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Patrizia buying EU logistics assets for €1.2B; Allianz invests €200M in France


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Patrizia buying EU logistics assets for €1.2B; Allianz invests €200M in France

* Patrizia AG agreed to acquire a European logistics portfolio spanning more than 1.5 million square meters of lettable space from Bentall Kennedy (U.S.) LP for about €1.2 billion. The portfolio comprises 42 properties across France, Spain, Italy and the Netherlands. Thirty-nine of the assets are yielding properties, while the remaining three are forward-funded developments that are partially pre-let.

* Allianz Real Estate bought a portfolio four logistics properties in France from AG Real Estate SA for €200 million, IPE Real Assets reported. The assets in Réau, Pont-d'Ain, Chaponnay and Onnaing have a total gross leasable area of 188,000 square meters. The portfolio was bought on behalf of several Allianz Group companies and in partnership with AEW.

* Growthpoint Properties Ltd., which is in the process of taking over Capital & Regional PLC, received valid acceptances for 438,704,932 shares of the U.K. retail real estate investment trust, as of 3 p.m. London time on Dec. 5. The shares represent roughly 60.3% of Capital & Regional's issued ordinary share capital, as of Dec. 5. The deal is now declared fully unconditional.

* A Davy Real Estate-managed fund paid about €175 million for the acquisition of Stephen's Green Shopping Centre in Dublin, according to The Irish Times. The fund purchased the property by buying the 37.6% stake of Irish Life, 35.4% share of Madison International Realty, and 27% share of businessman Pierce Molony, in the asset, according to the report.

UK and Ireland

* Investors have withdrawn more than £1.5 billion from U.K. open-ended property funds year-to-date, more than the entirety of 2016, London's Financial Times reported, citing data from Morningstar. Redemptions climbed to £775 million in the third quarter from £298 million in the three months to June 30. British property funds came under pressure after M&G Investments temporarily suspended dealing in the shares of its U.K. property portfolio and feeder fund amid Brexit uncertainty and turbulent outlook for the retail property sector.

* CBRE Group Inc.'s coworking brand Hana is set to open three floors of office in Manchester, U.K., according to Property Week. Once the deal is completed, Hana will take about 32,000 square feet of office space on the ground, first and second floors of the Windmill Green building owned by Fore Partnership.

* Hammerson PLC received planning approval from An Bord Pleanála to build a 107-unit apartment building in Dublin's Dundrum suburb, Irish Independent reported. The residential property will be constructed beside Dundrum Town Centre, which is co-owned by Hammerson and Allianz, starting in 2020. The apartment building will also have a coworking space, gym, cinema room, lounge and upper-level terrace, according to the report.


* Union Investment bought a logistics facility in Berkel en Rodenrijs near Rotterdam from Dutch company Heembouw Group for an undisclosed amount, according to REP Europe Real Estate. The 53,500-square-meter property being developed for Fource Logistics was bought as part of a forward funding agreement. The facility is due for completion by the end of 2020.


* Secure Property Development & Investment PLC transferred its Bulgarian assets to Arcona Property Fund NV in exchange of 315,591 new Arcona shares and 77,201 warrants. The portfolio comprises 34 apartments and two plots of land for development in Sofia's Boyana suburb. The assets were valued at roughly €1.9 million, excluding the issue of the warrants, based on the closing price of Arcona shares Dec. 5.

Middle East

* Dubai-based ENBD REIT (CEIC) PLC is set to delist from Nasdaq Dubai, subject to approvals of its shareholders and regulatory agencies. The decision to become a privately held real estate investment trust comes after the company's board of directors concluded a review of various alternatives to maximize long-term value for shareholders.

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