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Gecina to subsidiarize residential assets; Urbeo commits €400M in Irish projects

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Gecina to subsidiarize residential assets; Urbeo commits €400M in Irish projects

* French real estate investment trust Gecina said it will subsidiarize its approximately €3 billion residential portfolio, comprising 409,000 square meters across 6,000 apartments primarily in the Paris region. Gecina said it aims to develop and operate a residential rental offering targeting middle-class households to augment the existing social or intermediate housing and private rental properties. The REIT intends to retain control of the subsidiary.

* Urbeo Residential Ltd. committed more than €400 million in Ireland within its first year of operation, The Irish Times reported. The build-to-rent company's fund is understood to have allotted €220 million to six previously undisclosed deals in Dublin, Finglas and Citywest, as well as €180 million to three announced projects in Tallaght, Citywest and Maynooth. The projects, most of which are still being developed, are expected to deliver 1,300 rental units, according to the publication.

Starwood Capital owns 75% of the fund, while the Ireland Strategic Investment Fund is a minority backer, the report noted.

* Savills Investment Management Inc. acquired two prime logistics assets near Dortmund, Germany, from Gulf Islamic Investments LLC and Rasmala Investment Bank Ltd. for roughly €140 million. The properties were acquired by Savills in an off-market transaction on behalf of a group of South Korean institutional investors. The two single level buildings at Kaltbandstrasse 4 and Warmbreitbandstrasse 3 have a total lettable area of 88,884 square meters and are leased to e-commerce giant Amazon.

* MRP, the property arm of McAleer & Rushe Ltd., secured a £100 million funding deal with AIG Global Real Estate for its student accommodation project in Birmingham, U.K., Property Week reported. The 1,025-bed Onyx development adjacent to Aston and Birmingham City universities is targeted for completion in the summer of 2020, according to the report.

UK

* New World Capital Advisors Ltd. acquired a "strategic minority stake" in real estate investment manager Valesco Group, according to IPE Real Assets. Financial details were not disclosed. New World Capital said its investment in the London-based manager offers balance sheet capital and additional limited partner investor capital from sovereign wealth funds; pension funds; and conglomerates from Middle East, Asia and Europe, the publication reported.

* Great Portland Estates PLC hired Knight Frank to sell the headquarters of footwear retailer Kurt Geiger in Farringdon, London, for £62 million, PW reported. The asking price reflects a net initial yield of 4.2%. The 50,000-square-foot office building at 24/25 Britton St. is fully let to the retail company until January 2035.

* M&G Real Estate sold six Travelodge hotels across the U.K. to Investra for £22.8 million, according to PW. The properties in Arundel, Birmingham, Eastbourne, London, Milton Keynes and Portsmouth were divested with a net initial yield of 5.6%. The hotels are from the M&G Property Portfolio fund, which was frozen in early December.

* Deutsche Finance International sold a student accommodation property in Canterbury to a private investor, PropertyEU reported. The residential asset was disposed of by the unit of Deutsche Finance Group in an off-market transaction.

France

* BNP Paribas Real Estate Investment Management acquired on behalf of Danish pension fund PFA Holding A/S an office and residential asset in Paris for an undisclosed amount, IPE Real Assets reported. The 1830-built Square d'Orléans asset at 80 rue Taitbout spans 14,000 square meters and is registered as a historical monument.

* French real estate investment manager Oreima sold the 23 Opéra office and commercial building in Paris to Deka Immobilien Investment GmbH, PropertyEU reported.

Norway

* Entra ASA, OBOS BBL and Camar SpA agreed with Stavanger Utvikling to develop a plot of land in Stavanger. Jåttåvågen Fase 2 will be developed into a mixed-use property spanning at least 205,000 square meters, of which 60% will be residential space and 40% will be office space. Entra will pay 12.5 million Norwegian kroner for a 12.5% share in the partnership.

Poland

* Patrizia AG sold an office building in Warsaw to a South Korean investor through Warburg-HIH Invest Real Estate, according to Savills, the adviser of the buyer. The Feniks office property is a class A building along Zelazna Street, spanning over 10,000 square meters across eight stories. The building was developed by a joint venture between Europlan and Griffin Real Estate and was completed in 2012.

Austria

* Deka Immobilien bought two logistics properties and two development projects near Vienna International Airport, according to PropertyEU.

Spain

* Real estate projects in Spanish cities stalled during the property bubble burst in 2008 are being revived amid housing supply shortage and price squeezes, London's Financial Times reported. Housing prices started to pick up in 2014, with housing values in Madrid and Barcelona rising by 45% since then, according to the report.

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