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GLP buys US$3B Gazeley business; Blackstone closes in on European portfolio deal

* Global Logistic Properties Ltd. closed the acquisition of the US$2.8 billion Gazeley logistics business and set up two new European funds to give investors access to the logistics portfolio.

* Blackstone Group LP is on the verge of acquiring Goodman Group's industrial property portfolio in Europe, in a deal which could be finalized early in 2018. As of Sept. 30, Goodman had A$4.6 billion of assets under management, making it the single largest owner and developer of European logistics properties.

Meanwhile, the boards of newly established Blackstone vehicles Wren Bidco Ltd. and Canary Bidco Ltd. agreed to acquire the entire issued ordinary share capital of Taliesin Property Fund Ltd. for €51 per scheme share. The deal, scheduled for completion in the first quarter of 2018, values Taliesin's entire issued ordinary share capital at roughly €260 million.


* A joint venture between Barratt London and Morrisons has received approval for its £600 million mixed-use scheme next to Camden Market in London, Construction Enquirer reported. The development involves the construction of approximately 600 homes across eight building, and 300,000 square feet of shopping area, with office space.

* Toys R Us could be shuttering its entire U.K. estate after it failed to win support for its retirement scheme for the Pension Protection Fund, Property Week reported. The closure involves at least 26 loss-making stores, according to a report from The (U.K.) Guardian.

* Telford Homes Plc acquired the 3.16-acre Equipment Works site in Waltham Forest from U and I Group PLC and Parkdale Investments for £34 million. The site has planning approval in place for 257 open market homes, 80 affordable homes and 18,830 square feet of flexible commercial space. Construction on the site is expected to begin in the autumn of 2018, with completion due in late 2021.

* The U.K. has banned the sale of new homes on a leasehold basis from Dec. 21 and has set ground rents to zero in an effort to put a stop to exploitation in the construction industry, London's Financial Times reported, citing Communities Secretary Sajid Javid.

Germany and Austria

* GEG German Estate Group AG signed an agreement to buy the Japan Center high-rise building in Frankfurt's banking district from Commerz Real for about €280 million. The 28-story tower contains roughly 29,000 square meters of leasable space and 115 underground parking spaces.

* IMMOFINANZ AG refinanced roughly €1.6 billion of debt, or approximately 60% financial liabilities as of Sept. 30, during the 2017 financial year. The company also reduced the total outstanding nominal value of its bonds to roughly €330 million from €628.5 million as at Dec. 31, 2016, through multi-stage refinancing and repayments.


* AXA Investment Managers - Real Assets bought a 65,000-square-meter Spanish residential portfolio of 850 units across 28 buildings from Goldman Sachs and B Capital for around €170 million.

* Axiare Patrimonio sold the Calle Fernando El Santo 15 prime property in Madrid's central business district to an unidentified national investor for €30 million, marking its first-ever disposal. The six-story building spans 3,254 square meters and houses the headquarters of the Republic of Argentina's embassy and consulate.


* Citycon Oyj bought the second and the largest part of the Straedet shopping center in the Greater Copenhagen area for roughly €60 million. The company purchased the 19,000-square-meter asset’s first portion in July for about €12 million and expects to acquire the final part in the second quarter of 2018. Straedet will feature a total of 40 retail units.

Middle East

* Aldar Properties PJSC completed the purchase of the 39,000-square-meter International Tower office building in Abu Dhabi's Capital Gate district for 658 million United Arab Emirates dirhams.

Other real estate news

* Gafisa SA secured approval for an up to 300.0 million-Brazilian-reais capital increase at an extraordinary shareholders' meeting held Dec. 20. The issuance will be partially ratified if subscription reaches a minimum of 200.0 million reais.

* BR Malls Participações SA divested its 54.2% stake in the Maceio Shopping mall in Maceio, Alagoas, Brazil, for 170.0 million Brazilian reais. The sale price reflects a post-tax cap rate of 8.7% on a cash basis and 9.7% on an accrual basis.

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.

Anusha Iyer contributed to this report.

As of Dec. 20, US$1 was equivalent to 3.67 UAE dirhams and about 3.29 Brazilian reais.