Without Reserve

Sydney Morning Herald

Saturday September 13, 2008

Carolyn Cummins

Property insurance goes green

ACE INSURANCE has unveiled what it says is the market's first insurance coverage for industrial and commercial property owners who want to replace their damaged or destroyed buildings with green-rated, sustainable features. The launch of the ACE Green Advantage endorsement for existing policies means that property owners will be able to comply with the Green Building Council of Australia's ratings when they repair or replace their buildings. ACE's chief executive, Australia and New Zealand, Steve Crouch, said property insurance coverage to high green standards was gaining popularity around the world.

Level One files for bankruptcy

The asset management company of Level One residential property fund has filed for bankruptcy with the Charlottenburg district court in Berlin (pictured). According to a report late last week in the Financial Times Deutschland, insolvency papers were also filed for the holding company and 70 subsidiaries through which about 28,000 apartments and a number of commercial properties were acquired. Level One's biggest creditor is said to be Credit Suisse. Founded in Austria, Level One has been active on the German property market since 2004. Since then, it has acquired and administered an inventory of nearly 30,000 apartments in more than 30 cities, which makes it one of the largest residential investors in Germany.

City Commercial wins ride

More than 120 riders in 30 teams pulled on the lyrca shorts for the fifth Ride For Life corporate cycle race to raise money for the Prince of Wales Hospital oncology department. Commonwealth Bank, Westfield, Colliers International, Brennan and City Commercial Property were among the property industry names represented. The 28-kilometre race was won by City Commercial Property's Andrew Herrmann, while his team was the overall corporate winner.

© 2008 Sydney Morning Herald

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