China plans to relax rules
China is preparing to lift restrictions on the amount individual investors can spend overseas with a pilot scheme in six key cities.
The country’s Securities Times said the plan would remove the current limit on cross-border capital flows of $50,000 (£32,750) per person per year, as well as relaxing rules on corporate investments.
Benson makes German sale
UK-based private equity real estate fund manager Benson Elliot has sold 700 German homes to Frankfurt-listed LEG Immobilien AG. The properties, in the North-Rhine Westphalia region, are part of the TOR Portfolio, which originally comprised more than 3,000 homes across Germany.
Intu and CPPIB team up in Spain
Intu Properties and Canada Pension Plan Investment Board are forming a new joint venture to own the Puerto Venecia shopping centre in Zaragoza, Spain. Intu acquired Puerto Venecia in January 2015 for €451m (£327m), and stated at the time that it would look to introduce an investment partner this year.
Invesco hires Asia funds head
Calvin Chou has joined US-based Invesco as head of real estate opportunity funds for Asia. The ex-Morgan Stanley real estate fund manager has been appointed to create a new division at Invesco focused on opportunistic property funds in the region.
Berlin brings in more rent caps
Berlin has introduced legislation preventing landlords from increasing rent by more than 10% above the local average. The move extends legislation already in effect for existing agreements to new contracts, and comes after the national parliament approved rent-control legislation in March.
