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CUSHMAN & WAKEFIELD ADVISES TJX COMPANIES
The British fashion retailer TJX Companies opted for the rue de la Senne, in the Dansaert area, Brussels, to locate its first Business Training Center in continental Europe.
Now fully gentrified, Dansaert has become one of the trendiest areas in the city, including for fashion matters. The offices taken up by TJX Companies have a total surface of about 3,000 sq.m.
TJX Companies was advised in its strategy by Sébastien Bequet and Christophe Silvie, Cushman & Wakefield.
For additional information, please contact Sébastien Bequet: +32 (0)2 510 08 27.
source : Cushman & Wakefield.
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MAJOR THEMES AT MIPIM 2010
Renewed investor confidence, the return of ambitious building projects, strategies for sustainable development in major cities, Poland’s unique profile in the current crisis, and a festival of new sports projects, are some of the major attractions at MIPIM this year.
► Investors: renewed confidence
Recent research has reported signs of recovery in the real estate sector and property professionals expect to find a more confident atmosphere at this year’s event. MIPIM will therefore provide a comprehensive programme around investment recovery.
Conferences:
Ben Broadbent, Chief Economist, Goldman Sachs (UK) and Barbara A. Knoflach, CEO and Managing Director of SEB Investment, SEB Asset Management (Germany): Prospects for European recovery – economics and the implications for real estate.
Dr Thomas Beyerle, Head of Global Research, Aberdeen Property Investors (Germany): Synthesis of delegates’ opinion about the future of international real estate.
Khaled Al Aboodi, CEO Islamic Corporation for the Development of the Private Sector (Saudi Arabia): Islamic Finance.
Cycle of conferences “Recovery positions.”
USA – a trillion dollars of maturing debt: impact, resolution and opportunity.
Will there be any investment opportunities in France in 2010?
Speed Matching, investment strategies.
► Developers: big projects are back
Major projects will be on show in the exhibition area this year, reflecting the sector’s dynamism in a still difficult economic environment. A number of unique projects will be presented by such regions as Egypt, South Korea and Nigeria at this 21st edition of MIPIM. And for the first time, MIPIM will host MIPIM Horizons, dedicated to countries with high potential investment opportunities.
Among the outstanding projects to be exhibited are:
Dream Hub (South Korea)
Stone Towers (Egypt)
Monte@Rivers (Nigeria)
Barcelona Economic Triangle (Spain)
City Palace (Federation of Russia)
Warsaw Bielany District (Poland)
To find out more about the main projects to be showcased at MIPIM 2010, click here.
Conferences:
Investment in Egypt: mechanisms and opportunities.
Concept of “new cities” in Morocco: investment opportunities and ROI.
► Cities: catalysts of sustainable synergy in the urban landscape
Aware of the fundamental role played by public/private partnerships in a successful sustainable development strategy, cities are launching more collaborative projects with key players such as developers, architects, and investors. This year, MIPIM will highlight a number of cities that have developed innovative approaches to governance, and will broaden the debate by addressing issues ranging from the growing global need for social housing, to the role of infrastructure in sustainable cities.
Conferences:
Sten Nordin, Mayor of Stockholm, the city of Stockholm.
Boris Johnson, Mayor of London: overview of London’s approach to city planning.
Spotting the trends: shaping the cities of the future.
Ralph DiNola, Principal, Green Building Services (USA): Green Keynote.
Sustainability “sans frontières” – establishing consistent international standards and criteria for green buildings.
Dr. Anna Tibaijuka (Kenya), Under-Secretary-General & Executive Director, United Nations Human Settlements Programme UN-HABITAT: Opportunities for social housing construction for rapidly growing cities.
The expanding need of social housing around the world: opportunity of investment?
Events and Press conferences:
The Mayors’ Think Tank, for mayors and senior representatives of local authorities: Infrastructure – key to sustainable growth.
Greg Clark, Global Advisor on the Development & Investment, Cities & Regions (UK), will report on the Mayors’ Think Tank debate the same day (Wednesday, March 17 – 03.00pm) at the Press Club
Conference organised by SymbioCity: How did Sweden become the role model for sustainable cities? Combining growth with sustainable development. (Wednesday, March 17 – 03.15pm - Audi K)
► Poland, Guest of Honour for 2010
Poland, one of the few European countries that did not go into recession in 2009, will be the Guest of Honour at MIPIM 2010, and as such, will receive special visibility.
Conferences:
Rafał Baniak, Poland’s Undersecretary of State in the Ministry of Economy: Poland, Island of growth in Europe.
Slawomir Majman, President of PA|i|Z : Investment attractiveness of Poland towards foreign partners.
Poland: land of opportunity?
Poland: investment attractiveness in city identity.
Events:
Euro 2012 Polish cities cocktail (Wednesday, March 17 – 04.30pm – stands LR3.03/04)
Special prize for a Polish real-estate project during the MIPIM Awards 2010 ceremony (Thursday, March 18 - 07.00pm – Grand Audi)
Piano recital in memory of Frederic Chopin. By invitation only (Wednesday, March 17 - 08.00pm – Hotel Martinez)
► Sports frenzy reaches MIPIM
One of the trends at this 21st edition is the boom in sports-related building projects. Many cities exhibiting at MIPIM will be promoting sports projects to highlight new investment opportunities.
Conferences:
Opportunities for investors in the host country of the 2014 FIFA World Cup and 2016 Olympic Games: Brazil.
Poland: land of opportunity?
Poland: investment attractiveness in city identity (including cities which will host the UEFA Euro 2012).
Events and Press conferences:
The investment case for South Africa, a closer look at a country alive with possiblity after the FIFA 2010 World Cup (Tuesday, March 16 – 04.00pm – stand 14.18)
Investment perspectives of Lviv City: Euro 2012 new city centre development (Wednesday, March 17 – 10.00am – Agora 2)
Ryder Cup 2018 application: development issues (Wednesday, March 17 – 11.00am – stand Paris Region)
The projects on show include:
The Warsaw stand and its projects for the UEFA Euro 2012.
Stand Embratur (Brazilian Ministry of Tourism) and its projects for the FIFA World Cup 2014.
The London stand and its plans for the 2012 Olympics.
source : Mipim
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Robert Dobrzycki Industry Professional of the Year 2009
Panattoni Europe, the leading warehouse space developer in Poland, received two awards in the prestigious CEE Quality Awards ceremony, which gathers the leading real estate market players in Central & Eastern Europe. The prize was awarded to the company for the Panattoni Park Mysłowice distribution center and a special distinction was granted to Robert Dobrzycki, the Panattoni Partner Managing Partner for Central and Eastern Europe.
Grand Award
The CEE Real Estate Quality Awards ceremony was held on March 3, 2010 in Warsaw. The „Industry Professional of the year” grand prize was awarded to Robert Dobrzycki, nominated in this category together with 9 other representatives from the area of law, real estate agency, construction and RE development industry from across the CEE region, among others Eli Alroy at GTC or Nicklas Lindberg at SKANSKA. The judges assessed the candidates based on last year business achievements, company results, innovation, and impact on the development of the real estate industry. Robert Dobrzycki was also acknowledged for his capability of ensuring the company stable growth despite the climate downturn in the industry.
Panattoni Park Mysłowice –Industrial & Logistics Development of the Year 2009
At the CEE QA ceremony awards were granted in 19 categories tied to the real estate industry. Panattoni Park Mysłowice, acknowledged both by clients and professionals in the real estate industry, received the Industrial & Logistics Development of the Year 2009 award. This is yet another award granted for the park in Mysłowice, deemed the best logistics center in 2009 in Poland by CIJ Journal magazine, at the CIJ Awards ceremony. Apart from the investment in the distribution center, Panattoni also reconstructed the road network, including the development of a communication node on the S1 Express Way, for ca PLN 30m.
CEE Quality Awards
The 7th edition of the contest, which is considered to be the most objective and in-depth overview of the real estate market in the CEE region, has finished. Projects were submitted from 10 CEE countries: Czech, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia and Ukraine. This year’s ceremony was exceptional in the sense that there were more award categories (e.g. a new award for the Company of the Year in the area of construction services), higher number of judges (increase from 16 to 24 members) and a new gala location – the Royal Castle in Warsaw.
The CEEQA awards are another distinction granted from the real estate industry experts to Panattoni Europe and its president. In 2008 and 2009 r. Robert Dobrzycki received the Personality of the Year Award in another industry contest – CIJ Awards Poland. This time the recognition given by experts to the Managing Director of Panattoni Europe has a regional dimension.
source : Panattoni
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Colliers International winner of the first Croatian Best in Customer Service Award
Award dinner held to recognize the award winners – HR Top 8 companies
On Best in Customer Service Award dinner ceremony held in Zagreb, hotel Sheraton on March 4, Colliers International was recognized and awarded for its excellence in customer service, together with 7 prestige companies working in the service industry in Croatia.
The Best in Customer Service Award is the first national competition developed to reward and accent organizations that demonstrate excellence in customer service in Croatia. Program was initiated by the company Vita Communications with the purpose to promote excellence, best practices, leadership and innovation. With the award dinner ceremony, the list of 8 Top Croatian service industry leaders was created.
Organizations competed against one another and were evaluated according to the five criteria: (1) Service Leadership; (2) Service Culture; (3) Service Positioning; (4) Service Relationship Marketing and; 5) Service Recovery. Colliers Croatia has met the advisory committee’s expectations in each segment while also distinguishing itself with its variety of quality strategic programs such as Service Excellence (with which Colliers globally prioritizes enhancement of the client’s level of satisfaction with the provided service); Colliers SEE Mentoring program (with the aim to exchange and transfer regional knowledge and experience to the local levels and continuous upgrade of the service culture); initiative to establish Croatian Green Building Council in order to promote taking responsibility for preserving environment and the Regional initiative for sustainability and environment – RISE. Apart from the above mentioned, Colliers in Croatia is perceived as the leading consultant, market connoisseur and the key first choice when in need of a sale or lease of the commercial, office, residential or industry real estate, offering 6 service lines and a team of highly qualified and committed professionals.
Vedrana Likan, General Manager, Colliers, Croatia pointed out:„ Colliers differentiates from its competition with its readiness to provide consultancy based on experience and knowledge, while commiting itself without hesitation to the full scale needs of our clients, their projects, benefit and success. We consider our people, our global platform, market knowledge and comprehensive service to be our most valuable assets and we are extremely happy that our dedication, responsibility, flexibility, long-term experience and passion towards the work we do were recognized by this award. We commit ourselves to justify and excel our client's expectations with each new step we're going to make.“
Apart from winning the Best in Customer Service Award in Croatia by its specialized approach to each project and individual dedication to each client, Colliers Internationl was also recently ranked as the #2 commercial real estate brand in the world according to the Lipsey Company Top 25 Brands Survey.
Both rewards represent the certain confirmation that Colliers International still holds the market leader position globally and locally.
In addition to the above, The International Association of Outsourcing Professionals® (IAOP®) has announced Colliers International inclusion in The 2010 Global Outsourcing 100® list, which recognizes the world's best outsourcing service providers and advisors. On that occasion Colliers has been recognized by IAOP® as a top commercial real estate service provider since the inception of the ranking, which is now in its fifth year.
source : Colliers
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ENCUENTRO CON PERIODISTAS EN MIPIM 2010
Como todos los años llega la Feria Mundial del Mercado Inmobiliario, MIPIM, que se celebra del 16 al 19 de Marzo en el Palais des Festivals de Cannes (Francia).
Bajo este marco, Savills tiene el placer de invitarles a un café y una charla informal, donde podrán conocer a los directores de las diferentes delegaciones internacionales e intercambiar opiniones sobre el sector.
En el Café podréis encontrar a Rafael Merry del Val, director general de Savills España, José Navarro, director adjunto de Savills España, y Eusebi Carles, director de Savills Barcelona, que estarán encantados de poder atenderos y compartir con vosotros un agradable café inmobiliario.
MIPIM es el principal foro y mercado internacional inmobiliario, donde se reúnen los mayores líderes del sector y exponen sus impresiones sobre el mercado inmobiliario actual, las tendencias del sector y facilitan las relaciones entre los asistentes.
SAVILLS CAFÉ
Jueves, 18 Marzo 2010
9:30 horas
CROISETTE CORNER
Cannes (Francia)
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RICS: European housing showing signs of recovery
Signs of recovery are visible in some European housing markets, especially in sales levels and prices, says the latest RICS European Housing Review launched in Brussels (2 March 2010). A significant number of European residential markets were starting to revive from spring/summer 2009 and further revival is expected in 2010. Low interest rates and reviving economies helped to avoid housing market meltdown across much of Europe.
Consequently, this looks like it is going to be more limited than the last major one in the 1990s. However countries with vulnerable economies will continue to experience depressed markets and falling prices.
Some countries have experienced sharp price increases. In 2009, prices in Norway rose by 12%, in Finland by 8% and in Sweden by 7%. In the UK, prices rose by 1% in 2009 overall, but by 10% since their lowest point in April. In Germany, Italy, Netherlands and France, last year’s falls were relatively moderate (between -4% to -6%) and though today markets are still fragile, they are starting to stabilise and to see some price growth.
The worst performing markets of 2009 were Ireland, Spain, Greece, most central and eastern European countries, and especially the Baltic States where prices declined between -27% to -53% in 2009. Geographically, together they form an unlucky horseshoe around the edges of Europe.
The economies of Europe are only showing weak signs of growth and this will hold back housing markets, especially if unemployment continues to rise. Most European house building industries, with the exception of Germany and Switzerland, are also still suffering the impact of the global financial backlash and housing supply will need some time to recover.
The report's author, Professor Michael Ball, said: "The shallowness of the downturn in core European housing markets has surprised many commentators. But Europe is not the USA, and the problems and policy responses have been different. Mortgage defaults have only risen modestly. Low interest rates and central bank support for mortgage markets have played key roles in bringing recovery.
Huge problems remain unfortunately. Housing markets around the fringe of Europe are still dragging down economies in a vicious circle and all European housing markets continue to face credit constraints and great uncertainty. ”
Simon Rubinsohn, Chief Economist of RICS, commented: “A combination of extraordinarily low interest rates and a raft of government measures have helped to put a floor under residential property markets in most European countries.
A firmer tone to the macro news flow is also providing a layer of support with clear evidence that an economic recovery is now under way. Indeed, in a number of cases the boost to liquidity has pushed prices back in the direction of previous highs. However, other housing markets are continuing to labour. In particular, the overhang of supply remains a drag in Spain and Ireland.“
Source: RICS
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Le fonds immobilier CS REF PropertyPlus agrandit son portefeuille
Le fonds immobilier CS REF PropertyPlus agrandit son portefeuille de constructions, qui passe à CHF 1,1 milliard, générant ainsi une performance remarquable de 17,0%
Au cours de l'exercice 2009, le fonds immobilier Credit Suisse Real Estate Fund PropertyPlus (CS REF PropertyPlus) a étoffé son portefeuille avec l'acquisition de deux projets à Lucerne et à Schlieren ainsi qu'un immeuble à Genève. La valeur vénale du portefeuille s'est accrue de CHF 123,9 millions pour s'établir à CHF 1,1 milliard. Les revenus locatifs ont progressé de 31,4% et passent à CHF 48,2 millions. Exonérée d'impôts, la distribution a été fixée à CHF 3.90 (CHF 3.80) par part. L'exercice se caractérise donc par une performance remarquable de 17,0%.
Le portefeuille de CS REF PropertyPlus, qui comptait au terme de l'exercice 19 immeubles en propre et quatre projets, a progressé durant l'exercice 2009 de CHF 123,9 millions soit 12,8% pour passer à CHF 1095,8 millions, franchissant ainsi la barre du milliard. Durant l'exercice, le fonds a acquis le projet de bâtiment d'affaires dans Citybay à Lucerne (CHF 41,3 millions), le projet d'immeubles résidentiels Am Rietpark à Schlieren (CHF 32,9 millions) ainsi qu'un immeuble en propre dans la rue Ferdinand Hodler à Genève (CHF 39,3 millions).
Le fonds a dégagé un produit global de CHF 50,6 millions (51,5 millions) en 2009. Le revenu locatif a pu progresser de 31,4% pour s'établir à CHF 48,2 millions. Cette augmentation s'explique par les revenus locatifs supplémentaires des projets de construction qui sont achevés.
Informations par part
Pour l'exercice 2009, un montant de CHF 3.90 (3.80) par part, bénéficiant d'une exonération d'impôt, est destiné à la distribution. Si l'on se réfère au cours boursier au 31 décembre 2009, le rendement sur distribution s'élève à 3,0% (3,4%). Avec CHF 129.00, le cours de clôture était à CHF 15.50, soit 13,7% au-dessus du niveau de l'année précédente. Avec 15,4%, l'agio à la fin décembre 2009 était inférieur à l'agio moyen des fonds représentés dans l'indice des fonds immobiliers SXI (TR) (22,5%). Coté à la SIX Swiss Exchange depuis novembre 2008, CS REF PropertyPlus a enregistré une performance remarquable de 17,0% durant l'exercice 2009.
La valeur nette d'inventaire par part sociale a progressé de CHF 108.04 (ex dividende) pour s'établir à CHF 111.83, ce qui représente un rendement sur investissement de 3,5%.
CS REF PropertyPlus investit majoritairement dans des projets viabilisés avec un permis de construire exécutoire sur des sites attrayants en Suisse. Le choix des projets s'effectue en visant une diversification judicieuse du portefeuille par site, affectation et segment de locataires.
source : Crédit Suisse
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Groundbreaking of Interlink, Goodmans largest ever development
Goodman Group hosted the groundbreaking for Interlink, its landmark warehouse and distribution development in Hong Kong’s strategically important Tsing Yi port district. Valued at more than HK$4 billion (approximately €377 million), Interlink is one of the largest industrial development projects currently being undertaken anywhere in the world and is one of the first major new Hong Kong warehouse projects in nearly a decade.
When completed in January 2012, the 2.4 million ft² (222,000 m²) development will be the fourth largest warehouse in Hong Kong. Designed to high technical and environmental specifications, it will also be among Hong Kong’s most modern and efficient warehousing and distribution centers.
Over 1.2 million ft², approximately half of Interlink’s total gross lettable area (GLA) has been preleased and optioned to two leading global logistics operators - DHL Supply Chain (Hong Kong) Limited and Yusen Air & Sea Services (Hong Kong) Limited. In addition, Goodman is also in negotiations with other international logistics players, equivalent to 77% of Interlink’s GLA.
The groundbreaking and signing event was attended by approximately 150 people, including senior representatives from DHL Supply Chain and Yusen Air and Sea Services. Speaking at the event, Mr Paul Graham, CEO DHL Supply Chain Asia Pacific said, “the Goodman Group is one of the major real estate partners for DHL Supply Chain and our total warehouse footprint with Goodman in the Greater China and Oceania regions spans over 248,000 m².”
Greg Goodman, Group Chief Executive Officer of Goodman said, “There is significant pent-up demand in Hong Kong for efficient and modern warehousing facilities. The signing of two such prominent and well respected companies in the logistics industry is testament to this and also the development’s scale, excellent location and its innovative and high specification of design. As our biggest development project to date, Interlink marks a new milestone in the Group’s commitment to Asia, and our strategic expansion in Hong Kong and China."
Supply of efficient warehousing space in Hong Kong is increasingly constrained as demand grows and existing buildings are converted to residential and commercial use. Being strategically located for Hong Kong’s container ports, the International Airport and major highways to mainland China, Interlink will introduce approximately 5% of prime new space to the local market.
Mr Philip Pearce, Goodman’s Managing Director, Greater China said, “Located at the heart of Tsing Yi container port and built to Goodman’s environmental and construction standards, Interlink is designed to meet all the needs of modern logistics operators. We are delighted that both customers are consolidating their local high value-added logistics operations at Interlink.”
“Today’s announcement marks a new milestone in our strong partnership with the Goodman Group,” said Paul Graham, Chief Executive Officer, Asia Pacific, DHL Supply Chain. “Hong Kong is one of our key markets in Asia Pacific and we remain confident in our growth potential here. As a high quality facility, Interlink will enhance our operational efficiency and capabilities in offering best-in-class supply chain solutions for our customers. This will also ensure that DHL Supply Chain is well-equipped to respond to our future business growth and customers’ needs in this dynamic region.”
"As a company, we have 36 years of history and experience here in Hong Kong, and we believe that Hong Kong's role will continue to grow in importance in South China going forward. We are looking forward to seeing the completion of Interlink, and to utilize the modern Interlink facility as the base for our logistics service. The facility will serve as a means by which we are able to satisfy our customers’ needs, with our newly-renovated, high-quality and reliable service." Mr Yasuhiko Nojima, Managing Director of Yusen remarked.
Interlink will be built in compliance with both the HKBEAM (Hong Kong Building Environments Assessment Method) and LEED (Leadership in Energy and Environmental Design) environmental assessment methods, with the aim to be the first of its type to obtain such accreditations and awards in Hong Kong. “Besides business efficiency, this new facility is strategically aligned with our GoGreen strategy. As the world’s leading logistics company, we have taken on a leadership role in mitigating the effects of our industry on the environment and making a positive contribution to climate protection”, added Mr Graham.
Source: Goodman
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Emerging European property markets underlined at 7th annual CEE Real Estate Quality Awards (CEE)
The breadth of global interest and firm underlying momentum of the CEE property markets were the key messages as nearly 600 business leaders from 38 countries packed the recently renovated Warsaw Royal Castle Kubicki Arcades on 3rd March in Warsaw, Poland, for the 7th annual CEEQA awards gala dinner and awards ceremony.
Spirits were high following a tough eighteen months for emerging Europe’s economies. Thirteen year old Polish star Klaudia Kulawik got proceedings underway with a moving rendition of List do Matki, before regional giant Globe Trade Center (GTC) took the evening’s major prizes. Their City Gate project in Bucharest was named Office Development of the Year and also the overall Building of the Year in Central & Eastern Europe in 2009 for perseverance in quality delivery under challenging market conditions, the company also won the Developer of the Year award, while the undoubted highlight of the evening was the acceptance of the CEEQA Lifetime Achievement Award by the company’s driving force and Chairman of the Supervisory Board, Eli Alroy, to a standing ovation in the packed arcades.
President of the City of Warsaw Jaroslaw Kochaniak, previous Lifetime Achievement laureate David Mitzner of Apollo Rida and Financial Times representative Sean Woods joined presenter Monika Richardson and CEEQA director Richard Hallward on stage to lead the citations, as Alroy accepted the award to a standing ovation. Industry legend 94 year old Mitzner had already brought the audience to its feet once with a rousing laudation in which he named Alroy a hero and pioneer. The award, sponsored by the Financial Times, is given for significant and durable contribution to the sector, and is awarded annually to a major industry figure that is judged to have ‘influenced the character and direction of the CEE property markets and beyond.’
The evening’s other individual award went to Robert Dobrzycki, regional director of Panattoni Europe, in recognition of his work in driving the company’s sustained growth performance throughout the downturn, while the American owned developer also took the Industrial & Logistics Development of the Year for Panattoni Park Myslowice.
TriGranit’s Bonarka City Center-Phase 1 in Krakow, Poland was named Retail Development of the Year in one of the most demanding categories, while the runaway winner for the Hotel, Leisure and Residential Development of the Year was Warimpex’s highly praised Andel’s Hotel Lodz, The Andel’s hotel was also nominated for the Green Initiative Award, which was won by developer ECE Projektmanagement for it’s Europe-wide initiatives in ‘greening retail’.
Following a deeply challenging year for the private capital markets, DEKA Immobilien was named CEEQA Investor of the Year 2009 and Colliers International picked up the award for Agent of the Year - Capital Markets as well as for Industrial Agency, while perennial award collectors Jones Lang LaSalle took the other two agent awards for Office Agency and Retail Agency.
Westdeutsche Immobilien Bank (WestImmo) was named Banking & Financial Services Company of the Year for balanced and sustained commitment to the market, Clifford Chance was named Legal & Consulting Firm of the Year and EC Harris made a welcome return to the CEEQA honours list as Development Services Company of the Year, while Strabag was another runaway winner for the Construction Company of the Year Award. The CEE region’s Architect of the Year was APA Wojciechowski.
The mood of the large crowd was optimistic and buoyant ahead of MIPIM where the spotlight will continue to shine on Poland. Pianist Albert Kurowski and DJ Maciej Wyro kept the rhythm of the evening flowing while the Showbar dancers joined UK club music star Tara McDonald on stage for her Ibiza anthems Delirious and My, My, My as the sector’s major industry awards and flagship annual event came to a close.
The CEE real Estate Quality Awards [CEEQA] is organised by CEE Insight Forum and Imagine Live Media in association with the Financial Times. The awards are judged by a jury panel of leading industry experts and operators active across ten major national markets in the CEE region.
Main sponsors: Colliers International, Jones Lang LaSalle, GTC, Trinity Corporate Services; Sponsors & Partners: DTZ, Cushman & Wakefield, ECE Projektmanagement, Panattoni Europe, Westimmo, Helaba, Skanska, Bank Pekao SA, Le Meridien, Bristol Hotel, Warsaw Business Journal, Thomson Reuters, Go Warsaw, Business New Europe, Budapest Times, IBP Real, Real Estate Publishers.
source : CEE
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DIC Asset AG: Results for 2009 exceed forecasts
* Operating profit (FFO) of EUR 47.6 million was above projections
* Stable rental income and real estate valuations
* Consolidated net income of EUR 16.1 million
* Unchanged dividend of EUR 0.30 per share
DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) presented its financial statements for the 2009 financial year. The Company performed successfully, in a market environment that continues to be challenging.
FFO (funds from operations, comprising earnings before interest and taxes, plus profits from disposals and development projects) was up by 11 per cent year-on-year, to EUR 47.6 million - in fact exceeding both the original full-year target and the revised forecast of EUR 45-46 million. FFO per share of EUR 1.54 also showed a year-on-year increase (2008: EUR 1.37).
Consolidated net income of EUR 16.1 million reflects DIC Asset AG's sound profitability in the face of prevailing market difficulties. The shortfall compared to the very high figure of EUR 25.2 million for 2008 was due predominantly to lower disposals, reflecting the sluggishness in market transactions. The result is equivalent to earnings per share of EUR 0.52 (2008: EUR 0.80). Shareholders of DIC Asset AG will participate in this successful performance thanks to an unchanged dividend of EUR 0.30 per share - this reflects the stability in operating results.
Detailed review of results for 2009:
DIC Asset AG's total revenues for the 2009 financial year amounted to EUR 171.3 million (2008: EUR 207.1 million). The decline was largely attributable to the lower volume of sales: at EUR 15.2 million, this fell short of the previous year's figure by approx. EUR 34.7 million. Stable rental income of EUR 133.6 million (2008: EUR 134.5 million) provided the cornerstone of revenues: contrary to the market trend, the Company rented out 245,500 square metres during 2009, up 25 per cent year-on-year. New rentals in 2009 were equivalent to annualised rental income of EUR 24.8 million (2008: EUR 19.5 million).
DIC Asset AG's real estate portfolio remained stable, at around 1.3 million sqm of floor space with a market value of EUR 2.2 million market values. The market values, which are reviewed by independent experts each year, declined by 1.6% on a like-for-like basis. At EUR 15.86, NAV per share was slightly lower than the year before (2008: EUR 16.23). Following the marked year-on-year decline seen in 2008 compared to 2007, the trend in 2009 indicates a bottoming-out of the market at large.
DIC Asset's budgeted expansion of asset and property management activities also led to a budgeted increase in operating costs: administrative expenses for the period rose to EUR 9.0 million (up EUR 1.4 million), whilst staff expenses increased by EUR 2.4 million, to EUR 9.2 million.
DIC Asset AG's total assets amounted to EUR 2.2 billion as at 31 December 2009. Long-term assets remained stable, at EUR 2.1 billion. Long-term fixed interest rate agreements or hedges are in place for 85 per cent of financial debt of EUR 1.6 billion (unchanged year-on-year), with 53 per cent having a maturity of over four years. Only three per cent of overall financial debt will fall due within the next twelve months. DIC Asset AG significantly reduced interest expenses by approx. EUR 8.4 million, to EUR 74.6 million (based on comparable financing volumes) during the first nine months of 2009, thanks to the optimisation of portfolio finance. Moreover, the Company negotiated a waiver of the original loan-to-value covenant for a EUR 440 million syndicated loan.
Operating profit before depreciation and amortisation (EBDA) of EUR 46.6 million was lower than the EUR 53.2 million figure in 2008, reflecting lower volume of disposals. Cash flow from continuing operations (after interest and taxes paid) rose by EUR 1.5 million year-on-year, to EUR 38.7 million.
New business segment: investment funds
DIC Asset AG has commenced preparations for expanding its business model by a new segment: namely, the management of special investment funds. Attractive properties were selected for the first fund, with an innovative structuring technique developed for this sub-portfolio. DIC Asset AG will retain a minimum holding of 20% in each of the funds. The Company will apply its established asset and property management platform to manage the properties and optimise the portfolio.
DIC Asset AG should further grow its portfolio of profitable, low-risk properties through acquiring additional assets for the funds. The new investment offers will allow DIC Asset AG to explore new investor groups, whilst expanding its investment universe. At the same time, the Company will generate investment income, as well as stable real estate management fees.
Forecast for 2010
DIC Asset AG anticipates the economic environment for the entire real estate sector to remain difficult throughout 2010, with no recovery expected until 2011. The Company is, however, well-prepared for this scenario. Based on conservative estimates, DIC Asset AG expects its results for 2010 to remain positive, with rental income forecast at EUR 126 million, and operating profit between EUR 39 million and EUR 41 million.
Ulrich Höller, Chairman of the Management Board, said that DIC Asset AG exceeded its own projections in 2009, a year marked by crisis, generating solid and attractive results for our shareholders: "DIC Asset AG showed a very stable performance throughout the crisis, against the market trend. With our expansion into managing special funds, we will broaden the scope of our business, to establish an additional attractive source of income that will make a relevant contribution to stable earnings. We continue to envisage attractive buying opportunities, expected to emerge from the second half of 2010. With this in mind, we will be continuously reviewing our capitalisation."
For more information on DIC Asset AG, please visit the Company's website www.dic-asset.de, where the Annual Report 2009 is also available.
source : DIC Asset AG
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