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Oaknorth JV loans £50M for London deal; British Land sheds UK store for £13.5M

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


* Oaknorth and ASK Partners loaned more than £50 million to fund Groveworld's acquisition of the 1.5-acre development site in London's King's Cross, Property Week reported. The Royal National Throat, Nose and Ear Hospital currently occupies the 330 Grays Inn Road property that is set to be transformed into an over 300,000-square-foot mixed-use project.

* British Land Co. PLC sold a 68,134-square-foot Homebase store in Bath to Legal & General Capital for £13.5 million, PW reported. The buyer plans to transform the asset into a retirement home.

* Self-storage company Big Yellow Group PLC landed planning consent for a mixed-use development on its Battersea site in London, where it operates a 34,000-square-foot store. Plans for the development feature a new 72,000-square-foot net Big Yellow store, 168 flats, as well as 18,500 square feet of offices, retail and studios.

* Town Centre Securities PLC agreed to sell the 70,000-square-foot Rochdale Central Retail Park and an adjoining 4.7-acre land parcel to the Rochdale Council for £13.2 million. The unconditional sale is expected to be finalized Jan. 4, 2019.

* Custodian REIT PLC paid nearly £2.4 million to buy a 14,926-square-foot Volkswagen car dealership in Loughborough, at a net initial yield of 6.37%. Lister Group Ltd. is occupying the property under a lease expiring Nov. 30, 2038, with a break in 2028.

* Shared workspace provider Fora bought the buildings at 241 and 251 Southwark Bridge Road in Elephant & Castle, London, for an undisclosed sum, PW reported. The company plans to open 36,000 square feet of flexible workspace and 3,500 square feet of retail space at the properties.


* Skanska AB is selling an approximately 70-unit retirement home in Växjö for about 240 million kronor to Nordiska Vårdhem AB. Private care provider Humana AB operates the property, which is expected to change hands Jan. 31, 2019.

* Castellum AB is starting development of the 35,000-square-meter second phase of the Hisingen Logistics Park in Gothenburg, expanding the park's total warehouse offering to 65,000 square meters. Castellum is spending 300 million kronor on the acquisition and investment, with the second phase to be completed by the second quarter of 2020, the company said in a release.

Current tenant Jollyroom will also occupy the entire phase two, bringing its total warehouse space in the logistics park to about 55,000 square meters.

Norway and Finland

* Entra ASA sold the Aasta Hansteens Vei 10 asset at Stovner in Oslo for 80 million kroner, marking a premium of 20% on the property's Sept. 30 book value. The deal with buyer Bonum AS is slated to close Jan. 31, 2019.

* Bonava AB agreed to dispose of 91 rental apartments across two projects in Espoo and Vantaa, Finland, to Icecapital. The Vantaa project is scheduled to be handed over in the first quarter of 2020, according to a release.


* Nordecon AS, through its Eurocon OÜ unit, acquired a 50% stake it did not already own in Technopolis-2 TOV to become sole owner of the company. The target company owns a 4.4-hectare land in Kyiv's Boryspil district. The site will be used to deliver a logistics campus, comprising warehouses and office space.

Additional coverage

Unibail-Rodamco-Westfield completes Paris office building sale to GIC for €465M

Norwegian sovereign wealth fund to pay €613M for Paris mixed-use property

Grainger signs £77M deal for UK build-to-rent project

EQT Real Estate buys office property in Paris for €42M

Coima Res sells Rome office property for €90M

Joyce Guevarra contributed to this report.

As of Dec. 18, US$1 was equivalent to 9.07 Swedish kronor and 8.73 Norwegian kroner.