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German bank selling €3B portfolio; Blackstone hires banks for Logicor IPO


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German bank selling €3B portfolio; Blackstone hires banks for Logicor IPO

* HSH Nordbank has placed a portfolio of assets worth €3.2 billion on the market, The (U.K.) Sunday Times reported. Included in the portfolio are three London office assets worth roughly £1 billion, according to a source cited by the paper.

The sale is part of a bailout by the German state-owned bank's two main shareholders, the report said.

* Blackstone is believed to have picked Goldman Sachs and Eastdil Securities to aid in the planned listing of Logicor, the private equity giant's approximately €13 billion European logistics business.

* JLL said that big data and artificial intelligence are some of the technological advancements that the European and Middle Eastern real estate market, the office submarket in particular, must prepare for.

UK and Ireland

* British Land and GIC plan to seek tenants beyond the financial services sector as they redevelop 1 & 2 Broadgate in London, according to Bloomberg News. The joint owners are reportedly mulling the addition of a shopping center at the office complex, with British Land CEO Chris Grigg reportedly saying that there would be an extension of an estimated 400,000 square feet of retail space.

* TH Real Estate is teaming up with Native Land and Queensberry Properties for the residential component of the £1 billion St James Centre scheme in Edinburgh, Scotland. The 1.7 million-square-foot mixed-use project is one of the biggest regeneration projects underway in the U.K. and is expected to yield about 150 apartments.

* U.K. councils that do not have a clear and updated housing plan may be cut off from the government's recently announced £2.3 billion housing infrastructure fund, Property Week reported, citing sources. The publication noted that councils have until April 2017 to draft their plans.

* Speaking of the U.K. government, the Financial Conduct Authority will look into the pricing structures of property funds as part of an ongoing review. The City watchdog's CEO, Andrew Bailey, told London's Financial Times that the probe will center around how affected property funds applied pricing discounts in the wake of Brexit.

* Miles Shipside, Rightmove director and housing market analyst, said that housing prices in the U.K. "continue to hold up well," with 2016's average November asking prices seeing the smallest decline of 1.1% since November 2011.

* Over in Ireland, Oaktree Capital Management and Hines are in talks for a €230 million student accommodation portfolio in Dublin, The Sunday Times reported, citing unknown sources. The report said Hines is close to agreeing to buy 1,460 student beds across four Oaktree projects in the city, which have a combined value of about €230 million.

* Irish property investment fund Iput is buying out its co-owners in Wilton Park House, a 13,000-square-meter office block in Dublin, The Sunday Times reported. The property is said to be worth approximately €84.5 million and is home to IDA Ireland.

* Despite opposition, the Dublin City Council granted planning permission to Natrium for its planned redevelopment of the Clerys building, the Irish Independent reported. Natrium will be able to proceed with proposals for a new mixed-used project that includes a boutique hotel, offices and retail stores.


* KanAm's grundinvest fund sold the Atrium Business Park to Deka Immobilien. The purchase price was not disclosed but IPE Real Estate noted that the four-block office park was worth €264.2 million, as at June 2015.


* KKH Property bought a 27,000-square-meter asset in Madrid for €80 million, with plans to convert it into a 180-room luxury hotel, Property Investor Europe reported, citing local media. It is believed that Hispania Activos Inmobiliarios was also interested in the Montemadrid Foundation headquarters.


* Pandox raised an approximate 1.01 billion Swedish kronor from a directed share issue of 7,499,999 series B shares, and has plans to channel the share issue proceeds toward making acquisitions.

* Castellum AB is exiting the Luleå market as it closed the 486 million-kronor sale of an office property in the city. State-owned Specialfastigheter acquired the property, which houses the Courts of Sweden, the Swedish Police and the Swedish Enforcement Authority.

The company is implementing a strategy to increase the density of its portfolio by operating in fewer locations.

Middle East

* Abu Dhabi's hotel sector in November recorded year-over-year declines in three performance metrics, while seeing an increase in supply of 2.7% and nearly flat demand, STR found. Occupancy, average daily rate and revenue per available room saw respective dips of 3.1%, 11.1% and 13.8%.

* FT takes a look at Dubai's commercial property market, reporting on how a supply shortage is preventing the city from an inflow of more investments from foreign and global institutional investors. The publication cites Jesse Downs, managing director of a property research company, as saying that there is a scarcity of top-quality office options suitable for international companies.

Now featured on S&P Global Market Intelligence

Data Dispatch Europe: European real estate companies' capital-raising down 21.7% YOY through November: Year-to-date through Nov. 30, European real estate companies had raised €25.01 billion in capital, down 21.7% from the amount raised over the same period in 2015.

The Eastern Front: Cromwell's tussle for Investa Office will require higher bid, analyst says: Cromwell Property Group and Investa Office Fund remain at loggerheads, as Cromwell pushes for due diligence access as part of its take-private bid and Investa Office denies its requests.

The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.