Pension funds for German doctors join forces in development deal

first_imgThree German Versorgungswerke have acquired the €218m real estate project “Stadthöfe” in Hamburg.The doctors’ fund Ärzteversorgung Niedersachsen (€7bn), the Ärzteversorgung Sachsen-Anhalt (€1.4bn) and the Ärzteversorgung Mecklenburg-Vorpommern (€1bn) have jointly acquired the project development, which Quantum Immobilien is scheduled to finish by 2017.The Ärzteversorgung Niedersachsen is administering the other two funds, but they all have individual investment portfolios in which the real estate exposure was between 10%, for the Ärzteversorgung Niedersachsen, and 7%, for the fund for doctors in the province of Mecklenburg-Vorpommern, prior to the deal.This is yet another club deal involving Versorgungswerke, with the Hofstatt deal in November or the Amprion deal in 2011 being the largest examples. The Stadthöfe project will see retail spaces, residential areas, a boutique hotel, offices and restaurants being built on a 100,000sqm area.German law firm Luther, which advised the Versorgungswerke on the deal, said it was a “major challenge” for the firm itself and the “most complex deal” for the pension funds to date.They compared the planned building complex to the Viktualienmarkt area in Munich.German Versorgungswerke, which are the first-pillar funds for certain professions such as doctors, notaries, lawyers and vets, have to find new investment opportunities in a difficult economic environment, as their contributions for the most part far exceed their pensions payouts.last_img read more

Final IORP II draft ahead relaxes depository, prudent person rules

first_imgPension funds could be exempt from appointing a depository under the latest, and final, revision of the IORP Directive before negotiations with the European Parliament get underway.The fourth compromise draft drawn up during Italy’s presidency of the Council of the EU also sees a streamlining of recommendations for the Pension Benefit Statement (PBS), and relaxes wording on requirements for the management of the funds to be “fit and proper”.First published on 21 November, the draft was on 28 November endorsed as the compromise to be used during negotiations with the European Parliament.The Latvian government, which will assume the rotating council presidency for the first six months of 2015, will begin negotiations next year, with the aim of passing the revised Directive after its first reading in Parliament. In the negotiating mandate, the council said four key issues – the PBS, the risk-evaluation for pensions framework, regulating for the use of a depository and refining cross-border requirements – had been addressed.The presidency was therefore confident the draft represented a balanced approach able to obtain the support of a “vast qualified majority”.The draft upon which negotiations will be based has relaxed requirements for the appointment of a depository, stating that it would be up to individual member states to account for the “nature, scale and complexity” of schemes when deciding whether they will need to appoint anyone.Other revisions that will please the UK market include changes for “fit and proper management” of IORPs, as earlier wording requiring all people involved in the institutions to possess professional qualifications were seen to rule out the use of lay trustees.Instead, the revised draft requires the scheme’s governing body as a whole to have the requisite experience, and ensure that “qualifications, knowledge and experience are collectively adequate”.A key change is the reinsertion of IORPs as a “pension institution with a social purpose”, distancing the Directive from earlier wording that regarded pension funds as financial service providers.The concerns revolve around the IORPs’ often unique anchoring in social and labour law, with services mandated after agreement with social partners, rather than classing the provision as a financial product on par with that offered by insurers.Finally, the draft continues to see the prescription surrounding the PBS reduced, with only two of the initial eight articles on the statement remaining within the Directive.An earlier compromise text saw the European Insurance and Occupational Pensions Authority stripped of its responsibility for drafting the risk-evaluation for pensions guidelines.Correction: The article initially stated that the latest draft continued to refer to IORPs as ‘financial service providers’. However, this was a reference removed from the second draft published by the Council of the EU on 28 November. Instead, mention of IORPs as ‘pension institutions with a social purpose’ was once again included.last_img read more

Finnish roundup: Keva, HEA Property, Veritas, RREEF Investment

first_imgKeva, which manages local government, state and church pensions in Finland, plans to extend its real estate investments outside its national borders.In a statement, Keva said its board of directors decided to direct real estate investments to other Nordic countries, with Sweden as the first market to enter. “Swedish real estate will provide a good diversification to the domestic real estate holdings,” it said. It added that investments in Swedish property could be in the form of joint ventures with other parties on the Swedish property market. Keva said the firm HEA Property would be its local partner in Sweden, managing and developing the assets Keva acquired.At the moment, 7% of Keva’s €45.2bn of total investments are in Finnish real estate.Of its direct real estate investment, 35% is in offices, 25% in retail, 25% in residential and the rest in ‘other’ sectors.In other news, Finnish pension insurance company Veritas said it sold an office building in Leppävaara, Espoo to Deutsche Asset & Wealth Management subsidiary RREEF Investment for around €70m, taking advantage of a good market for sellers.The property, called Sola Business Valley, was built in between 2011 and 2012 and has 16,936 sqm of space.Peter Karlsson, real estate director at Veritas, said: “This property represents a relatively large portion of our investment portfolio, which is why we decided to sell now that the project is completed and the market is favourable for divestments”.The building is fully leased as the headquarters for various companies, with Schneider Electric, Aditro and Lujatalo as the main tenants.Veritas said the office building had received LEED Gold certification.The pension insurer said it bought the building back in 2011 when it was being built by Lujatalo.CBRE Finland advised on the sale; Krogerus Attorneys provided legal advice to Veritas. Newsec and Hannes Snellman Attorneys acted as advisers for the buyer.last_img read more

​IORP rapporteur rewrites own draft on cross-border pension funds

first_imgBrian Hayes has tabled amendments to his own report on the IORP Directive, seemingly in an attempt to remove the risk of scheme mergers or accrual changes triggering full-funding requirements.The Irish MEP, IORP rapporteur for the Economic and Monetary Affairs Committee (ECON), in July proposed a number of changes to the legislation to lift the burden of full funding imposed on cross-border funds.In his initial report, the MEP suggested a scheme be required to meet technical funding provisions when it started operating “a new or an additional scheme”, raising concerns within the industry that changes to a fund’s accrual or contribution rates could be viewed as the launch of a new scheme.Hayes, a member of the European People’s Party, has now attempted to clarify his intention, amending the text to state that the merger of “two or more existing schemes or an addition of a new section to a scheme” should not be regarded as an additional scheme. His amendment, dated 5 October, is in stark contrast with one tabled by Bas Eickhout, a Dutch MEP and member of the Greens, who amended the European Commission’s draft Directive to state that assets fully cover liabilities “at all times and under suitably prudent assumptions of future returns on assets in order to protect the interests of members”.Sophia in ’t Veld, Dutch shadow IORP rapporteur and member of ECON, proposed removing much of the Commission’s involvement in cross-border regulation, instead proposing an exchange of best practice between national regulators to “stimulate” cross-boarder pensions.In a likely victory for the UK’s ShareAction and Eurosif, Anneliese Dodds, a UK member of the Socialists and Democrats, sought to reinsert a focus on environmental risk management, arguing that any risk assessment should look at “environmental, social and governance” matters.The Commission initially proposed such a focus, but it was removed by member states during negotiations in late 2014.Eurosif and ShareAction spoke with MEPs earlier this year, arguing that pension funds should be required to look at all three areas.Eickhout also tabled an amendment suggesting funds should not see stranded assets as part of a long-term strategy, and should have “effective mechanisms” for mitigating risks.,WebsitesWe are not responsible for the content of external sitesProposed amendments to Brian Hayes report on IORP Directivelast_img read more

Why I live in … Paddington

first_img FIRST HOME The first property I bought was a two-bedroom unit in The Gap.I bought it off the plan for a fair price from a developer that I knew needed some pre-sales to get the project up and running.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoHe allowed me to change a few things in the unit that I believed would make my first investment in property a good one.The change I made was adding a wall to turn a media room into a third bedroom.Since then I was in love with the property market. CURRENT HOME Andrew and Rob Gray pose at 29 Rockbourne Terrace, Paddington, Brisbane on Wednesday, August 22, 2018. Graya have renovated the 1920’s Rhondda house. (AAP Image/Claudia Baxter)Rob Gray, the sole owner of Graya Construction, learnt from a young age about the construction industry and followed in his father’s footsteps by starting his own construction related company. He shares his property dreams with The Courier-Mail. A dream home for me is a concrete low-set home with a healthy block size on top of a hill somewhere within 3km of Brisbane’s CBD. FANTASY HOMEcenter_img My Wife and I currently live in central Paddington on Given Tce.We feel in love with the property because of it beautiful city view. DREAM QUEENSLAND HOME I’ve always loved the luxury homes throughout Californialast_img read more

Gold Coast mansion of motorcycling legend Barry Sheene hits the market

first_img MORE NEWS: Coast’s best indoor pools The property is listed with a whopping $9.95 million price tag.A third-level bell tower that captures panoramic views of the skyline, a guesthouse, helipad with hanger, 18m pool overlooking main river and a boat shed are among its standout features.It has multiple living, dining and alfresco areas as well as a country-style kitchen and study beneath a soaring 18ft ceiling. MORE NEWS: Point position puts house in top sales The Riverbend Ave estate at Carrara is on a 1.21ha block.THE Gold Coast mansion that was home to motorcycle legend Barry Sheene has hit the market.Sheene, who won two world 500cc motorcycling championships, lived in the sprawling Carrara estate with his family for almost two decades before cancer took his life in 2003.His wife Stephanie, a former model, has listed the waterfront home on Riverbend Ave for the first time in more than 30 years with a whopping $9.95 million price tag. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy location is everything in real estate01:59 The main bedroom is flanked by floor-to-ceiling windows and has a marble ensuite with spa and bidet.Property records show Sheene and his wife bought the vacant land in 1986 for $599,900.Mr Kollosche said Mrs Sheene was selling the property to downsize.“She’s just at that stage now where all the kids have grown up and are leaving home. It’s time to downsize,” he said.“She’s going to build a smaller home.”center_img The property was built in the 1980s and has stood the test of time. It has a country-style kitchen.Kollosche director Michael Kollosche, who is marketing the property with Eddie Wardale, said it was a trophy home ideal for a large family because of its abundance of space.“It’s probably six times the size of a Monaco St double block,” he said.More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“We’re expecting a lot of interest because it’s such a unique home.”The Sheene’s built the traditional English-style house, enlisting former architect to the stars Roger Parkin to assist with the design.The nine-bedroom, seven-bathroom residence is on a 1.21ha parcel of land and has a long list of luxury inclusions. Barry Sheene with his then girlfriend Stephanie McLean at the International Motor Cycle Races, Oulton Park, Cheshire, August 1978. (Photo by Bob Thomas/Getty Images)last_img read more

Gold Coast tenants forking out up to $4000 a week in rent

first_img MORE NEWS: Waterfront mansion could mark Coast’s top sale The 2018 Commonwealth Games Athlete’s Village properties, now known as the Smith Collective, have hit the rental market. This Belle Maison skyhome at 129 Surf Pde, Broadbeach, costs $2250 per week to rent but comes fully furnished. More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago [email protected] Ms Conisbee said one factor behind the demand was interstate migration. “The Gold Coast appears to be an escape valve for Sydney’s high prices and we see very high levels of search activity from buyers and renters in Sydney looking at the area,” she said. “It’s lifestyle and affordability — what you pay to rent in Sydney near a beach is expensive but on the Gold Coast it’s much more affordable.” Most expensive median house rent per week A fully-furnished house at 20 Seabeach Ave, Mermaid Beach, has a rental rate of $2500 per week. Fully-furnished, architecturally-designed houses are also available including a four-bedroom Mermaid Beach property for $2500 a week. The house offers all the inclusions expected of a luxury residence such as a wine cellar, media room and heated pool.Overall, the Gold Coast has a median house rent of $560 and the median asking rent for units sits at $410. The Coast’s cheapest houses to rent are in Stapylton, Springbrook, Willow Vale and Bilinga where the median asking prices are below $430 per week. Willow Vale, Nerang and Pimpama have the most affordable rental unit market where the median asking rents are less than $380 a week. If you have $2500 per week to spare you can rent 115 George St West, Burleigh Heads.center_img The Atlantis West penthouse will set renters back a whopping $4000 per week. 1. Clear Island Waters — $850 2. Tallebudgera — $795 3. Tallebudgera Valley — $795 4. Broadbeach Waters — $790 5. Benowa — $780 6. Bundall — $750 7. Mermaid Waters — $750 8. Currumbin — $745 9. Reedy Creek — $715 10. Gaven — $710 Source: CoreLogic A house in Clear Island Waters will set renters back about $850 per week, with median prices in the Coast’s 10 most costly rental suburbs all above $700 per week. Hollywell, Benowa and Robina are the Coast’s most expensive spots to rent a unit, all with median asking rents above $500. Listed on are a swath of luxury rental properties asking thousands of dollars per week.One of the most expensive, which will set renters back an eye-watering $4000 per week — or $208,000 a year — is a Surfers Paradise penthouse in the Atlantis West complex. The four-bedroom apartment at 180/8 Admiralty Drive, Surfers Paradise, also requires a $16,000 bond. chief economist Nerida Conisbee said Gold Coast rents were on the rise due to high demand. “There’s a massive amount of activity on the website (with) very high views per listing for Gold Coast suburbs, not just on a Queensland base but nationally,” she said. MORE NEWS: Cashed-up buyers go on spending spree One-bedroom apartments start at $380 per week. Smith Collective general manager Tina Grey said she expected more stock to hit the market throughout the year offering tenants variety and more affordable living options. The 2018 Commonwealth Games Athlete’s Village properties are set to help with that. “The Gold Coast has always been a tightly held market and these new properties wereneeded to support the growth of the city,” Ms Grey said. “The recent fresh supply of properties was needed because the Gold Coast vacancy rate was quite low, but the market is adjusting now they have been built.” One-bedroom apartments in the village start from $380 per week through to three-bedroom townhouses at $595 per week. Well-heeled tenants are pay big bucks to live in lavish rentals across the Gold Coast. Affluent renters are forking out up to $4000 a week to live in flashy houses and luxurious skyhomes on the Coast. And the latest CoreLogic data shows Clear Island Waters tenants are paying the most with the median rent for a house there the city’s highest. last_img read more

Tropical haven walking distance from the surf

first_img RELATED: Rare seaside estate hits the market The result is a private backyard full of lush greenery. “It’s a beautiful feeling when you sit out there at night in the gazebo with the candles going,” Mrs Robinson said. “We feel like we don’t have any neighbours.” The home has been updated over the years. Picture: supplied. 37 Eden Crescent, WoorimTHIS island home has a resort-style design and a private tropical sanctuary in the backyard. Owners Wendy and Neil Robinson bought 37 Eden Cres, Woorim 25 years ago and in that time have turned the property into a haven. “We loved the open-plan design and the atrium in the centre of the home,” Mrs Robinson said. “It’s such a beautiful Queensland home.” The home is built around the large atrium. Picture: supplied.Mrs Robinson said when they first moved in, the property had virtually no garden and just some landscaping around the inground swimming pool. “We’ve created the gardens over the past 23 years,” she said. “We mainly have tropical plants. We love bromeliads and we have lots of palms.” Your very own castle on the sandcenter_img This little piggy went to market The well-designed home is built around a central atrium with a living and dining area on one side, a family room opposite and the kitchen at the top of a courtyard. More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Character-filled Queenslander on private, leafy block20 Sep 2019The main bedroom has a walk-in wardrobe and ensuite while the two remaining bedrooms have built-in wardrobes. The home also has a laundry and double garage. The swimming pool has a resort feel. Picture: supplied.The Robinsons have updated the home over the years, including renovating the kitchen and bathrooms. “It’s great home for entertaining, we’ve had so many great nights here,” Mrs Robinson said.“Neil and I are both golfers and this is also a great place to come home to after a game. It’s so quiet and relaxing.”The home is three minutes from the Bribie Island Golf Club and a five-minute walk from the beach. The property is on the market through Sheri Binzer of Bribie Island Real Estate.last_img read more

Unique beach retreat hits the market for the first time

first_imgThe outlook is perhaps one of the properties best features with sweeping ocean views from north to south and direct access to the beach. Owner Beverly Lye said she and her husband built it to be one of a kind and big enough for their family to stay. “Our house was built in 2002,” Mrs Lye said. “We wanted something as special as the location capturing all of the sea breezes and the beautiful ocean views. “The starry nights and full moon rising over the ocean as well as the sun rises and sun sets. “We will also miss seeing the dolphins as they swim by in the early morning along the secluded beach.” “The balcony off the main bedroom is like the stern of a boat.”Mrs Lye said it wasn’t only the house she and her husband would miss about the property. “We will miss the beautiful ocean views and the tranquillity of the neighbourhood,” Mrs Lye said. “It’s a one off home that makes you feel like your on holidays everyday.”The unique property is being offered to the market for offers over $598,000. This three level residence at 37 Saltwater Drive, Toomulla, is on the market for offers over $598,000.THIS beachside retreat has been custom built by it’s original owners and is on the market for the first time in its history. Boasting plenty of timber, steel and corrugated iron the house spans over three levels with a separate guest quarters. READ MORE More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Situated on a 814sq m block, principal at Elite Properties Townsville Glenda Worrall said houses in this location do not come up for sale often. “I have had a great deal of interest … it’s only been on the market for 5 days now,” Ms Worrall said. “Houses on the beach are very rare and this home is built onto the cliffs edge with the most breathtaking Coral Sea views.last_img read more

Tank for Scotland’s first LNG ferry delivered

first_imgScotland’s Ferguson Shipyard in Clyde has taken delivery of the liquefied natural gas tank for the country’s first LNG ferry being built for Caledonian Maritime Assets Limited. The 147 cubic meter tank, weighing in at 88 tons, is the first to be delivered for two 102-metre dual fuel ferries capable of operating on liquefied natural gas (LNG) and marine gas oil (MGO), helping to reduce emissions.The tank, supplied by Wartsila, left Shanghai, China eight weeks ago, traveling by sea through the Suez Canal to Antwerp before reaching Scotland’s shoreCaledonian Maritime Assets said the pressurized tank, made from double-skinned stainless steel and perlite insulation, is the single largest component required for the construction of the vessels.When commissioned, the two ferries will provide year-round service for the Ardrossan to Arran and the Skye Triangle routes.The first ferry, as MV Glen Sannox, is expected to enter service in the second half of 2018.last_img read more