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CapCo JV to work on railway redevelopment; M7 Real Estate makes debut Irish buy

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CapCo JV to work on railway redevelopment; M7 Real Estate makes debut Irish buy

* Capital & Counties Properties Plc is partnering Network Rail in a joint venture to redevelop the Clapham Junction station in south London, Property Week reported. The two companies are currently working on ideas and proposals for the railway station.

CapCo Managing Director Gary Yardley told the publication that the scale, cost, planning and funding situation have not been established yet, but development work and the solving of technical and infrastructure problems around the Clapham Junction railway station were "right for London."

Unnamed sources close to the partnership provided a redevelopment estimate of approximately £500 million, according to the Jan. 20 report.

* M7 Real Estate made its debut in the Irish real estate market with the acquisition of a mixed-use property in Dublin. The investor bought the 7,778-square-meter office and residential development on behalf of its M7 European Real Estate Investment Partners IV fund. The purchase also included a 2,000-square-meter plot with development potential in the city center.

M7's Head of UK Real Estate John Murnaghan said the firm is planning to add more Irish assets to its portfolio as it is increasingly interested in investing in the country due to strong growth opportunities and supportive fundamentals.

UK

* Legal & General is on the verge of acquiring a development site in Leeds, which has planning permission for a 250-unit build-to-rent scheme, PW reported. The development plans for the scheme also includes 8,640 square feet of commercial and amenity space.

The development site, which is owned by CTP and U and I Group PLC, forms part of CTP's 170,000-square-foot Granary Wharf development, which is located next to the Leeds railway station.

* Over 1.3 million square feet of office space was leased in Manchester city center in 2016, almost double the estimated take-up in Birmingham last year, PW reported, citing Manchester Office Agents Forum. The estimated office take-up in Birmingham is expected to reach 700,000 square feet for full-year 2016, although exact figures are not available as yet.

* Also in Birmingham, Europa Capital and Sovereign Centros acquired the One Stop shopping center and retail park from Standard Life Investments for a price of €79.6 million, at a yield of 7%, Property Magazine International reported. The 380,000-square-foot asset sits on a 28-acre site and is 13% vacant. It is the joint venture's second acquisition, following its £71.7-million purchase of the 735,000-square-foot Corby Town Centre from Helical Plc in 2015.

Germany and Austria

* Swiss Life Asset Managers Real Estate France wrapped up the acquisition of the Pearl portfolio of 10 hotels in Germany from LFPI Group, IPE Real Estate reported. The portfolio was purchased on behalf of two funds and includes hotels in Berlin, Hamburg, Düsseldorf and other regional cities. The hotels operate under a variety of brands, including AccorHotels' Ibis, Ibis Styles and Mercure brands, and IHG and Best Western.

LFPI Hotels Management Deutschland will continue to operate the hotels, the report noted.

* IMMOFINANZ AG and Novum Hotel Group are building a new 201-room Holiday Inn Vienna hotel located at the Business Park Vienna. The new hotel, which is scheduled to open in early 2019, has been signed as a franchise agreement with InterContinental Hotels Group Plc.

The hotel is the sixth to be signed under the multiple development agreement inked between IHG and Novum in 2016. The agreement provides for the development of 20 hotels across the European region.

* Corestate Capital purchased the Grindelhochhaus micro-apartment building comprising 179 units in Hamburg, Germany, for €64 million. The 14,800-square-meter asset was sold by Jargonnant Partners for Corestate's real estate umbrella fund launched on behalf of Bayerische Versorgungskammer.

Spain

Hispania Activos Inmobiliarios purchased four hotels in Spain's Canary Islands for a total of €92 million, a price that includes the expected refurbishment costs. The 1,183-key acquisition will expand Hispania's portfolio to a tally of 10,407 keys spread over 37 hotels, making it the largest non-operator hotel owner in Spain, according to a company release.

The transaction comprises the Hotel Dunas Don Gregory, the Hotel Dunas Suites & Villas, the Hotel Dunas Maspalomas and the Hotel Dunas Mirador.

Middle East

According to the Dubai Land Department, US$3.27 billion worth of property deals were registered in the first 15 days of this year, as the growth achieved in the fourth quarter of 2016 provided a boost to the outset of the new year, Arabian Business reported. As of mid-January, 520 land deals worth US$2.04 billion were carried out, while completed building transactions reached a value of US$186 million, the report noted.

Other Real Estate News

AXA Investment Managers-Real Assets raised €1.4 billion after receiving commitments from 12 European institutional investors for its latest commercial real estate senior debt fund. The Commercial Real Estate Senior 10 fund will allocate up to 25% of its investments toward U.S. property loans as the firm looks to increase its investment presence in the U.S. real estate market. A final close of the fund is expected during the first half of the year.

Now featured on S&P Global Market Intelligence

Conference Chatter: Comprehensive tax reform could be 'really bad' for real estate, observer says: At a private real estate conference in California, an industry observer delivered a warning to a generally upbeat crowd about the possibility of tax reform on Donald Trump's watch that could eliminate longstanding provisions favorable to real estate.

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.