THE SWISS GROUP IMPLENIA TO BUILD THE TALLEST BUIDING IN TURIN DESIGNED BY ITALIEN ARCHITECT RENZO PIANO

Implenia recently signed a contract to build the tallest building in Italy, for Banca Intesa San Paolo. The bank commissioned the renowned Italian architect Renzo Piano to design this tallest tower for its new headquarters in Turin.

Renzo Piano was awarded in 2008 by the prestigious American Institute of Architects AIA.

Implenia, born of the merger of the two Swiss firms Batigroup and Zschokke, is currently the largest constructor in Switerland

The famous Centre Pompidou in Paris created by Renzo Piano

This new building largely glassed, with a total height of 166 meters, will comprise 43 storeys and will therefore constitute a landmark visible from afar in the sky of the north Italian city. Implenia has managed to win the contract as part of a consortium with the Italian group of Rizzani Eccher. Construction will start in the coming weeks and will be completed in 2013. The cost will amount to more than 200 million euros, of which approximately 30% will go to Implenia. The Intesa Sanpaolo banking group, which was formed by the merger between Banca Intesa and Sanpaolo IMI, has clear leadership in the Italian market and a strong international presence.

MEDICAL INVESTMENT DEVELOPMENT IN SYRIA

In february 2010, H.E. Dr Rida Saeed, the Minister of Health of the Syrian Arab Republic, countersigned the approved report of the joint Government /WHO, World Health Organization, programme review and planning mission for the biennium 2010–2011, as well as the detailed programme budget and the workplans for all national programmes.

H.E. Dr Rida Saeed signing the approved report

The report and detailed workplans have been reviewed by the WHO Regional Office and were approved by Dr Hussein A. Gezairy, WHO Regional Director for the Eastern Mediterranean, on the 3 February 2010.

SQH’s Medical City project by Syrian-Qatari Holding

The Chairman of Syrian-Qatari Holding (SQH), Mr. Nasser Hassan Al-Ansari, recentl signed the definitive Shareholder Agreement for the co-development of Syria’s first world-class Medical City with a group of highly skilled US-based Syrian physicians acting within the framework of the Syrian-American Medical Center (SAMC), and represented by Dr. Ammar Hemaidan (General Manager of SAMC), and Dr. Akram Kholoki, Vice Chairman of the Board of Directors.

The Medical City integrates a 200-bed hospital and several specialty medical centers as well as medical offices.

SQH will be developing and managing the project through its fully owned subsidiary, Syrian-Qatari Healthcare. The total project cost is estimated to be around US$ 150 million, and the development of the entire complex is estimated to require 3.5 years.

Souria Holding which develop two towers designed by the french firm Architecture Studio will build an international standard hospital.

Souria Holding will fund the building of a modern, specialised and well equipped Hospital for the treatment of cancer. The Hospital will greatly boost the country’s capacity to provide quality treatment to the large number of Syrians who are diagnosed with cancer each year. The Hospital will also provide valuable career opportunities in the area of healthcare.

DM HEALTHCARE A LEADING MEDICAL OPERATOR IN THE UAE AND INDIA, CREATE ASTER MEDICAL CENTRE IN DUBAI

DM Healthcare, a US$ 300 million group and one of the largest healthcare service providers in the region, recently introduced their new Corporate brand identity “ASTER” .

The new brand identity was revealed by the Chief Guest H.H. Sheikh Mansoor Bin Mohammed Bin Rashid Al Maktoum, along with officials of DM Healthcare and media. The new brand identity aims at consolidating and spearheading the four key verticals of DM Healthcare as one cohesive Brand. Aster will be integrating the hospitals, clinics, diagnostic centres, and

pharmacies of the Group, spread over 90 locations in 5 countries.

Last July, in Dubai, the group inaugurated the ASTER Medical Centre and ASTER Pharmacy of DM Healthcare at Al Qusais in the presence of Dr. Azad Moopen, Chairman of DM Healthcare, and high level official representatives.

Meeting the highest standards, this Centre is designed to provide to the residents of this neighborhood with multispeciality services which contribute in providing comprehensive healthcare to the communities we serve.

DM Healthcare, have over the years become as one of the leading institutions that blends the best of technology and talent in its endeavor in providing uncompromising medical attention to the public. The centre occupies an area of more than 5,000 sq ft with lavish interiors and spacious setting including the facilities of latest generation .

THE FRENCH BANK TO COME OUT WINNING STRESS TESTS

The bank BNP Paribas, Societe Generale, Credit Agricole and BPCE have passed the examination of strength decided by the European authorities and conducted by the Committee of European Banking Supervisors CEBS with respect to the banking community. This test therefore dismissed any need to recapitalize these banks.

AXA REAL ESTATE INVESTMENT MANAGERS ANNOUNCES THE FIRST CLOSE OF ITS PAN-EUROPEAN FUND, DEVELOPMENT VENTURE III

The new Axa Building, to be completed in 2010, named Tour First CB31 in Paris la Défense, the most important European Business District,

AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate manager in Europe and second globally* with €38.2 billion of assets under management, announces the first close of its pan-European development fund, Development Venture III (the “Fund”).

At first closing, €230m had been raised from four European investors, together with co-investment from insurance companies of the AXA Group. There remains a strong interest from other investors resulting in a slightly higher amount for a second closing, which has been earmarked for September. Overall the fund equity raising will be capped at €600m with a target IRR of 25% gross.

The Fund is an opportunistic vehicle which will invest in green and brown field sites, existing properties which require extensive redevelopment and development joint ventures.

Targeting mainly offices, but also retail, logistics, hotels and mixed used real estate, it will have a significant focus on Paris and will also make use of the specialist local development expertise of its teams in London, Milan, Madrid and in major German cities. Individual development projects are expected to have a minimum end value in excess of €300m.

Development Venture III is the third development fund launched by AXA Real Estate to date, following on from the successful performances of the previous two development funds, launched in 2001 and 2004.

These funds combined, have completed in excess of €2.3bn of developments across Europe, providing its investors with IRRs in excess of 40% pa on a project level. AXA Real Estate has a dedicated pan-European development team of over 25 people located across major European cities, responsible for managing all stages of the development process, from sourcing and deal execution to engineers and architects.

The development team has completed in excess of 250 projects with a combined value in excess of €7bn over the last 10 years, including 15 major corporate headquarters.

Dennis Lopez, AXA Real Estate’s Global Chief Investment Officer, commented: “Development Venture III builds on the highly successful track record of our two previous development funds, which have provided our investors with exceptional returns. With a well established in-house team of professionals experienced in managing every stage of development, we will seek to secure a broad range of opportunities, ensuring we retain an appropriate risk profile for the Fund. “

Eric Stampfli, AXA Real Estate’s Development Funds Director added: “We believe that the launch of this development fund at this stage in the market cycle will enable us to deliver both speculative and pre-let assets into targeted markets where we see restricted supply and strong tenant demand, offering the potential for strong value creation for our investors.

Source Axa investment managers

Swiss Development Group, new investor on the luxe real estate in switzerland

Founded in 2007 by Ilyas Khrapunov, an investor from Kazakhstan, Swiss Development Group, is a young company who want specificaly invest in the luxurious leisure market in Switzerland.

The company has purchased the Hôtel du Parc, Le Mont-Pèlerin, situated in the UNESCO protected vineyards of the Lavau. , The hotel is being converted, after refurbishment, into 24 luxurious apartments complete with service units, spa, indoor & outdoor swimming pools, a full range of leisure activities and equipment with 5-star hotel services. The company also planned to develop a luxurious beach resort in Geneva

THE UNITED KINGDOM AND FRANCE WANT TO BOOST ISLAMIC FINANCE

In order to further promote the City of London as a centre for global Islamic finance and level the playing field between conventional and Islamic products (referred to by the legislation as alternative financing instruments), today the UK Government announced in the UK Budget 2009 statement the following three further measures on alternative finance as part of the ongoing drive to promote the UK as a centre for Islamic finance.

Of 27 billion institutional investment real estate in France, only 4% would come from Islamic finance

Last year an amendment to article 2011 of the French Civil Code was passed on 17 September 2009 by the French National Assembly (Assemblée Nationale) to help promote the development of Islamic finance in France. This amendment is intended to assist in the structuring of Shariah-compliant products in France using French trusts (fiducies). Whether this move in the right direction is enough to boost the sukuk market in France remains to be seen but no doubt gives new perspectives to Islamic investors.

EU stress test for banks has limited relevance for HRE Hypo REal Estate

The HRE Group (HRE) has carried out the European stress test using the scenarios, methods and assumptions prescribed by the Committee of European Banking Supervisors (CEBS). The outcomes of the stress testing exercise have shown that the HRE Group exceeds the 6% tier 1 ratio required by CEBS for all scenarios, except for two cases which test particularly negative conditions for 2011.

HRE maintains the regulatory minimum tier 1 ratio of 4% in all stress scenarios tested. It should be noted that the stress testing outcomes for 2011 have limited relevance for the Group.

For instance, the test has not taken into consideration the transfer of assets worth up to € 210 billion to FMS Wertmanagement – the deconsolidated environment to which assets will be transferred from the HRE – which is scheduled for the second half of 2010. This transfer will substantially reduce risk-weighted assets. Furthermore, given that the financial markets crisis has not been fully resolved, the HRE Group applied to SoFFin for a recapitalisation in an aggregate amount of € 10 billion, of which € 7.87 billion has been approved to date. Given full recapitalisation, HRE would exceed the 6% tier 1 ratio for all scenarios used in the current stress test.

Source Hypo Real Estate

The French State is going to sell 1 700 real estates in three years to raise the public finances

The French State is going to sell 1 700 real estates in three years to raise the public finances The Franch State decided to put on sale a part of its property, to raise the public finances. All in all, 1 700 properties which will be given up to their market value. The French State plan to complete the sale by the three next years.The program includes, for example, the possessions prestigious as a castle in Haute-Savoie or high level real estate of VII district of Paris. The recovery of the real estate value in France seems to be an opportunity for this strategic decision

WestImmo London provides bilateral financing in the UK and Continental Europe

WestImmo London provides bilateral financing in the UK and Continental Europe. In addition to WestImmo’s strategy of medium to large scale debt arrangement, the London Branch continues to provide clients with tailored bilateral solutions across Europe.

During recent weeks, WestImmo has arranged and underwritten the following acquisition loans. €31m to assist in the purchase by Resolution Properties of the Galeria Pomorska shopping centre in Bydgoszcz (Poland), a modern retail scheme with over 100 shop units built in 2003. £32m supporting the acquisition by Rockspring Property Investment of two shopping centres in Aberdeen and Blaydon (United Kingdom).

The Mall Shopping Centre (Aberdeen) comprises 190,000 sq ft of retail accommodation with 24 retail units while the The Precinct (Blaydon) comprises of 47 retail units (93,200 sq ft) and 4 small office suites (3,300 sq ft). £23m for the purchase by a private overseas investor of 15/17 Long Acre, part retail (18,406 sqft) / part office (24,121 sq ft) building in the Covent Garden area of London (United Kingdom). Peter Denton, Head of the London Branch said “It is as important for the bank to bilaterally support our UK investor base across Europe as it is to take core roles in larger transactions. Our activities over recent weeks underpin this.”