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UK shopping centers worth £525M on the block; Sky seeks £545M for London HQ


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UK shopping centers worth £525M on the block; Sky seeks £545M for London HQ

* Property Week reportedthat a number of U.K. shopping centers are coming to the market in threeseparate sales. One of London's largest shopping centers, Southside inWandsworth, is being put up for sale for £300 million, representing an almost4.25% yield. The asset is owned by The Metro Shopping Fund, a between Delanceyand Land Securities Group Plc.

M&Gis placing the Cwmbran Shopping Centre in south Wales on the block for around£150 million, reflecting a 6.25% yield. The asset, the second largest in Wales,has 170 shops. Further, Threadneedle Investments is off-loading a four-assetportfolio of smaller shopping centers for £75 million, reflecting a 7.25%yield. The assets are located in Scunthorpe, Bedford, Coalville andStourbridge, the report said.

*Broadcasting giant Sky is looking to rake in £545 million from a sale andleaseback deal for its Osterley headquarters and studios in west London, The (U.K.) Telegraph reported.The group has appointed BNP Paribas Real Estate to sell the property, which itis likely to lease back in a 30-year deal, the publications said.

*Adeptio LLC, a Dubai-based investor group led by Chairman MohamedAlabbar, has received commitments of $1.5 billion from a number of banks tofinance its nearly $2 billion stake acquisition in Kuwait Food Co., BloombergNews reported,citing three bankers with knowledge of the deal.

KuwaitFood Co., also known as Americana, is the franchise operator of restaurantsincluding KFC, TGI Friday's Inc. and Pizza Hut in the Middle East and NorthAfrica. The stake is being acquired from Kuwait's Al-Kharafi family, asreported previously.

*U.S.-based H.I.G. Capital LLC saidit acquired a retail portfolio in Sweden and an office property in Rome throughits affiliates, in two separate transactions. The properties add approximately60,000 square meters of space to its European portfolio, and mark the company's27th and 28th European investments since 2013, according to the news release.No purchase price was disclosed.

*Netherlands-based Bouwfonds Investment Management is launching its secondEuropean residential property fund with a target of up to €1 billion, IPE Real Estate reported.The first fund, launched nine years ago, holds 77 assets worth €868.2 millionin five European countries, according to the report.


*Starwood Capital Group LLCis placing its Think Portfolio up for sale with an approximately £250 million pricetag, according to a PW report.The portfolio comprises three adjacent serviced apartment buildings in London'sTower Bridge area, another property in Earls Court, and a mixed-use asset inBermondsey Street. The portfolio provides a total of 650 serviced apartments,the report said.

*The London Fire and Emergency Planning Authority has appointed to develop itsformer headquarters site at 8 Albert Embankment into a mixed-use facility thatwill have a gross development value of £300 million, PW reported.The project will include a new fire station and a museum. The appointment comesa few weeks after U and I was selectedby the Camden Council for another £100 million public-private partnership.

* Dubai-based DAMACReal Estate Development Ltd.'s Damac Properties is looking toexpand in the British capital, and is in talks for its second project in thecity, London's Financial Times reported,citing Damac Chairman Hussain Sajwani. The group has a 50-story luxuryresidential tower in the works in the Nine Elms area, and is in discussions todevelop "a significant regeneration site" in the city, thepublication said.

*London Mayor Boris Johnson's office has agreed to implement recommendationsconcerning the location of the Crossrail maintenance depot and stabling at theOld Oak Commonproject, PW reported.The Crossrail facilities were to be located in a central position of the £10 billionOld Oak Common regeneration scheme according to original plans, which couldprevent development at the scheme, in what was referredto as the worst planning "cock-up" in 50 years.

*The rental gap between London's West End and City of London offices hasincreased 23% from a year-ago period, PWreported,citing Carter Jonas research.

* Acorn Property Group received the go-ahead for a £50million residential-led scheme on the Trinity Village estate in Borough,London, PW reported.The project includes 64 apartments and nearly 3,000 square feet of commercialspace.

* Albion Land is looking to develop a 520,000-square-footbusiness park in Bicester and has secured planning consent from CherwellDistrict Council for the £50 million scheme, according to a PW report.

* Plans for the £6 billion London Paramount theme park inKent have been postponed again, PW reported.The application was expected in mid-2016, and opening was slated for 2021 afteran earlier 2019 opening was pushed back. The scheme will include several hotelsin addition to theme parks and other elements, and is backed by KuwaitiEuropean Holdings, the report said.

* Ward & Co. Estate has formed a joint venture withTrizone Global and Hanover Square Real Estate with the aim of bringing MiddleEastern investors to the regional U.K. property market, PW reported.

* The proposed sale of the Land Registry is being criticizedby some in the property industry on the grounds that the privatization would leadto higher fees and transparency concerns, according to a PW report.


* CGGroup has launched the €320 million Cologneo I urban quarter development,located on a former industrial site in Cologne, Property Investor Europe reported.The developer has submitted plans for the first development on the site, thereport said.

* Anew full-service investment house has been launched with €150 million ininitial capital, PIE reported.Capital Bay will target residential and commercial investments while focusingon "niche products."

*Home building permits crossed the 300,000 mark for the first time since 2000,after a 24,000 increase in 2015 to reach 309,000, PIE reported,citing the Federal Statistical Office destatis.


*Primonial REIM has acquired two buildings in Paris' La Défense district from afund advised by PW Real Assets for an undisclosed price, PIE reported.The seller had acquired the asset for €110 million in 2014, the news outletnoted. The two buildings, comprising a total lettable area of 33,000 squaremeters, are part of the 65,000-square-meter Les Miroirs complex. Primonialcould seek redevelopment of the properties, according to the report.

*The Paris city authority plans to court transport groups and property investorsto develop new "innovative" logistics facilities on four publiclyowned sites, PIE reported,citing business daily Les Echos. Thegovernment is seeking to curb pollution levels by bringing logistics activitiesback into the city. Atender process is expected to be launched in May, and final decisions on thebids are expected in November, the report said.


Canada-basedBMO Real Estate Partners has snapped up a 7,246-square-meter luxury departmentstore in Rome for its pan-European property investment fund, PIE reported.No purchase price was disclosed. The seller was a consortium of privateinvestors.


Genestahas acquired the 9,400-square-meter 15 Dronning Mauds building in central Oslofrom state-created Eksportfinans for an undisclosed price, PIE reported.

Europe Real Estate also reportedon the news.

Other real estate news

Brazilian billionaire Joseph Safra, the owner of theGherkin tower inLondon, has been charged in a bribery plot in Brazil, The (U.K.) Guardian reported.A Safra Group spokesperson said the charges were unfounded, according to thepublication.

FT also reportedon the news.

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