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Warehouse cuts plans to pick up £460M of assets; Primonial closes €1B German buy

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Warehouse cuts plans to pick up £460M of assets; Primonial closes €1B German buy

* Warehouse REIT PLC has ended talks for the acquisition of a £460 million industrial asset portfolio from Hansteen Holdings PLC after the two parties were unable to agree on the terms of the purchase.

* French asset manager Primonial Group closed its €1.14 billion purchase of a 50% stake in a portfolio of 71 hospitals in Germany from U.S.-based Medical Properties Trust Inc. Inc. The deal, signed in June, valued the assets at approximately €1.63 billion.

* Vonovia SE bought Starwood Capital Group's stake in Swedish residential group Victoria Park AB through its subsidiary. The German real estate company bought 27,074,397 class A and 32,486,304 class B shares, taking its total shareholding and voting rights in Victoria Park to 81.4% and 81.1%, respectively.

UK and Ireland

* Lone Star intends to debut an Irish homebuilder through an over €300 million IPO on the Dublin and London stock exchanges. The private equity group has tapped stockbroker Davy and JP Morgan to work on the potential offering.

* Pretax profit at Barratt Developments plc rose 9.2% to a record £835.5 million for the year ended June 30 from £765.1 million in the prior year. EPS for the period came in at 66.5 pence, up 8.5% from 61.3 pence.

* Columbia Threadneedle is selling the seven-building Courage Yard project in London through JLL for £89 million, at a net initial yield of 5%, Property Week reported. The 2.2-acre fully let development will offer 17,900 square feet of retail space, 160 residential units, as well as 67,900 square feet of office space, which is pre-let to property agent Zoopla Property Group.

* Scotland's First Minister, Nicola Sturgeon, revealed plans for a £7 billion injection into development projects across the country as part of the government's Programme for Scotland 2018/2019 initiative, PW reported. The funds will be invested over the next seven years on new homes, and on regenerating schools and hospitals.

* The mayor of Bristol, U.K., has called off the local council's plan for an arena in the city center in favor of Legal & General Group PLC's planned £300 million mixed-use development, which will feature a 345-room hotel, 550 new homes and a conference center. Martin Rees deemed the £150 million arena project "too risky."

* Investment fund Squarestone secured a £125 million syndicated loan facility from the Royal Bank of Scotland and Barclays to fund its growth via the acquisition of commercial properties, PW reported.

* Quintain unveiled development plans for Europe's first multistorey parking complex at Wembley Park in London, Construction Enquirer reported. The purpose-built property will have capacity for 290 coaches over two floors, as well as a five-story parking facility for upwards of 700 cars, according to the report.

* Developer Michael O'Flynn and BlackRock Real Estate Assets have jointly purchased the 195-acre former Hewlett Packard campus in Leixlip, Ireland, for about €51 million, the Irish Independent reported. The campus comprises nine buildings spanning a total floor area of 1.47 million square feet.

* Marlet Property Group is divesting for over €32 million a 9.63-acre development site in north Dublin's Cabra suburb. The site has planning consent for 419 apartments and a house, as well as commercial and community spaces, The Irish Times reported.

* Elsewhere in Ireland, the City East Retail Park in Limerick was placed on the market for a guide price of more than €28 million, reflecting an income yield of 7.58%, The Irish Times reported. The park has planning permission in place for a coffee shop and an additional retail unit, the report added.

France, Austria and Belgium

* French real estate developer Nexity obtained a €2.3 billion syndicated five-year corporate credit facility due July 2023 to replace an existing one, which will expire in December. The new facility comprises a €500 million cash credit line and €1.8 billion in guarantee commitments.

* Aberdeen Standard Investments paid a sum of €120 million to acquire two residential projects in Paris and Vienna on behalf of its Pan-European Residential Property fund, Property Investor Europe reported. The projects will offer a total of 260 residential units and eight commercial ones upon their completion, the report added.

* Belgium-based Aedifica SA said it expects to transfer its apartment buildings unit to its Immobe SA/NV subsidiary at the end of the third quarter. The real estate investment trust had agreed to divest a maximum 75% stake in Immobe to one of the candidate-partners in two phases.

Middle East

* Israel's Gazit-Globe Ltd. is issuing 400 million shekels of its additional unsecured, nonconvertible series M debentures to raise gross proceeds of roughly 416 million shekels. The outstanding principal amount of the new debentures will carry interest at an annual rate equal to 2.78%, payable semiannually. The debentures have a duration of 6.8 years and a yield to maturity of 2.48%.

Other real estate news

* Partners Group Holding AG reached its €2 billion capital raising target for its third dedicated private real estate secondaries program. The Swiss-headquartered private equity group plans to buy high-quality property portfolios and solo real estate assets through the program, which has already been committed to 15 investments.

Data Dispatch: NAV monitor: US REITs trade at median 3.6% discount to NAV at end of August

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Celestyn Wong contributed to this report.