Cordea Savills

Cordea Savills, the international property fund manager, announces the final closing of Italian Opportunities No.2.  Over €360 million of equity was raised from institutional investors in two closings.  The fund is targeting net returns of 20% per annum and mirrors the strategy of the first Italian Opportunities venture by exploiting single asset and portfolio real estate opportunities identified by Cordea Savills’ Milan-based investment team. 
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• Indian developers to become minority stakeholders and provide support for Indian activities
• First product launch is Cordea Nichani Indian Opportunities No.1 Limited with a target equity raising of USD 200 million

Cordea Savills announces three new appointments in their Milan office
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Cordea Savills, the international property fund manager, is launching the Cordea Savills Nordic Retail Fund, a Luxembourg investment vehicle.  The fund will offer institutional investors exposure to the retail sector in the growth region of the Nordic countries (Sweden, Finland, Norway and Denmark) and the Baltic States (Estonia, Latvia and Lithuania). This region offers favourable economic and investment characteristics where attractive risk-adjusted returns with a high income distribution and strong capital gains can be achieved from retail property investment.
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Cordea Savills, the European property fund manager, has launched the UK Property Ventures No.1 Fund (“the Fund”), which is focusing on non-traditional areas of the market with a target return of 20% per annum.
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Cordea Savills, the European property fund manager, has established an office in Stockholm as part of its expanding European infrastructure, with three key appointments, Håkan Blixt, Olle Hällfors and Johan Eliasson. The new office will have responsibility for the Nordic region and the Baltic states, both in terms of investment activities and servicing local clients.
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Cordea Savills, the European property fund manager, has completed the acquisition of four student halls in the UK and exchanged conditional contracts on a further two from property developer Watkin Jones.  This will increase the size of the Cordea Savills Student Hall Fund to in excess of £210 million.
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Cordea Savills, the European property fund manager, has completed the acquisition of a city centre retail portfolio for a combined price of € 54 million in Baden-Wuerttemberg in Southern Germany.
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In light of a modest performance outlook for UK commercial property over the next five years, research from Cordea Savills says a combination of factors means investors now have the opportunity to enhance their returns by investing in ‘strategic land’¹.
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Cordea Savills has completed the acquisition of two distribution warehouses and an office building for a combined price of €48 million in Belgium and the Netherlands.  The acquisitions are in Eindhoven and Rotterdam in the Netherlands, and in Houthalen, Belgium, and were purchased on behalf of the Cordea Savills Pan European Property Fund SGR and the Europa Immobiliare No.1 Fund, a joint venture with Vegagest SGR SpA.
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Cordea Savills, the European property fund manager, announces that the equity raised for Serviced Land No.2 has now been fully invested. The venture, which was launched in October 2006, mirrors the strategy of the Serviced Land No.1 by focusing on obtaining attractive returns via the ‘enablement’ of land based on obtaining or refining planning consents, or parcelling land, and selling it as serviced sites to developers, and has a target return of 15% per annum.
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Cordea Savills, the European property fund manager, has launched the Cordea Savills German Retail Fund, a Luxembourg investment structure offering institutional investors the opportunity to benefit from income distributions and capital gains from selective investment in retail properties located in Germany. The Fund secured a cornerstone investor in May and has just completed its second closing attracting further institutional interest and raising more than  €190 million of equity in total. The Fund is targeting returns of 10% including income distribution of 5% per annum.
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Cordea Savills, the European property fund manager, has made the first purchase on behalf of its Accommodation Investment Fund for Charities. It has purchased Charlotte House, a Grade II-listed student accommodation building close to Newcastle city centre, for £4.4 million.

In response to investor demand, Cordea Savills, the European property fund manager, is launching Italian Opportunities No. 2. This is an investment venture for institutional investors targeting net returns of 20% per annum by exploiting single asset and portfolio real estate opportunities identified by the Cordea Savills’ Milan-based investment team.

Several factors are in place to make the German retail property market an attractive proposition for investors, according to research by Cordea Savills, the European property fund manager.

Cordea Savills, the property fund manager, has expanded its international network of offices with the opening of an office in Dublin, Ireland.
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Cordea Savills announces the closing of Serviced Land No.2 (SL2) with approximately £25 million of equity raised, almost three times the amount of its predecessor, Serviced Land No.1. Equity was raised from private clients via IFAs and institutional investors. SL2, which was launched in December 2006, mirrors the strategy of the first fund by focussing on obtaining attractive returns through sourcing and improving the value of land for housing development.

Cordea Savills and Aedes Financial Services have entered into a joint venture for a €350m portfolio of Italian properties, known as the “Boccaccio” portfolio.  Cordea Savills has acquired an 81.7% stake with the remaining share held by Aedes.
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Cordea Savills, the European property fund manager, is strengthening its Italian team with three major appointments.
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Cordea Savills has bought a 179-room student hall development in central Loughborough for £9.25 million for its Student Hall Fund.  The property is part of a high quality waterfront development, a short walk from Loughborough University which is ranked sixth in the Times University Guide.  The purchase will generate a net running yield of 5.5% after all costs of management.
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Cordea Savills, the European property fund manager, has expanded its London office with the appointment of two assistant portfolio managers. The appointments are part of Cordea Savills’ continuing expansion, both in the UK and across Europe.

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Cordea Savills has completed the purchase of 20 serviced apartments in London’s Notting Hill from Galliard for £6.435 million on behalf of its Diversified Residential Opportunities Fund (‘Diverse’).
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Cordea Savills announces the first purchase for its Serviced Land No.2 (“SL2”) fund, a 321-acre Greenfield site near Newport in South Wales for £2.55m. The property investment manager intends to enhance the site’s value by promoting it for inclusion in the local authority’s forthcoming draft development plan.
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Cordea Savills, the property fund manager, has completed the purchase of a high quality block of studio flats in Birmingham for its Student Hall Fund.The property will be directly let to students and is being bought for £13.5 million.  The fund, which is targeting a return above 10% per annum, already owns four halls, including three in the south of England let on long leases with index-linked rental uplifts and another in Bradford directly let to students.  The latest purchase means that the value of the fund’s assets, including property commitments, is circa £100 million.
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