* Real estate firm Hines raised about €637 million from 13 institutional investors at the first close of Hines European Value Fund 2, which has a total fundraising target of €1.25 billion. Hines is co-investing 5% of the total commitments to the investment vehicle, which is expected to have total purchasing power of approximately €3 billion.
The fund will target a net internal rate of return of 11% to 13% and will primarily target office assets.
* Hines also purchased an office property in Frankfurt, Germany, for €114 million through its Hines Pan-European Core Fund, IPE Real Assets reported. Tristan Capital Partners sold the 14,336-square-meter property, which is anchored by online platform Check 24, according to the report.
* Cushman & Wakefield PLC acquired Berlin-based independent real estate consultancy acht+ Baumanagement + Immobilienberatung GmbH. The global real estate services firm will incorporate acht+ into its project and development services division, doubling its workforce in its German PDS business to more than 50 employees.
* U.K.-based online property management platform Howsy, formally known as No Agent Technologies Ltd., purchased London-based online property-letting agency Upad from the latter's liquidators.
* JLL sees pickup in demand for co-living space across Europe as younger generations seek high-quality accommodation with various amenities, according to the company's blog, The Investor. Given the sector's growing popularity, co-living developers are expanding their presence to European regional cities. James Kingdom, JLL head of alternatives research, said the co-living concept poses significant growth potential in cities where there is pressure on urban land use and the affordability of housing.
* Real estate adviser Savills PLC said investor confidence in the U.K. market returned following the victory of Prime Minister Boris Johnson's Conservative Party in the general elections in December 2019. In its year-end trading update, Savills said increased political stability in the U.K. should keep improved sentiment in real estate markets in 2020, although it noted that investors may display some caution until the full impact of Brexit is better understood.
* St. Modwen Properties PLC secured outline planning permission from Derby City Council to develop a 650,000-square-foot industrial and logistics space on a 70-acre site along Wyvern Way in Derby. Construction of the £80 million St. Modwen Park Derby will start in 2020, with the initial units expected to be ready for occupation in early 2021.
* Real estate private equity firm HighBrook Investors bought two office assets in Berlin's Mitte borough in November and December 2019, Property Funds World reported. The firm acquired the roughly 10,000-square-meter Littenstrasse 109 as well as the roughly 4,000-square-meter Alt-Moabit 72 loft office property through off-market transactions, according to the report.
* Amsterdam-based Larmag paid €46.1 million to acquire the Doemere retail park in Almere, according to PropertyEU.
* Tristan Capital Partners, through the core-plus perpetual fund CCP 5 LL, and its local operating partner Nexus Real Estate bought The Core office property in Rotterdam. The property spans about 16,940 square meters of office space across 10 stories with 478 parking slots across four floors.
* Mitsubishi Estate London Ltd. and Europa Capital will invest €40 million to develop a 125,000-square-foot office building in Barcelona, IPE Real Assets reported. The new office asset will be erected on a 0.8-acre site on Carrer de Cristóbal de Moura the duo bought from a private seller for an undisclosed sum, according to the report.
* Commerz Real AG bought through its Luxembourg-based company CR Fund Management S.à r.l. an office building at Madrid Airport from Inmobiliaria Valtiendos SL. The acquired building offers a leasable area of approximately 10,000 square meters and will be converted into a 280-room two-star hotel. The property in Pegaso City business park, which will carry the Zleep Hotels brand, will be operated by Steigenberger Hotels AG.
* Mortgage consultancy Mortgage Finder saw a roughly 59% increase in United Arab Emirates mortgage inquiries in 2019 compared with the previous as a result of lower property prices and favorable interest rates, Arabian Business reported.
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