€500m Valad fund goes Dutch
Valad Europe has formed a €500m (£390m) joint venture to target Dutch property. The Valad Netherlands Diversified Partnership will target core-plus assets valued at between €10m and €100m in the office, industrial and out-of-town retail sectors. It is seeded with €200m of equity and will be leveraged to around 60-70%. The fund’s first purchase is the €140m UNO portfolio from Unibail-Rodamco, which comprises more than 630,000 sq ft of offices and retail. ING provided finance for the deal.
Whittaker ups stake in Peel
Peel boss John Whittaker upped his stake in intu Properties over the festive period, buying almost 1.5m shares through a string of properties for £5m. The deals take his stake in the shopping centre group, of which he is deputy chairman, to 22.5%.
Nama toasts 2014 success
Ireland’s National Asset Management Agency generated €8.6bn (£6.7bn) of cash in 2014, bringing its total since inception to €23.7bn. During 2014, Nama disposed of €7.8bn of loans and assets and raised €9.1bn in senior bond redemptions. It also funded the development of more than 1,000 new homes in Dublin and 1,000 social housing units.
Ireland to review property tax
Ireland is to review its local property tax ahead of a countrywide revaluation in November 2016. Property tax has been frozen since May 2013, but rising house prices have raised concerns over potential tax hikes next year.
M&G transactions top £3.7bn
M&G Real Estate completed more than £3.7bn of transactions in 2014, becoming one of the most active institutions. Chief executive Alex Jeffery said: “Over the past two years we have been one of the most active participants in the property markets as out clients have allocated more capital to the sector. M&G was a net buyer during the year, acquiring £3.2bn of property and disposing of £3590m.
