Allianz buys Hudson Yards stake
Insurer Allianz SE has bought a 44% stake in New York skyscraper 10 Hudson Yards, which values it at more than $2.1bn (£1.6bn). Allianz paid $420m in cash for the stake and was part of a club of lenders that provided $1.2bn of debt to recapitalise the project. Other lenders included Deutsche Bank and Goldman Sachs. Allianz has acquired handbag maker Coach Inc’s interest in the tower plus a slice of a stake owned by the Kuwait Investment Authority. Developer Related Companies, Oxford Properties and JP Morgan Chase & Co are the other stakeholders in the tower.
Global investors pile into Lisbon
Lisbon’s cheap property prices will last only for so long as the city continues to attract record levels of overseas investment, according to Arthur Moreno, founding partner of Portuguese developer Stone Capital. He predicts prime central prices rising by between 5% and 10% over the next five years from an average of €4,000-€8,000 (£3,336-£6,736) per sq m.
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Patrizia launches logistics fund
Patrizia Immobilien has launched its first pan-European logistics real estate fund, with a value of up to €500m (£423m). Patrizia has already invested €200m in 13 properties in France, Belgium, Germany and the Netherlands.
Catalyst buys German portfolio
Catalyst Capital’s European Property Fund II has bought a €200m (£169m), 93,000 sq ft portfolio of German office, retail and residential assets from German investor Triuva and a public sector pension scheme. JLL acted for Triuva.
