Industry News

EBRD invests €50 million equity in green commercial real estate in central and eastern Europe. Co-investment with Adventum Penta Fund in Hungary, Poland and the Czech Republic. The European Bank for Reconstruction and Development (EBRD) is supporting the development of the secondary market for green commercial real estate in central and Eastern Europe (CEE) with an equity investment of up to €50 million, in partnership with Adventum Penta. The partnership will acquire commercial real-estate assets, which will then undergo upgrades...

CapMan and Agat Ejendomme have agreed to sell Denmark’s only outlet village Ringsted Outlet to Patrizia for DKK 390 million. CapMan Nordic Real Estate Investment S.À.R.L. in their joint venture with Agat Ejendomme A/S have signed a sale and purchase agreement for the sale of Ringsted Outlet to Patrizia for DKK 390 million (c. €52 million), representing one of the only outlet centre sales to take place in continental Europe since before the start of the COVID-19 pandemic. Closing is...

HIH Invest Real Estate has expanded into infrastructure with the launch of an open-ended European renewable energy fund. The manager said the HIH Green Energy Invest fund, which is expected to grow to €750 million, has bought a 13.2MW wind farm in France as its first asset. The fund has invested an undisclosed sum to buy the Grande Lande wind farm in the French Loire region from BayWa re. HIH Invest said the Green Energy Invest fund targets long-term investments...

CBRE Investment Management has acquired a new affordable residential asset in Spain’s capital on behalf of a fund. The manager has invested an undisclosed amount to buy the 12,174 square metres asset located in San Sebastián de los Reyes in Madrid. The fully-leased asset, completed in 2009, comprises two adjacent buildings with 82 homes, 123 parking spaces and 82 storage units. CBRE IM said the acquisition was made in partnership with Elix and is in line with the recently signed...

Global investment manager AEW has agreed to acquire Grand Slam, a multi-let office complex in the centre of Cologne, Germany. The asset was acquired on behalf of one of AEW’s funds from Swiss Life Asset Managers. Financial details were not disclosed. Grand Slam, which comprises 8,000 square metres over two buildings, was extensively refurbished in 2022 whilst retaining the building’s listed façade and staircase, and is DGNB Gold pre-certified. The refurbishment included the installation of building control technology, along with...

For the first time ever Commerz Real is investing in Swedish solar parks for its Klimavest impact fund. The five photovoltaic projects are already in an advanced stage of development and will have an installed capacity of 246 megawatts-peak. The developer is the Swedish company Helios Nordic Energy, which is currently developing some 70 projects in Scandinavia and the Baltics with a volume of approx. 2.3 gigawatts. As recently as May of this year Commerz Real acquired two photovoltaic projects...

Union Investment has acquired the Nürtinger Tor development project via a forward funding deal. The building in the heart of Nürtingen dates back to 1971. Currently known as the Nanz Center, it is being converted into a mixed-use shopping and amenity center. Completion is scheduled for the second half of 2023. The acquisition is being made for open-ended real estate fund immofonds 1, which is marketed solely in Austria. The vendor, the Geiger Group, is also handling the extensive development...

Hines, the global real estate investment, development, and property manager, has advised its Hines European Core Fund (HECF) on the acquisition of six fully occupied logistics assets in the Randstad area in Aalsmeer, Honselersdijk and Rijnsburg in The Netherlands. The business parks, on which the assets are located, are majority owned and managed by Royal FloraHolland (RFH), the world’s largest floricultural marketplace and a major contributor to The Netherlands’ world-renowned role within the flower industry. In 2021, the value of...

Union Investment has acquired an office development in one of France’s most sought-after and dynamic business districts – Lyon Part-Dieu. The project is a joint development between ICADE Promotion and Sogeprom and expected to be completed in Q1 2025. The acquisition will be added to the holdings of institutional open-ended real estate fund UniInstitutional European Real Estate. The parties have agreed not to disclose the purchase price. “We have seized the opportunity to acquire a next-generation office building from two...