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Deutsche Konsum REIT signs €26M German buy; McKay closes £20M UK sale

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Deutsche Konsum REIT signs €26M German buy; McKay closes £20M UK sale

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK

* McKay Securities PLC completed the £19.9 million sale of the Runnymede Focus industrial property in Egham, Surrey, at a yield of 4.2%. World Duty Free Group is leasing the 90,890-square-foot warehouse facility at £890,000 per year.

* Atlantic Leaf Properties Ltd.'s Trido Ltd. unit finalized a deal for the acquisition of the Deacon Park multi-let property in Knowsley from JCAM Commercial Real Estate Property XVI Ltd. for £14.9 million. The asset features a 460,000-square-foot warehouse facility and a 69,000-square-foot office block.

* Target Healthcare REIT Ltd. entered into a forward-funded deal to buy two new care homes in Shropshire and Lancashire for approximately £15.6 million. Target intends to develop the sites into homes with 68 beds and 74 beds, and lease the properties to Rotherwood Healthcare and L&M Healthcare. The homes are set to be opened in 2019.

* AEW UK REIT PLC spent £11.5 million to buy the 72,245-square-foot eastern section of the London East Leisure Park in Dagenham, at a net initial yield of 8% with a weighted average unexpired lease term of 12.8 years.

Additionally, the company purchased a 279,541-square-foot industrial unit in Wrexham for £10.0 million, representing a net initial yield of 8.3%. The asset is leased to Plastikpak UK Ltd.

* Custodian REIT PLC paid £3.9 million to purchase a 46,550-square-foot industrial unit inside the Team Valley Trading Estate business park in Gateshead, at a net initial yield of 6.73%. The unit is leased to Worthington Armstrong (UK) Ltd. until Aug. 25, 2026.

* A wholly owned unit of KCR Residential REIT PLC, K&C (Osprey) Ltd., picked up the 67-year leasehold of an apartment within one of its freehold retirement residential developments for £365,000, excluding costs.

* Big Yellow Group PLC bought a site in Hove for the construction of a new 56,000-square-foot store, subject to planning. The deal grows the self-storage company's pipeline to 10 projects spanning approximately 620,000 square feet, with a total development cost of £173 million.

Germany

* Deutsche Konsum REIT-AG signed an agreement to acquire three German retail properties for a total investment of €25.6 million, representing an estimated initial yield of 11.2%. The deal involves the Pleissen-Center in Werdau, the Anger Zentrum retail center in Angermünde and the EDEKA Cash & Carry wholesale market in Pfullingen. The properties will change hands May 1, according to a release.

Sweden

* JM AB agreed to a deal to buy building rights for an approved development of 47 single-family units in Järvastaden, Solna, from Vasakronan. The deal for the property with a value of 129 million Swedish kronor is expected to be finalized in the first quarter.

* CapMan Oyj's CapMan Nordic Real Estate II bought the 9,714-square-meter Påsen 1 multi-let office building in Hammarby Sjöstad.

France

* Hansteen Holdings PLC sold a vacant real estate asset in Rousset, Marseille, to an owner-occupier for €3.5 million. Following the deal, the company holds one remaining property in France, according to a release.

Spain

* easyHotel Plc signed a franchise deal with Continuum Hospitality Group for the development of a 146-room hotel in Malaga. The new hotel is scheduled to open in 2019.

South Africa

* Orion Real Estate Ltd. purchased five commercial assets in South Africa for a total of approximately 70.8 million South African rand, excluding tax.

Additional coverage

Testa Residencial to spend €228M on 42-building portfolio in Spain

CapCo sells Empress State Building in central London for £250M

Catalyst Capital spends €200M through European property fund

Foncière des Régions in talks to acquire 14-hotel UK portfolio

JM buying Norwegian asset for 340M kronor

Joyce Guevarra contributed to this report.

As of March 27, US$1 was equivalent to 8.22 Swedish kronor and 11.65 South African rand.