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Land Securities expects 'subdued' tenant demand amid Brexit woes; Unibail reports H1 rental income growth


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Land Securities expects 'subdued' tenant demand amid Brexit woes; Unibail reports H1 rental income growth

* According toLand Securities Group PlcCEO Robert Noel, business uncertainty is expected to persist in the U.K.because the country's exit from the EU may take some time.

Noel added that an expected "subdued"occupier demand may hit the group's rental values.

However, Noel noted that Land Securities is still confidentwith its proposal tohike its full-year dividend for the year ended March 31 by 9.9% from theprevious fiscal year.

The dividend increase, along with other , will be voted on at thecompany's annual general meeting July 21.

* CEOChristophe Cuvillier saidthe company's retail operations proved "very resilient" in the firsthalf of 2016 in spite of the terrorist attacks in Paris and Brussels and a "subdued"economic environment.

The company's net rental income amounted to €781 million inthe first half, up 7.7% from €725 million a year ago.

* agreed to sell theEdificio Espana building in Madrid to investment group Baraka, AFP reported,citing an anonymous source.

The selling price was not revealed but the source told thenews agency that Spanish group Baraka offered more than the €265 million pricethat Dalian Wanda paid to acquire the asset in 2014.

* Corestate isrenewing its plansfor an IPO by 2016-end, Reuters reported,citing sources.

The company, which haltedits IPO plans in November 2015 due to difficult market conditions, is nowlooking to issue "a small number" of shares to business partners,instead of the originally decided €100 million share offering, the news outletadded.

UK and Ireland

* A new50,000-square-foot Primark anchor store is coming to 'sCharles Darwin Shopping Centre in Shrewsbury, U.K., Property Week reported.UK Commercial will redevelop nine existing units into a new two-floor flagshipstore, according to the report.

* GreenOak RealEstate has snapped up GraftonAdvisors from QuintainEstates and Development Plc, a unit of Lone Star, PropertyWeek and CoStarU.K. reported. Grafton advises the £1.2 billion West End of London PropertyUnit Trust fund, which was established in partnership with Schroder Real Estate.

* HermesInvestment Management wrapped up sales worth more than £100 million that it hadinked before the EU referendum, PW reported.The deal includes the £83.5 million disposal of its freehold interest inCheapside House at 138 Cheapside, London, to Nan Fung.

* The CroydonCouncil has chosen Hub for the £150 million redevelopment of 500 homes on thecouncil's former office site in London, PWreported.

* The GovernmentProperty Unit agreed to sublease 400,000 square feet from Barclays at20 Cabot Square inLondon's Canary Wharf, CoStar U.K. reported.

* Commercialproperty investment in the U.K. plunged 45% year over year during the secondquarter to £9.8 billion, PW reported.Citing the latest RICS UK Commercial Property Market Survey, PWnotedthat there has been a "sharp" dip in confidence and investor demandafter the Brexit vote.

* LaSalleInvestment Management anticipates the Brexit vote to have a shorter-lived andless severe impact on Britain, with U.K. property yields expected to rise only40 basis points to 50 basis points by 2017-end, PW reported.

* The Irish Independent reportedthat Chinese property tycoon Zhang Songqiao's Hong Kong-based Y.T. Realty Grouppaid £42.3 million for a central London Travelodge property.

* The IrishCentral Bank is looking to rake in more than €60 million from the sale of itsheadquarters on Dame Street and two other premises on Dublin's College Green,the Independent reported,citing sources.

Germany and Austria

* to buy 1,905 Berlinunits worth €218 million, of which 1,877 constitute residential units and 28are commercial. The units are in the German districts of Schöneberg,Wilmersdorf and Neukölln.

* Oaktree has placed a 7% stake, or 10.72 million shares in withinstitutional investors at €12.20 apiece, bringing its holding in the Germancompany to 4.9%, Reuters reported,citing two people familiar with the deal.

* Quantumacquired an 8,200-square-meter central Berlin office block from ActivumSG foran undisclosed price, Property InvestorEurope reported.The Chausseehof office building mainly houses the Leibniz Association ofnon-university research institutes.

* Sapinda soldits 18.6% interest in BUWOG AG,according to a news release.The July 19 placement received "quick take-up" on the market,according to BUWOG Deputy CEO and CFO Andreas Segal.

IMMOFINANZ AGis the largest shareholder in BUWOG with a 10% stake.

* CBRE predictsthat full-year transaction volume in the German retail property market will hitat least €10 billion, PIE reported.


The Ile-de-France regional authority has agreed to supportthe €3.1 billion EuropaCityretail and leisure project, PIE reported.However, the regional authority has expressed concerns about the implementationof the 760,000-square-meter project, with respect to public transport andcompetition with other facilities, according to the report.


Reuters reportedon the revival of residential construction in Spain following a real estatecrash.

Middle East

* agreedto a 50/50 joint venture for a $56.0 million hotel project in Dubai HealthcareCity. The 220-room Novotel Dubai Creek hotel will be operated under ' Novotel brand.

The project will be Action Hotels' first property in Dubai.

* Fire broke outat the 75-story Sulafa residential tower in Dubai's Marina district with nocasualties, Arabian Business reported,citing the Dubai Media Office.

The Daily Dose Europe,Real Estate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.