- Reykjavik’s Kringlan shopping centre is to be extended by 6,000 m2 to meet demand from Iceland’s affluent shoppers. Owned by a consortium of retailers, the existing 25,900 m2 centre trades on two levels, and commands rents some 25% higher than in Reykjavik’s city centre. Among the existing tenants are franchised Oasis, Stefanel, Monsoon, Body Shop, Virgin and Habitat operations. Healey & Baker is letting agent.
- Caisse de Prévoyance des Médicins, Dentistes et Pharmaciens has exchanged two Belgian office investments for shares in Cofinimmo, the quoted SICAFI. The swap values the two properties at BFr775m, and it will leave the fund holding a 3% stake in Cofinimmo. The more valuable was a 4,350m2 office building in the Quartier Léopold, Brussels, let to Bacob and valued off a 7.5% yield. The other was a 7,500m2 building in the Antwerp suburb of Wilrijk, let to a range of local companies and valued off 9.5%. Richard Ellis acted on behalf of Caisse de Prévoyance des Médicins.
- Swedish property vehicle Securum has sold its last property in London. Admiral House, Old Street, London EC1 has been bought by a private Irish investor for £4.35m reflecting a net yield of 9.75%. Securum took over the building as an unfinished development, completed and then let it in February this year to Sitel Europe before marketing the investment. Only two properties – industrial estates in Hailsham, Sussex and Bedford, Bedfordshire – remain out of Securum’s UK portfolio and these are both on the market.
- Mitsui Fudosan, Japan’s largest real estate company, has awarded the asset management of Etoile Tilsitt, its 3,100 m2 trophy building opposite the Arc de Triomph in Paris to Lafayette Partnenaires, the joint venture between Chicago-based LaSalle Partners and French bank Société
Reykjavik’s Kringlan shopping centre is to be extended by 6,000 m2 to meet demand from Iceland’s affluent shoppers. Owned by a consortium of retailers, the existing 25,900 m2 centre trades on two levels, and commands rents some 25% higher than in Reykjavik’s city centre. Among the existing tenants are franchised Oasis, Stefanel, Monsoon, Body Shop, Virgin and Habitat operations. Healey & Baker is letting agent.Caisse de Prévoyance des Médicins, Dentistes et Pharmaciens has exchanged two Belgian office investments for shares in Cofinimmo, the quoted SICAFI. The swap values the two properties at BFr775m, and it will leave the fund holding a 3% stake in Cofinimmo. The more valuable was a 4,350m2 office building in the Quartier Léopold, Brussels, let to Bacob and valued off a 7.5% yield. The other was a 7,500m2 building in the Antwerp suburb of Wilrijk, let to a range of local companies and valued off 9.5%. Richard Ellis acted on behalf of Caisse de Prévoyance des Médicins.Swedish property vehicle Securum has sold its last property in London. Admiral House, Old Street, London EC1 has been bought by a private Irish investor for £4.35m reflecting a net yield of 9.75%. Securum took over the building as an unfinished development, completed and then let it in February this year to Sitel Europe before marketing the investment. Only two properties – industrial estates in Hailsham, Sussex and Bedford, Bedfordshire – remain out of Securum’s UK portfolio and these are both on the market.Mitsui Fudosan, Japan’s largest real estate company, has awarded the asset management of Etoile Tilsitt, its 3,100 m2 trophy building opposite the Arc de Triomph in Paris to Lafayette Partnenaires, the joint venture between Chicago-based LaSalle Partners and French bank Société
