Weekly Real Estate Investment Activities
It’s only Monday in North America, and there are already dozens of new activities happening, the market is certainly recovering rapidly. This week, we changed our strategy and looking at sectors outside hotel investments.
It’s a shopping time in Italian retail malls
Allianz SE and Corio acquired Porta di Roma, Italy’s largest shopping center, for about 440 million euros ($582 million).
Allianz, Europe’s biggest insurer, and Dutch real estate developer Corio each bought half of the mall on the northern outskirts of Rome, according to a statement today. The property was previously owned by Porta di Roma Srl and Gallerie Commerciali Italia SpA.
Porta di Roma opened in July 2007 and has 220 stores and a multiscreen movie theater that attract 13 million shoppers a year, according to the shopping center’s Web site. Large malls on the edge of cities have attracted investors, in part because of their scarcity, rent stability and diversity of tenants.
The transaction still needs to be approved by the European Union antitrust authority. This is just one of the deals concluded by Allianz and Corio lately, the 2 companies are both active real estate investors in Europe, typically investing in existing commercial or retail real estates.
New Real Estate Fund Profile: Mountain Real Estate Capital.
Mountain Real Estate Capital, the newly formed acquisition and investment affiliate of Mountain Funding, is pleased to announce the recent closing of its first five opportunistic acquisitions. Mountain Real Estate is based in North Carolina, and have concluded several deals:
$75 million equity partnership with GL Homes of Florida to acquire assets from a major financial institution.
The strategic partnership allowed GL to recapitalize seven different partnerships involving 8,300 acres and 6,500 home sites, plus capital for completion of additional lot inventory.
REO purchase of a portfolio of 56 residential communities in the greater Atlanta area from Bank of North Georgia.
Equity joint venture with GreenPointe Communities of Florida to purchase, develop and sell two subdivisions located in Jacksonville.
Purchase of non-performing loan secured by an 80,000 square foot commercial building in South Carolina.
REO acquisition of 1,200 acres in Southern Western Florida entitled for 1,000 dwelling units.
The Fund’s current investment activities have been concentrated in the South Eastern States of United States.
Real Estate Financing Profile: M Group LLC
M Group LLC is a real estate investment and development company located in Birmingham, Michigan. Established in 1993, we invest in, acquire and develop a wide variety of commercial and residential real estate throughout the United States and Canada.
The company also partner with other developers and acquirers. Since our inception, M Group principals have invested in excess of $40 Million in over 90 ventures, and have raised another $31Million in co-investment capital.
Recent projects invested including multi-family residential projects, single family projects, community retail centers and a number of commercial developments. The projects it has participated are across United States and Canada, recently projects were found in Ohio, Nevada, Arizona and Michigan.
The new 2010 Global Real Estate Investors Guide is out, please visit our website http://researchwhitepaper.com for more details about this guide.
