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AccorHotels offers A$1.2B for Australian group; Beni Stabili places €300M notes

* Accor SA filed an indicative and nonbinding A$3.96 per share control proposal for Australian hospitality company Mantra Group Ltd. The A$1.2 billion offer represents a 23% premium to the A$3.23 per share Oct. 6 closing price of the target company, which values Mantra at about A$1.17 billion.

* Beni Stabili SpA SIIQ placed €300 million of 1.625% senior unsecured notes due October 2024. The notes were priced at a spread of 115 basis points over the reference swap rate, and the issuance was about 7x oversubscribed, for total orders of over €2 billion. Net proceeds will be used to refinance existing debt and for general corporate purposes.

UK and Ireland

* Harworth Group was given an approval to convert the former Rio Tinto (Alcan) Smelter plant near Ashington, U.K., under a £175 million project, Construction Enquirer reported. The 175-acre site will be transformed to deliver up to 1.3 million square feet of manufacturing, distribution and local startup space, according to the report.

* Mitsubishi Estate London and Stanhope are believed to be appointing contractor Mace to construct the duos' planned skyscraper at 150 Leadenhall St. in London, Construction Enquirer reported. The City of London Corp. granted permission for the revised plans for the 50-story project earlier in October.

* Intu Properties Plc bought back an additional £34.9 million of the £300.0 million of 2.50% convertible bonds due 2018 issued by intu (Jersey) Ltd. Following £104.7 million worth of recent purchases, £160.4 million of the convertible bonds remains outstanding.

* Robert Sinclair retired from Sirius Real Estate Ltd.'s board as a director at the company's Sept. 22 annual general meeting. Sinclair also plans to step down from Picton Property Income Ltd.'s board as an independent nonexecutive director.

* Irish homebuilder Glenveagh Properties, which is preparing to float in Dublin and London, believes that 30 sites, or more than €500 million of land, owned by religious orders could provide 6,500 homes in Ireland over the next five years, The Irish Times reported. The company is targeting gross proceeds of up to €550 million in an IPO, priced at €1 per ordinary share.

* Wirefox, on behalf of its clients, bought the 294,000-square-foot City Park office building in Glasgow, Scotland, from APAM for €45.8 million, Europe Real Estate reported.

Germany and Austria

* TLG IMMOBILIEN AG fulfilled the last condition required to proceed with the settlement of its takeover offer for WCM Beteiligungs- und Grundbesitz-AG with the Oct. 6 registration of a capital increase offering in the commercial register of the Charlottenburg court in Germany. The two companies signed a domination agreement earlier, subject to an approval at TLG's extraordinary general meeting.

* UBM Development AG closed the placement of a corporate bond worth €150 million, representing an increase to the issuance of up to €120 million bonds it planned earlier. The subscription offer period, scheduled to end Oct. 6, was closed prematurely after more than €200 million in oversubscribed bonds.

* Nordic private equity fund EQT marked its second acquisition in Germany after buying two office properties spanning approximately 70,000 square meters in Frankfurt for its EQT Real Estate I fund, Property Investor Europe reported. The deal comprises the 45,600-square-meter Atricom building in the Niederrad area and the 23,700-square-meter Le Büro asset in the city's Neu-Isenburg district.

* La Française Real Estate Partners International acquired a 30,270-square-meter office complex comprising two buildings in Stuttgart, Germany, for an unknown sum, PIE reported. The asset was purchased on behalf of two La Française real estate investment vehicles, the report added.


* Gazeley and Argan signed an agreement with furniture retailer Conforama to develop a 180,000-square-meter distribution and storage warehouse in Paris' Tournan-en-Brie commune, PropertyEU reported. The facility will be constructed on a 33-hectare plot inside the Terre Rouge business park.


* Klövern AB set up a 10 billion-Swedish-kronor medium-term note program in a bid to expand its financing sources. The program will be secured by a pool of property assets and fully covered by property mortgage certificates.


* Czech Republic-based Arendon Development landed a 1.2 billion Czech koruny loan facility to fund the initial phase of its €400 million Oaks Prague project, PIE reported. Plans for the development include 250 homes, a boutique hotel and leisure facilities on a 140-hectare site.

Southern Europe

* P3, making its first built-to-suit foray in Italy, was awarded a contract to develop a new 30,000-square-meter warehouse for Lamborghini and Ducati Motor Holding at the P3 Sala Bolognese park near Bologna, Europe Real Estate reported. Work on the project has begun, with completion scheduled for the 2017-end.

* Inmobiliaria Colonial SA has scheduled a board meeting Oct. 9 to discuss relocating its head office out of Catalonia, in northeastern Spain, Reuters reported, citing a source close to the company. Meanwhile, a number of other companies are mulling a relocation from Catalonia in the wake of the referendum on independence from Spain, which was branded illegal by the local authorities, the report added.

Middle East

* ENBD REIT (CEIC) Ltd. paid US$76.2 million to purchase The Edge grade A office building in Dubai Internet City from SWEID & SWEID, Arabian Business reported. The seven-story building houses Oracle, Snapchat and McGraw Hill, the report noted.

Other real estate news

* SCOR Investment Partners raised €500 million in the first fundraising round for its SCOR Real Estate Loans III fund, which will invest in real estate mortgages. At least 65% of the portfolio's gross commitments will be supported by buildings benefiting from environmental labels.

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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.

As of Oct. 6, US$1 was equivalent to 8.13 Swedish kronor and 22.04 Czech koruny.

Anusha Iyer contributed to this report.