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Standard Life closes £32.5M deals; Baltic Horizon to pay €17M for Latvian asset

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Standard Life closes £32.5M deals; Baltic Horizon to pay €17M for Latvian asset

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

UK

* Standard Life Investments Property Income Trust Ltd. wrapped up three acquisition deals in the U.K. for a sum of about £32.5 million. The deals involved a tier 3 data center in Birmingham, a multi-let office and retail asset in the City of London and an industrial unit near Kettering, at net initial yields of 5.75%, 7% and 7.15%, respectively.

* M&G Real Estate divested the Kingsditch Trade Park in Cheltenham for £20.5 million to Legal & General, marking a net initial yield of 5.3%, Property Week reported. The property features 137,942 square feet of space across 28 trade/light industrial units on a 7.9-acre site.

* Workspace Group PLC sold the mixed-use redevelopment of Marshgate Business Centre in Stratford for £15 million in cash. Redevelopment plans for the site include 200 residential units.

* F&C Commercial Property Trust Ltd. acquired the 47,462-square-foot Hurricane 47 asset inside the Estuary Business Park in Liverpool from Commercial Development Projects for £4 million, IPE Real Assets reported.

Latvia

* Baltic Horizon Fund entered a deal with SIA LNK Properties and SIA FIN.LV to acquire the LNK Centre in Riga for about €17 million, at an entry yield of approximately 6.5%. The asset is a prime office building, offering a net leasable area of 7,455 square meters. The deal in expected to be finalized within a month.

Montenegro

* Meliá Hotels International SA is opening a new hotel on the Adriatic coast of Montenegro. The Meliá Budva hotel in Petrovac will provide 114 rooms and amenities.

Additional coverage

Unibail-Rodamco-Westfield plans €3B post-merger asset sales to reduce debt

Report: South Korean group close to buying Goldman Sachs London HQ for £1.2B

Redefine Properties buys 95% stake in Polish logistics portfolio for €186M

French retailer Casino divests France HQ in €101M sale and leaseback deal

Patrizia buys 145-apartment portfolio in Germany

Joyce Guevarra contributed to this report.