Macquarie sells Paris office
Macquarie Global Property Advisors and Générale Continentale Investissements have sold an office building to French military mutual Unéo for €60m. The 11,000 m2 asset, in Montrouge, south Paris, was first bought from AXA Reim in 2006.
Banif buys French assets
Santander’s private banking arm, Banif, has paid Catalyst Capital €48.4m for a portfolio of five office assets in France. Banif, which invested a total of €163m in France last year, will put the assets into its Inmofrancia fund.
IGD acquires shopping mall
Italian property company IGD has bought a shopping mall from developer, Coopsette, for €42m, reflecting a yield of more than 6.5%. The 16,000 m2 mall is located in Isola d’Asti.
Cordea closes Italian fund
Fund manager Cordea Savills has closed its Italian Opportunities No2 fund. Launched in June 2007, the fund raised €360m from institutional investors in two closings. Cordea Savills seeks a net return of 20% a year.
Axa to buy hotel portfolio
Axa Reim has agreed to buy €518m of hotel assets from Accor in a sale-and leaseback deal. Ten hotels in Switzerland and 47 hotels in France will be moved to Axa’s European Hotel Venture and Alternative Property Income Venture vehicles. Accor will continue to run the assets, which include Ibis, Mercure and Novotel hotels that produce variable rents of €29.6m a year. Axa will invest €52m in redevelopment of the portfolio.
