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Despa, Germany’s open-ended fund sector leader, has changed its name to reflect the ties to its parent company, DGZ DekaBank-Group. Its two funds DespaFonds and DespaEuropa will be renamed Deka-ImmobilienFonds and Deka-ImmobilienEuropa. Fund manager BfG ImmoInvest is also changing. Its parent bank is switching its name from BfG Bank to SEB to reflect its association to the Swedish financial service group SEB. The fund management company, a wholly owned subsidiary of SEB, will trade as SEB Immobilien-Investment and the fund will be renamed SEB ImmoInvest. |
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The SWX Swiss Exchange has launched a separate trading platform for real estate stocks from 1 May. Presently there are around 12 property companies in the main Swiss bourse. The new segment will include Feldschlösschen-Huerlimann, PSP Swiss Property, Swiss Prime Site, Allreal, Züblin, Maag, Warteck Invest and LO Holding Lausanne-Ouchy. |
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George Soros has agreed to a £264m management buyout of UK property company Delancey Estates. Soros owns 46% of the company, which has traded at a discount to net asset value of 30%. The 117p per share offer is backed by £184m debt funding from Royal Bank of Scotland. The buyout will be done through a newly incorporated vehicle, Tribeca, which plans to dispose of Delancey’s portfolio over three to five years. Delancey’s major shareholders have agreed to the offer, giving total acceptances representing almost 58% of the shares. |
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Ober-Haus Real Estate Co has opened a second office in the Polish city of Krakow, doubling the number of property brokers in the city to 10. Ober Haus is also planning to open its fifteenth office in the Gdynia/Gdansk Tri-city area of the country. |
Despa, Germany’s open-ended fund sector leader, has changed its name to reflect the ties to its parent company, DGZ DekaBank-Group. Its two funds DespaFonds and DespaEuropa will be renamed Deka-ImmobilienFonds and Deka-ImmobilienEuropa. Fund manager BfG ImmoInvest is also changing. Its parent bank is switching its name from BfG Bank to SEB to reflect its association to the Swedish financial service group SEB. The fund management company, a wholly owned subsidiary of SEB, will trade as SEB Immobilien-Investment and the fund will be renamed SEB ImmoInvest. The SWX Swiss Exchange has launched a separate trading platform for real estate stocks from 1 May. Presently there are around 12 property companies in the main Swiss bourse. The new segment will include Feldschlösschen-Huerlimann, PSP Swiss Property, Swiss Prime Site, Allreal, Züblin, Maag, Warteck Invest and LO Holding Lausanne-Ouchy. George Soros has agreed to a £264m management buyout of UK property company Delancey Estates. Soros owns 46% of the company, which has traded at a discount to net asset value of 30%. The 117p per share offer is backed by £184m debt funding from Royal Bank of Scotland. The buyout will be done through a newly incorporated vehicle, Tribeca, which plans to dispose of Delancey’s portfolio over three to five years. Delancey’s major shareholders have agreed to the offer, giving total acceptances representing almost 58% of the shares. Ober-Haus Real Estate Co has opened a second office in the Polish city of Krakow, doubling the number of property brokers in the city to 10. Ober Haus is also planning to open its fifteenth office in the Gdynia/Gdansk Tri-city area of the country.
