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Tritax to invest £101M in London project; Sponda sells assets in Russia, Finland

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK

* Tritax Big Box REIT Plc exchanged contracts for a forward-funded development of two new distribution warehouse facilities at Warth Park, Raunds. The company plans to invest £101.8 million in the project, reflecting a net initial yield of 5.1%.

* F&C Commercial Property Trust Ltd. completed the £54.4 million sale of its freehold interest in the seven-story 25 Great Pulteney Street property in London. The sale price reflected a net initial yield of 3.95%.

* Rezidor Hotel Group AB plans to exit six hotel contracts under the Full Repairing and Insuring lease in the U.K. in 2017. The company will pay out a surrender premium payment of £15 million to the landlords. Rezidor's plans to exit the business are due to the regional hotels' poor profitability, attributable to the above-market rental level of the leases.

* LXB Retail Properties Plc expects to record more than £11.3 million in cash proceeds from the unconditional sale of its investment at Neats Court Retail Park, Sheppey, to Lightstone Neatscourt LLP. The property is leased to seven retailers and yields an annual rental income of £851,510.

* Custodian REIT Plc acquired a 37,598-square-foot health and fitness center in Stoke-on-Trent for approximately £4.9 million. Custodian used existing debt facilities to fund the purchase.

Finland and Russia

* Sponda Plc sold two properties in Helsinki and Espoo, Finland, and a logistics center in St. Petersburg, Russia, for a total of €12.9 million. The Taaleritehtaan Tonttirahasto fund acquired the property in Helsinki's Herttoniemi district for €5.2 million, while the logistics facility in St. Petersburg was sold for €4 million to Nevskaya Logistika LLC.

Sweden

* JM AB agreed to buy Kungsleden AB's property in Mölndal, Gothenburg, at a price of 117 million Swedish kronor. The company will use the land for the development of residential units. The land parcel is part of the Stiernhielm 7 property.

Spain

* Alpha Pyrenees Trust Ltd. offloaded a vacant warehouse in Zaragoza for €370,000 to a private Spanish engineering firm. The property provides approximately 2,590 square meters of space at an industrial estate.

* MERLIN Properties said it is in an advanced stage of negotiations with Foncière des Murs over the sale of MERLIN's noncore hotel portfolio.

Other geographies

* MRV Engenharia e Participações SA received a construction permit for the second-stage construction of the 318,601.8-square-meter Grand Reserva Paulista complex in Pirituba, São Paulo.

Additional coverage

CapCo's Earls Court project sees completion of 1st phase Lillie Square homes: Capital & Counties Properties Plc saw the first batch of residents move in to newly delivered homes at Lillie Square and also completed demolition work at the Earls Court Exhibition Centre site.

Liberty Living buys Blackstone's European student housing portfolio for £460M: Liberty Living acquired 13 student accommodation properties in Germany, Spain and the U.K. from real estate funds managed by Blackstone.

British Land signs up new tenant at Mayfair office property in London : Hedge fund Capula Investment Management will lease 27,000 square feet at the new Mayfair office tower on 7 Clarges St., the Evening Standard reported.

Axiare Patrimonio pays €35M for office asset in Spanish capital: The building offers a gross leasable area of 10,147 square meters and is leased to Spanish media group Vocento, Property Magazine International reported.