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Cerberus, Oaktree bid for Sabadell's RE unit; Swiss Life closes €1.7B Paris deal

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Cerberus, Oaktree bid for Sabadell's RE unit; Swiss Life closes €1.7B Paris deal

* U.S. private equity funds Cerberus Capital Management LP and Oaktree Capital Group Holdings GP LLC submitted a binding buyout bid for Spain's Banco de Sabadell SA-owned real estate company SDIn. The business owns a portfolio of foreclosed assets, primarily consisting of land and real estate developments with a gross value of about €1.3 billion.

* Swiss Life AG finalized the purchase of a 28-building core office portfolio in Paris from property company TERREÏS for an aggregate of €1.7 billion, excluding transfer duties.

Property Week also reported on the deal, adding that the properties were bought through real estate funds managed by Swiss Life Asset Managers' entities in Switzerland, France, Germany and Luxembourg.

UK

* Aberdeen Standard Investments Ltd. is close to a disposal of two shopping centers to Alteris Partners for a total of roughly £140 million, representing less than half of the assets' peak value, PW reported. The transaction involves the County Mall shopping center in Crawley, which previously changed hands in 2004 for £190 million, and the Parkway center in Newbury, which was valued at £120 million when completed in 2011, the report added.

* Savills PLC has been hired to divest the 17 Columbus Courtyard building in London's Canary Wharf area after the property was placed into receivership by Hong Kong accountancy KLC about three weeks ago, PW reported.

Chinese conglomerate HNA Group Co. Ltd. paid £131 million in 2016 for the building before being stripped of its control when its subsidiary defaulted on a HK$1.4 billion loan facility in mid-April, according to the report.

* DTZ Investors tapped Cushman & Wakefield to divest two office and retail buildings totaling just under 100,000 square feet in Aldgate, London, PW reported. The 30 Minories and Writers House properties will be marketed as a refurbishment opportunity, with options including a minor extension or an entire redevelopment, the report added.

* CLS Holdings PLC wrapped up its £53.9 million purchase of an office building at 9 Prescot St. in London's Aldgate district, PW reported. The 96,948-square-foot property is entirely leased to nine tenants with a weighted average unexpired lease term of two years to breaks.

* Allianz Real Estate, German insurer Allianz Group's real estate division, expanded its global footprint with the opening of an office in London, IPE Real Assets reported. The new office will support the company's equity deals in Europe and pan-European debt activity where the asset or borrower are both in the U.K., the report added, citing a company manager.

* On behalf of Greater Manchester Pension Fund, LaSalle Investment Management Inc. divested for nearly £15.3 million the 81-82 Gracechurch Street building in the City of London to London & Oxford Group, PW reported. The deal for the 19,418-square-foot office, retail and residential property reflected a net initial yield of 5.51%.

Germany

* Meyer Bergman's Meyer Bergman European Retail Partners III fund signed two separate deals to purchase a 7,400-square-meter mixed-use property and a vacant power substation building, which it plans to convert into a 2,600-square-meter office development, IPE Real Assets reported. Financial details of the transactions were not disclosed.

* A BNP Paribas Real Estate Investment Management fund purchased the 69,300-square-meter Star Park Halle warehouse in Germany from developer Goodman, IPE Real Assets reported. The Eurozone Logistics Fund paid an unknown amount for the newly built property inside the Star Park logistics park near Leipzig, the report added.

France and Belgium

* An undisclosed South Korean institutional investor bought the Tour Europe office tower is Paris' La Défense district for roughly €280 million from a U.S.-based seller, PW reported. The deal reflects a yield of 4.5%, according to the report.

* Deka Immobilien GmbH paid an unknown amount to buy the Les Dauphins retail park in Mouscron, Belgium, from the Fidelity International Real Estate Fund, Europe Real Estate reported. The property contains 23,000 square meters of space and is leased to 29 tenants including supermarket Delhaize, home appliance store Krefel and apparel brand H&M.

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