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UK office building sells for £140M; BlackRock Real Assets JV buys hostels

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UK office building sells for £140M; BlackRock Real Assets JV buys hostels

* Dubai-based private equity firm Gulf Islamic Investments LLC bought the Priory Court & The Lewis Building in Birmingham, U.K., from Legal & General's LGIM Real Assets for roughly £140 million. The sale was made on behalf of LGIM's UK Property Income Fund (UK PIF II).

Tenants at the property include the Ministry of Justice, Business Growth Fund and Freightliner.

* BlackRock Real Assets and specialist operator Amistat International acquired nine hostels across Europe through their €100 million joint venture, IPE Real Assets reported.

UK, Ireland, Germany and France

* A potential takeover of Purplebricks Group PLC by Axel Springer is on the horizon after the German publisher increased its stake in the company to 26.6%, London's Financial Times reported. The German publisher first acquired a stake in the U.K.-based real estate services provider in March 2018, paying roughly £125 million for an 11.5% interest. Axel is now the second-largest shareholder of Purplebricks after investor Neil Woodford, according to the publication.

* BNP Paribas REIM spent roughly €125 million for three office buildings offering about 23,500 square meters. The assets, comprising The One in Dublin, Schwedler Carré in Frankfurt and Tribequa in Bordeaux, France, were acquired through the open-ended BNP Paribas Diversipierre fund managed by BNPP Real Estate Investment Management France.

* Office rents in London's Canary Wharf commercial complexes are expected to rise 23% to £58 per square foot once the delayed Elizabeth railway line opens, the London Evening Standard reported, citing property agent Knight Frank. Canary Wharf has attracted businesses as it offers some of the most affordable office rental spaces in the U.K. capital, the publication said.

* New Ingliston has put a 186-acre site in Edinburgh, U.K., up for sale, Property Week reported, citing New Ingliston Managing Director Roddie Paterson. The developer said the site adjacent to Edinburgh International Airport could be developed into an 8 million-square-foot mixed-use project with working, living and leisure components, adding that it has secured planning permission for 25 acres of the site.

The company plans to retain 19 acres of land for a potential sale in the future, the publication added.

* Weston Homes PLC and joint-venture partner Estates & Agency Group are moving forward with their plan to build a £350 million riverside urban village in Barking, U.K., after the project was granted planning permission, Property Week reported. The partners will redevelop the six-acre Abbey Retail Park into a roughly 1.2 million-square-foot project with 1,089 new homes, 22,281 square feet of commercial and leisure space, an athletes training center, employment space and community space, among other features.

* Investment manager Deutsche Investment KVG has bought a portfolio of residential and mixed-use properties primarily in Berlin for €220 million, according to PropertyEU.

* GreenOak Real Estate LP's European Logistics Fund acquired logistics assets in France from TwentyTwo Real Estate's Corelog unit. The deal involves seven properties spanning a total of 167,000 square meters that are roughly fully occupied, according to a release from TwentyTwo.

Other real estate news

* U.K.'s Building Research Establishment, or BRE, will include all residential buildings in its BREEAM In-Use tool, a sustainability benchmark for the operation of real estate, Property Week reported, citing Alan Somerville, who heads building performance at BRE. The update is expected to commence in autumn.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.