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AccorHotels, Mantra ink A$1.18B deal; Icade buying stake in ANF Immobilier

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AccorHotels, Mantra ink A$1.18B deal; Icade buying stake in ANF Immobilier

* AccorHotels inked a binding agreement to purchase all of Mantra Group Ltd.'s shares in cash for A$3.96 apiece, via a scheme arrangement, after filing a takeover proposal. The bid represents an implied market capitalization of A$1.18 billion and an implied enterprise value of A$1.25 billion for the year ended June 30 for the Australian hotel operator.

* Icade signed a binding agreement with Eurazeo for the €213 million purchase of a majority stake held by the latter in ANF Immobilier's share capital. The deal will make Icade the holder of 50.5% of ANF's share capital and 50.2% of its voting rights, minus any double voting rights attached to the shares.

Following the settlement of the stake buy, Icade will submit a mandatory public tender offer for ANF's remaining share capital at an offer price of €22.15 apiece.

* Echo Polska Properties NV entered is purchasing a portfolio of 12 properties across Poland for €692.1 million from Chariot Top Group BV, a deal that will double the company's retail gross lettable area. The portfolio comprises eight shopping centers and four retail parks, having more than 620 stores in regional cities.

The transaction will be carried out in three separate tranches via a 100% acquisition of the shares in the subsidiaries that hold the assets.

UK and Ireland

* Aroundtown SA placed 3% fixed-rate notes worth £500.0 million, issued under its euro medium-term note program, at a price equal to 97% of the principal amount. The company plans to list the notes for trading on the regulated market of the Irish Stock Exchange, with proceeds to be used in Aroundtown's growth strategy and to refinance and/or repay existing debt.

* Grosvenor Europe, representing Grosvenor London Office Fund, wrapped up the £152 million sale of the fund's 133-year leasehold stake in London's 10 Grosvenor St. to an undisclosed Hong Kong buyer.

* DekaBank loaned £152 million to a joint venture between Australian pension fund AustralianSuper and the British Telecom Pension Scheme to invest in an office complex, which forms part of the King's Cross Central urban project in London, Property Investor Europe reported. The complex consists of two prime office buildings, offering more than 200,000 square feet of space.

* Westfield Corp. CEO Steven Lowy selected more than 1,100 apartment units at its Stratford City development in London for the company's build-to-rent initiative. The project will also mark Westfield's first major investment in the British capital.

* Hotel investment volumes in the U.K. are predicted to reach £5.1 billion by 2017-end, a 25% jump from the £4 billion recorded in the full-year 2016, Property Week reported, citing Savills. Meanwhile, at the end of the third quarter, the deal volume was recorded at £3.5 billion.

* A partnership between MHL Hotel Collection and developer Jerry O'Reilly has snapped up the Radisson Blu in Galway, Ireland, in a deal estimated to be worth about €50 million, The Irish Times reported. The transaction was noted to be the largest hotel deal year-to-date outside of Dublin, according to the report.

* The Irish government decision to raise the stamp duty on commercial property transactions to 6% from 2% will not affect foreign investments' level on the Irish real estate market, the Irish Independent reported, citing Killian O'Higgins, managing director of WK Nowlan Real Estate Advisors. Meanwhile, the industry has expressed mixed views since the stamp duty hike announcement, with some believing that the move could discourage potential foreign investors, the report added.

* LXI REIT plc raised gross proceeds of £60.2 million following an issue of new ordinary shares at 1 pence apiece under the placing program that allows the issuance of ordinary shares of up to 200 million until Feb. 5, 2018.

France and Belgium

* Edmond de Rothschild will splash €100 million in cash in a new Four Seasons hotel in the Megeve ski resort village in the French Alps. The 55-room hotel is slated to open Dec. 15 and will be Four Seasons' first mountain hotel in Europe.

* Bank of America Corp. is moving ahead with its plans to relocate its European trading center to Paris following Brexit, after signing a lease for 100,000 square feet of office space in a building at 51 rue la Boetie in the city's 8th arrondissement.

* Care Property Invest NV is looking to raise additional capital of up to roughly €72.1 million via a public offering of up to 4,293,965 new shares at an issue price of €16.80 per share and at a ratio of seven irrevocable allocation rights for two new shares.

Germany

* Deutsche Wohnen SE is offering to redeem, ahead of schedule, 20% or less of its €400 million of 0.875% convertible bonds due 2021. The bonds, issued in September 2014, will be terminated, effective Nov. 27, and will redeemed at their principal amount, including accrued interest to the day before the redemption date.

* On behalf of its new CB Wohnimmobilien Deutschland open-ended special AIF alternative investment fund, Capital Bay will purchase roughly 1,900 apartment units across Germany for approximately €260 million, PIE reported. The residential fund will target assets in the top seven metropolitan regions and sustainable growth cities in Germany.

Denmark and Finland

* The largest commercial pension fund of Denmark, PFA, partnered with industrial ports operator ADP to develop a dry port, in which the duo will invest an estimated sum of between 1.5 billion Danish kroner and 2.0 billion kroner over the next 10 years, IPE Real Assets reported. ADP will hold a 51% stake in the joint venture, the report added.

* AXA Investment Managers – Real Assets boosted its forestry assets under management to over €180 million with the purchase of a portfolio comprising 15 forests in central Finland for a French public sector pension scheme ERAFP, PIE reported. The deal involved 14,100 hectares of forest land, increasing the company's portfolio to around 35,000 hectares in Finland and France.

Middle East

* Dubai-based Union Properties is planning to undertake its first project in Abu Dhabi, a mixed-use residential project spanning approximately 3 million square meters, Arabian Business reported. The scheme will feature a luxury beach resort, villas, residential buildings and other community facilities.

* Ishraqah settled the handover of its US$350 million The Onyx development on the Sheikh Zayed Road in Dubai, Arabian Business reported. The mixed-use project comprises commercial and residential buildings; a hotel; and three levels of commercial, food and beverage outlets at the base, according to the report.

Other real estate news

* Deutsche Asset Management closed the initial fundraising round for an open-ended, pan-European core real estate fund at €568 million, collecting commitments from 12 institutional investors from the Netherlands, Germany, Switzerland and the U.S. The fund will target core locations in Europe and in several sectors such as office, retail and logistics.

* A large pension fund in northern Germany mandated PATRIZIA Immobilien AG to create a pan-European value-add real estate portfolio worth €200 million, with a focus on office, hotel and residential assets in main markets and a few urban locations.

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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.

Rollen Catorce contributed to this report.

As of Oct. 11, US$1 was equivalent to 6.28 Danish kroner.