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Shaftesbury closes £265M placement; U and I JV to build £160M UK designer outlet


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Shaftesbury closes £265M placement; U and I JV to build £160M UK designer outlet

* Shaftesbury PLC raised approximately £265 million in gross proceeds after wrapping up the placement of 27,855,508 new ordinary shares at 952 pence apiece. Proceeds from the capital raise will partly fund the acquisition of the freehold 72 Broadwick St. mixed-use asset in London and will be used to bankroll the proposed £20 million regeneration works on the property, among other purposes.

* U and I Group PLC will develop a £160 million, 26,500-square-meter designer outlet project in Cannock, U.K., in a joint venture with a McArthurGlen-led consortium. U and I holds a 12.5% stake in Cannock Designer Outlet LP. The consortium, comprising McArthurGlen, The Richardson Family, and Aviva Investors on behalf of Aviva Life and Pension, acquired the remaining 87.5% interest.


* Hermes Investment Management agreed to buy Lone Star's Skypark business park in Glasgow's Finnieston area for a sum understood to be significantly more than the asset's £80 million asking price, Property Week reported. The 550,000-square-foot park consists of six offices and three development sites and is leased to O2, Travel 2 and Serco, among other tenants.

The asset was a part of Lone Star's £1 billion acquisition of the Project Laser portfolio from Moorfield Real Estate Fund and Moorfield Real Estate Fund II in 2015.

* Triple Point Social Housing REIT Plc acquired 11 supported housing properties in the U.K. for roughly £25.9 million, excluding costs. The 160-unit portfolio is spread across the Midlands and the North of England.

* Clarion Housing bought the Cocoa Works factory building in York, which previously housed Nestlé, and has drawn up plans to convert the property into a 258-unit residential scheme, with an estimated gross development value of £77 million, PW reported. Work on the project is slated to begin soon, with sales starting in the later part of 2018, the report added.

* Investec is loaning a £46 million facility to Westbourne Capital Partners to fund the purchase of a two-acre site in St John's Wood, adjacent to Lord's Cricket Ground in north London, PW reported. Westbourne plans to alter the existing plans for a 128-unit residential development, which already has planning permission in place.

* A tender is set to be launched in the spring of 2018 for a £35 million contract for the transformation a neighborhood in South Wimbledon, the London Borough of Merton, Construction Enquirer reported. Clarion Housing Group bought land to commence the regeneration at High Path on the Old Lampworks site. The land has planning permission in place from the Merton Council for the construction of 134 homes.


* EQT's €420 million Real Estate I fund made its sixth investment with the purchase of an office asset on Rue du Chateau des Rentiers in Paris for more than €70 million from an affiliate of Jerusalem Economic Corp., IPE Real Assets reported. The property contains 13,600 square meters of office and storage space, a restaurant and 245 parking spaces, and it is fully let.

* Société Foncière Lyonnaise agreed to a 12-year, fixed-term lease deal with WeWork for a surface area of 3,400 square meters at its property on 92 Champs-Elysées in Paris.


* Eastern Property Holdings Ltd. issued €56 million of subordinated and secured registered notes to fund the acquisition of a 94% ownership interest in a Hamburg office and retail center.

* Adler Real Estate AG is looking to repurchase up to €20 million of its shares under a buyback program set to commence Dec. 6.


* The Ruggieri family of France paid €70 million to purchase a 267-room hotel in Mallorca for its Lagune healthcare and leisure property investment vehicle, Property Investor Europe reported, citing local media. The investment vehicle was bought by the family's Batipart holding company in August as part of its €463 million acquisition of Eurosic's diversification assets, according to the report.

* Vukile Property Fund Ltd.'s Spanish unit Castellana Properties Socimi SA signed an agreement with Alvores Investments S.L. to buy the Alameda Shopping Center and Retail Park in Granada for roughly €55 million.

Additionally, the unit signed a €10.7 million deal with Euro- Activ Promociones Integrales De Proyectos Comerciales SL & CIA. S.Com. for the purchase of the Pinatar Park retail asset in San Pedro del Pinatar. The assets offer 25,456 square meters and 10,637 square meters of gross leasable area, respectively.

Other real estate news

* Brazil-based homebuilder Construtora Tenda SA, a spinoff from Gafisa SA, plans to expand its land acquisitions by 25% in 2018 as the local lower-end real estate market shows signs of recovery, Reuters reported, citing executives. The company's sales launches of new housing projects are also projected to rise by 10% to 15% in 2018, the report added, citing Renan Sanches, Construtora Tenda's financial executive.

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.