkassen.

Israel

* Gazit-GlobeLtd. said it increased its stake in Gazit Israel to 100% byacquiring the outstanding 15% shares in the company held by CEO Ronen Ashkenazi.

Spain

* Foreclosed assets owned by Spanish banks rose nearly 1% to€84 billion in 2015 from 2014, PIE reported,citing the Bank of Spain's latest Financial Stability Report. About 37.6% ofthe assets comprise land, 25% are composed of completed buildings, 22.3% areforeclosed assets arising from house purchases and 5% are under-constructionbuildings, according to the report.

Finland

* Swedish company Balder's Finnish rental housing group Satohas acquired 1,015 apartments in the Helsinki and Turku regions of Finland foran undisclosed price, PIE reported.The purchase from family-owned housing group Suomen Laatuasunnot Oy marksSato's second large acquisition in a month, taking the number of unitspurchased in April to almost 2,400.

Balder has a 53% stake in Sato, the publication noted.

Now featured

The Week inReal Estate: Capco CEO seeks to calm London resi slowdown fears, CLS Holdingsexits Sweden: The May 6 edition of the weekly news roundup of theEuropean real estate space also includes signs of cooling in the residentialmarkets of Switzerland and prime central London property market.

The PropertyLedger: LXB Retail logs £65.2M of proceeds from UK property sale:The May 6 edition of European property news recap also features Citycon'sacquisition of five Finnish assets for €74 million and conwert Immobilien'spurchase of a residential property portfolio in Germany.

Best of SNL:Real Estate, most read: The 10 most read real estate articles forthe week ending May 6.

Best of SNL:Real Estate, editors' picks: Our real estate editors' picks for thebest stories of the week ending May 6.

The Daily Dose Europe,Real Estate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.