Brussels-based real estate investment firm Befimmo said the total value of its portfolio reached EUR 1.8 bn last year, up EUR 745 mln in 2005. The large increase in value follows the purchase last December of 90% of the state-owned Fedimmo's portfolio for EUR 725 mln. Befimmo said it is planning a capital increase by mid-2007.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
