Cordea Savills

Cordea Savills, on behalf of Europa Immobiliare No.1, an Italian-domiciled property fund for private investors, has completed its first acquisition in the Netherlands, buying the office headquarters of USG People in Almere, for €39 million.
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Beni Stabili S.p.A. announces that it has today completed the sale of the residential component of the former Comit Fund portfolio, acquired on 13 July 2006, to Operae S.p.A. and Duse Sarl (a joint venture between Cordea Savills Italian Opportunities No.1 and private clients of Cordea Savills LLP).
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Cordea Savills identifies investment opportunity from house building capacity gap highlighted in Barker Review
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Cordea Savills, a property fund manager, and Mediobanca have signed an agreement that will see Mediobanca act as sole underwriter for the Italian placing of shares in Cordea Savills’s Pan European property fund. The placing will be launched at the beginning of January and will be aimed at Italian institutional investors.
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Cordea Savills has expanded its Munich office with the appointments of Kerstin Ludwig as Business Development Manager and Florian Spitra as Investment Analyst.  The two recruits join the German team reporting to Thomas Guetle, Head of Germany, and Berith Kuebler, Head of German Portfolio Management, respectively.
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Cordea Savills, the European property fund manager, has exchanged contracts on an Italian property portfolio with a purchase price of €320 million. The portfolio, which comprises 20 residential and commercial assets in and around Milan, is being acquired on behalf of Cordea Savills’ Italian Opportunities No.1 investment vehicle and private clients of Cordea Savills.  The proposed portfolio is broken down as follows: 52% residential, 25% office, 15% retail and bank agency and 8% other. 

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Cordea Savills, the property fund manager, has launched a new development project under its Qualifying Property Companies (“QPC”) structure.  This enables participants to assume the role of trading developers and participate in commercial, residential and mixed-use property developments with the added benefit of assisting with their estate planning. 
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Cordea Savills is launching Serviced Land No.2, an investment opportunity for private investors, institutions, SIPPs, SSAS and charities focusing on obtaining attractive returns by acquiring and improving the value of land for housing development.
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Cordea Savills, the European property fund manager, has completed the acquisition of a 27 asset portfolio across 13 of Italy’s 20 regions for ‘Italian Opportunities No.1’, a Luxembourg SOPARFI for institutional investors. The portfolio has been purchased from Beni Stabili, an Italian quoted property company, for €105.6 million and comprises four buildings in Rome and Milan and a mixture of retail and offices located in provincial centres.

Cordea Savills, the European property fund manager, has made a major new appointment to its London office. Patrick Carr, formerly manager of the ING UK Residential Property Fund, joins Cordea Savills as Director of UK Residential.
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Cordea Savills, the property fund manager, has completed the purchase of a new hall of residence in Bradford for £17 million for its Student Hall Fund. The fund, which is targeting a return above 10% per annum, already owns three halls in the south of England let on long leases with index-linked rental uplifts. The new purchase complements these by providing potential for higher rental growth from direct lettings to students.
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Cordea Savills Wealth Management (“Cordea Savills”) has launched its Warmley development project under its Qualifying Property Companies (“QPC”) structure which enables investors to assume the role of developers and partake in commercial, residential and mixed-use property developments with the added opportunity to assist with their estate planning.  
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Cordea Savills, on behalf of Europa Immobiliare No.1, an Italian-domiciled commercial property fund, has completed the acquisition of three retail properties in Sweden from Sveafastigheter, a private equity firm focusing exclusively on real estate investments.   
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Cordea Savills completed the acquisition of a block of 61 apartments in Porto Rotondo, on Sardinia’s exclusive Costa Smerelda on 25 July. The purchase for €21 million from an Italian private investor, provides a seed asset for ‘Italian Opportunities’, a Luxembourg SOPARFI scheduled to close in October 2006.
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Cordea Savills, the European property fund manager, has strengthened its European team by appointing two new members to its portfolio management teams in both the London and Milan offices.

Cordea Savills and AMP Capital Investors, part of AMP which is Australia’s leading financial institution, have established a strategic alliance for property fund management.  As part of this alliance Cordea Savills has been appointed as the European portfolio manager for a new global property fund.  This fund, the AMP Capital Global Direct Property Fund, was launched this month for Australian and international institutional investors reflecting their growing appetite for investing offshore.
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Cordea Savills, the property fund manager, has appointed Thomas Guetle as Head of Germany.  His appointment is the latest step in Cordea Savills’ European expansion programme.  Thomas will be based in Munich, where Cordea Savills opened an office earlier in the year with the appointment of Berith Kuebler as Head of German Portfolio Management.
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Cordea Savills announces that the Serviced Land Fund has completed its investment programme a year ahead of schedule. The fund, which was launched at the beginning of 2006, focuses on obtaining attractive returns by sourcing and improving the value of land for housing development. The success of the fund means that Cordea Savills is considering the launch of a second version of the fund later this year.

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Cordea Savills, the property fund manager, has received approval from the Charity Commission for the Accommodation Investment Fund for Charities, a new property Common Investment Fund (CIF). The Fund aims to deliver secure income streams by investing in residential accommodation typically let on long leases to housing associations, government bodies, universities and charities.  The targeted properties will be mainly occupied by key workers, students and the elderly.  It is the first CIF investing in these segments of the property market and the first designed to benefit from long term borrowing, at a modest level of 25% of net assets.
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Cordea Savills German Property Fund Limited announces that it has decided not to proceed with its planned initial public offering.
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Cordea Savills, the property fund manager, has secured a cornerstone European institutional investor to launch Italian Opportunities No.1. The venture will target 20% per annum net returns and is suitable for institutional and sophisticated private investors. The first seed asset is already under offer. The initial close is scheduled for the end of July, with the final close due end-September 2006.
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Cordea Savills German Property Fund Limited announces the publication of its Prospectus and the launch of its IPO.
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Cordea Savills German Property Fund Limited (‘CSGPF’ or the ‘Fund’), which has been established for the purpose of investing in German commercial property, predominantly in the retail sector, today announces its intention to list on the Main Market of the London Stock Exchange.  CSGPF intends to raise up to £160 million through a placing and offer for subscription of new ordinary shares with institutional and private investors (the ‘Issue’).
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Cordea Savills announces the purchase of its first asset, a development of 27 apartments in central Portsmouth for £4.6 million, for the Diversified Residential Property Fund Limited (the Diverse Fund).  The fund, which focuses on residential sectors offering security of income, purchased the development on a sale and leaseback basis from developer Crest Nicholson at a yield of 6.5%.
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Cordea Savills, the European property fund manager, has set up a joint venture fund management company with the Japanese trading house, Mitsui & Co Ltd, and Japanese fund manager, Kenedix Inc, to create property funds for Japanese investors.
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Cordea Savills has launched the Cordea Savills Student Hall Fund, a fund for institutional investors offering both income and growth, and targeting a return above 10% per annum. The investment strategy of the fund is to build a solid base of properties providing secure income through long leases and to complement this by acquiring halls with potential for higher growth via direct-let and nomination agreements.

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Cordea Savills, the property fund manager, announces that the Serviced Land Fund, has completed its first purchase, a 7.8-acre site in West Costessey, near Norwich. The Fund, which focuses on obtaining attractive returns by sourcing and improving the value of land for housing development, paid approximately £7.6 million for the land, noting that it already has the benefit of planning permission for residential use.
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Research* by property fund manager Cordea Savills shows that 90% of IFAs would consider investing in European commercial property funds on behalf of their clients following the positive growth of the UK property market over the last five years.
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Research* conducted for property fund manager Cordea Savills shows that investors recognise the dual characteristics of property as an investment both for income and for capital growth. Investors are almost evenly balanced between using property funds for growth and income: 54% of independent financial advisers (IFAs) say the majority of their clients invest in property funds for growth, while 46% say the majority of their clients are looking for income.
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Research* conducted for property fund manager Cordea Savills shows that investors recognise the dual characteristics of property as an investment both for income and for capital growth. Investors are almost evenly balanced between using property funds for growth and income: 54% of independent financial advisers (IFAs) say the majority of their clients invest in property funds for growth, while 46% say the majority of their clients are looking for income.
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According to a new research study* undertaken by Cordea Savills managed student halls make a compelling investment story.

Research by property fund manager Cordea Savills shows that more than three out of four IFAs* had up to a quarter of their clients’ total Self-Invested Personal Pension assets ear-marked for investment in residential property prior to the Pre-Budget announcement in November. The announcement reversed a government decision to allow investors to invest their pension savings directly in residential property from A Day this year.
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Cordea Savills, the property fund manager, has made some senior management changes in response to extensive corporate growth over the past year. John Partridge, who was previously Chief Executive Officer, has moved to the role of Executive Chairman. Promoted to the position of CEO is Justin O’Connor, who previously had responsibility for expanding the company’s European presence as Head of Business Development.
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Europa Immobiliare No.1 has completed the acquisition of its first German asset. The prime retail investment in the historic city of Koblenz was bought from Düsseldorf based developer Codic. The 4,600 m² property was completed in 2001 in a joint venture with Westdeutsche Immobilienbank and is anchored by Esprit on a long lease. The price of just over €16 million reflects a net initial yield in excess of 6 %.
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Cordea Savills has announced the purchase by a subsidiary of Savills plc of 100% of the units in a recently established property unit trust from UNITE Group plc. The unit trust owns a portfolio of three student accommodation buildings which will form the seed assets for the Cordea Savills Student Hall Fund. The value of the transaction was £64 million funded with debt from Barclays Bank plc.

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