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Primonial buys €1B German portfolio; ACOFI expects over €500M from RE debt fund

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Primonial buys €1B German portfolio; ACOFI expects over €500M from RE debt fund

* French property fund managerPrimonial REIM is believed to have bought a portfolio of 68 German retirementhomes for approximately €1 billion, PropertyInvestor Europe reported,citing a local paper.

InJuly, Primonial completed its purchase of Gecina's healthcare property portfolio for €1.35billion, according to the report.  

* expects at least €500million in commitments as it closes its fourth real estate debt fund, PredirecImmo IV, according to a company statement citedby PIE.

UK and Ireland

* Westbrook Partners snappedup a U.K. property portfolio for £185 million, Property Week reported.The Project Rio portfolio was acquired from BlackRock Inc. after beating five competitors, and ismade up of offices,retail centers, industrial properties and car showrooms.

Thebidders included KKR, Starwood and Tristan Capital.

* Muse Developments is lookingfor a contractor for its New Victoria mixed-use project in Manchester, U.K.,following a planning approval for the £185 million scheme, Construction Enquirer reported.Upon completion, the site will offer a 150,000-square-foot, grade A officebuilding and two residential blocks.  

* A Tristan Capital Partnersfund divested its asset on 6 Mitre Passage in London to Hong Kong-based KnightDragon. Accordingto CoStar U.K., the property was sold for more than double the approximately£33.8 million that Tristan paid for the property in .

* An affiliate of disposedthe Hyatt Regency Birmingham in Birmingham, U.K., for around £38.6 million. Thebuyer, an affiliate of the U.A.E.-based Bin Otaiba Investment Group, willcommit approximately £2.7 million in additional capital to further develop thehotel property over the next three years.

* that it is creating"an innovative and inspirational space" at Paddington Central,London, in collaboration with landscape and architecture company Snøhetta.

* Local developer Barberryselected Vinci for a £73 million student housing project in Coventry, U.K.,which will provide 1,116 student beds across five buildings, Construction Enquirer reported.The construction on the site is set to start in October.

* South African merchant bankSalamanca Group bought an office complex at Covent Garden, London, forapproximately £50 million, PW reported.The 27,335-square-foot property was on the market before the EU Referendum.

* Over in Ireland, Genvest isproposing to build a business center near the Dublin Airport with a developmentcost of more than €250 million, IrishIndependent reported.The project is expected to offer 1 million square feet of office space uponcompletion.

* Cosgrave Property Group isplanning to develop an office building in partnership with IPUT plc with aninvestment cost of around €60 million, Europe Real Estate reported.The building will stand six stories high and provide 9,750 square meters ofoffice space by October 2017.  

* has yet to receiveapproval from the European Commission for its stake in the Ilac Centre and thePavilions Shopping Centre in Dublin in 2015, accordingto the Irish Independent.

* CoStar U.K. puts a spotlighton how the Irish government's decision to amend tax laws couldhave a major impact on the commercial real estate market.  

Germany

* Berenberg bought an officebuilding in the Tri Towers office complex in Hamburg for an undisclosed amount,PIE reported.The 11-story building offers 10,000 square meters of gross leasable area. Theproperty will become part of the €350 million Berenberg Real Estate Hamburgfund.

* Real wages in Germanyincreased by 2.3% year over year in the second quarter mainly due to a sharprise in the wages across real estate, transport and logistics businesses,Reuters reported,citing the Federal Statistics Office.

Poland

* Dutch property investorGolden Star Estate acquired the seven-story KonstruktorskaBusiness Centre in Warsaw from HB Reavis, PIE reported.According to local media, the transaction is worth about €120 million. Theoffice center offers a gross leasable area of 49,500 square meters.

* TriGranit has closed the saleof Bonarka City Center in Krakow to Rockcastle, Property Magazine International reported.PropertyEU reportedthat the deal for the retail property has a €361 million price tag.

Spain

* A Chinese investment fund isinterested in buying Spanish developer Procisa, which is on the market for approximately€700 million, PIE reported,citing local media. The developer holds commercial and residential propertiesacross Madrid.

* Private housing prices inSpain increased by 2% in the second quarter from a year ago, PIE reported,citing the Spanish Ministry of Development.

Middle East

* Local developer Al Thuriahrevealed plans for the final residential tower at its Sahara Complex scheme onthe border of Sharjah and Dubai, Arabian Business reported.Sahara Tower 6 will offer 376 apartment units upon its completion in December2019.

* Emirates Real Estate Fundbought the Binghatti Terraces residential scheme in Dubai Silicon Oasis for anundisclosed amount, accordingto the Arabian Business. The 201-unitproject generates an annual total income of around 14.5 million United ArabEmirates dirhams.

Africa

hasjoined BrandFinance's list of South Africa's 50 Most Valuable Brands at 50th place,becoming the only South African REIT to be included in the index.

Now featured on S&PGlobal Market Intelligence

The farmland REITs'still-small market caps are a limiting factor in a market that prizesliquidity, but observers see promise for further consolidation and growth inFarmland Partners' acquisition of American Farmland.

Within SNL's coverage universe, thebillionaire manager has placed the largest portion of Omega Advisors'investments in the specialty lending business.

TheDaily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time.Some links require a subscription. Articles and links are correct as ofpublication time.