trending Market Intelligence /marketintelligence/en/news-insights/trending/28dpoeiorgzm0yyywxlksa2 content esgSubNav
In This List

Gecina logs FY'17 recurrent net income; CapCo's UK project loses 12% value

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective

Blog

Insights Weekly: Midstream sector gains; loan growth momentum; insurance M&A on the rise


Gecina logs FY'17 recurrent net income; CapCo's UK project loses 12% value

* Gecina reported a 4.6% increase in its full-year 2017 recurrent net income, which totaled €363.5 million, or €5.44 per share, compared to €347.4 million, or €5.37 per share, in 2016.

* Capital & Counties Properties PLC's investment in its Earls Court scheme in London declined 11.8% on a like-for-like basis to £1.0 billion in 2017, down from £1.1 billion in the previous year.

Company Chairman Ian Durant noted that "economic and political uncertainty," which negatively impacted London's housing sector, resulted in a fall in the valuation of the company's Earls Court interests.

Meanwhile, Property Week reported Feb. 21 that U.K. Housing Minister Dominic Raab is supporting Earls Court residents who are objecting to CapCo's plans for two council estates, saying the scheme is required to have majority support from the residents in order to be pushed forward.

* Sovereign wealth fund Public Investment Fund of Saudi Arabia, is negotiating the purchase of a 15% stake in AccorHotels' property unit, AccorInvest, with the deal possibly valuing the arm at roughly €6.2 billion.

A group including the sovereign wealth fund, Singaporean sovereign wealth fund GIC Pte., Colony NorthStar Inc. and French asset manager Amundi SA is reportedly seeking a majority stake in AccorInvest.

UK and Ireland

* Intu Properties PLC's profit for the year ended Dec. 31, 2017, grew to £203 million from £172 million in the year-ago period, while its underlying earnings per share for the period remained unchanged year over year at 15.0 pence. The company is currently in the process of being acquired by Hammerson PLC in a £3.4 billion deal.

* British Land Co. PLC settled its £300 million share buyback program after repurchasing a total of 47,607,139 ordinary shares between July 24, 2017, and Feb. 20.

* Unite Group PLC raised gross proceeds of approximately £170 million via a placement of 22,206,872 new ordinary shares at £7.65 apiece. Proceeds will be used to fund the development of two student accommodation projects in Oxford, U.K., and London.

* GRAHAM Construction was awarded a contract to construct an £86 million build-to-rent building featuring 383 apartment units on a waterfront site in Liverpool, U.K., Construction Enquirer reported. The 16-story tower will be built on the site where the existing four-story Strand House stands, with the latter to be demolished by February-end.

* Galliford Try Partnerships was picked by the Waterloo Housing Group for the construction of 375 homes on a greenfield site in Warwickshire, U.K., Construction Enquirer reported. Affordable homes will make up 40% of the project, which is expected to be completed in April 2019.

* Global real estate investor Kennedy-Wilson Holdings Inc. is believed to be the preferred bidder for the acquisition of the Elysian Tower apartment building in Cork, Ireland. The 17-story building, which was placed on the market by Blackstone Group LP, comprises 217 apartment units and is the tallest building in Ireland.

* Also in Cork, Savills is marketing the City Square mixed-use asset with a price tag of €28 million, The Irish Times reported. The asset includes 145 housing units, retail and office space and produces about €2 million in yearly rent.

Italy

* CBRE Global Investors spent an unknown sum to purchase the roughly 35,000-square-meter Gran Shopping Mongolfiera Molfetta retail asset in Molfetta through the acquisition of the asset's holding company from HB Capital and Orion Income Return Partners. The fully let shopping center was bought for CBRE European Shopping Centre Fund II, the report added.

* Italy-based asset manager Investire Sgr is placing the Project News portfolio — featuring six properties in Rome — for sale via Cushman & Wakefield, PropertyEU reported. The portfolio, understood to be valued at about €150 million, includes the fully leased Quirinale building and a 15,000-square-meter residential development, among other assets.

The Netherlands

* Cording Real Estate acquired an office asset in central Amsterdam on behalf of its Benelux Commercial Real Estate Fund, with a view to invest roughly €150 million in the Benelux real estate market in 2018. The asset contains about 1,650 square meters of office space and serves as the headquarters of Dutch fashion brand Scotch & Soda, according to a release.

Sweden

* A fund managed by Grosvenor Group's European division divested for an undisclosed sum a 10,000-square-meter shopping center in Helsingborg to a partnership between Invesco Real Estate and Scius, Property Investor Europe reported.

Other real estate news

* Gazit-Globe Ltd.'s wholly owned unit closed the roughly US$101 million sale of about 1.7 million Regency Centers Corp. ordinary shares. Additionally, the unit sold 740,000 Regency shares for approximately US$48 million from Jan. 10-26.

The Daily 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 of publication time.

Celestyn Wong contributed to this report.