New Jersey offices sold
Gramercy Property Trust has sold 70 and 90 Hudson Street, in the business district of Hudson Waterfront, New Jersey, to Spear Street Capital for $299m (£211m). The two blocks total 858,000 sq ft. Number 90 is let to investment firm Lord, Abbett & Co. Cushman & Wakefield acted for Gramercy Property Trust.
Madison buys fund stake
Madison International has bought a 25% stake in Sonae Sierra’s Portugal Fund, which owns interests in nine shopping centres in the country. Sonae Sierra retains a 22.5% stake in the fund and will continue to manage both the fund and its individual assets.
Asian investment hits record
Asian outbound investment into global real estate assets during 2015 was $62.4bn (£43bn) – a 37% year-on-year increase and a new record total. According to a report by CBRE Research Asia, the increase was fuelled by more investors from Singapore and China and an increase in big- ticket and portfolio transactions.
Redefine buys into Poland
Redefine Properties has bought a 75% interest in Polish firm Echo Prime Properties for €1.1bn (£910m). The deal includes 10 retail assets and eight offices, notably Pasaż Grunwaldzki in Wrocław, Galaxy in Szczecin and Galeria Echo in Kielce. The deal is the largest property transaction in Polish history. Savills Poland acted for Redefine.
AXA IM appoints Aunidas
AXA Investment Managers has appointed Germain Aunidas as global head of development, with effect from 1 May. Aunidas will replace Jean-Manuel Rossi, who will retire after 25 years with the company. Aunidas will manage all French developments and oversee all of AXA IM – Real Assets’ development activity in Europe.
