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Hammerson JV's £800M London project faces another hurdle; Emaar Properties plans new tallest tower in the world


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Hammerson JV's £800M London project faces another hurdle; Emaar Properties plans new tallest tower in the world

* Emaar Properties PJSCannounced that group CEOAbdulla Lahej has left the company, leaving group COO Amit Jain to assume the responsibilitiesof the CEO.

Separately, the company said it plans to beat its own recordof having the tallest tower in the world. Emaar Chairman Mohamed Alabbar was reportedas saying that the planned The Tower in Dubai will be "a notch taller"than the Burj Khalifa. 

* Plans for Hammerson Plc's£800 million BishopsgateGoodsyard project are at risk after London Mayor Boris Johnson's planning officialsrecommended a rejection of the proposed development.

The mayor will hold a public hearing April 18 before makinga decision on the site at the edge of the City of London, according to the Mayorof London website.

The proposal was deemed "unacceptable" accordingto a document released by the mayor's office.

"The density, height, massing and layout of the schemeare not appropriate for this site," it said. Hammerson and co-developer Ballymoreamended their original application in June 2015 to increase the affordable homesshare from 10% to 15.8% and reduce the heights of some buildings after negotiationswith City Hall and in response to criticism from local campaign groups.

The project in question, , is a residential,commercial and retail scheme planned for a site on the edge of London's tech city,which has been derelict for over 50 years.

* COIMA RES SpA to downsize the minimum offeringsize of its IPO in Italy to €215 million from €300 million, and also offer the sharesexclusively to institutional investors.

It was reportedly due to investor interest falling shortof expectations amid difficult market conditions that the company decided to cancelthe public offering of 3 million shares priced at €10 apiece.

UK andIreland

* Derwent London Plchas hired Davis Coffer Lyons to serve as advisers for the restaurant units at thecompany's White Collar Factoryand Morelands schemes in Old Street, London, Property Week reported.

* An 82,000-square-footoffice building at 5 King William St. in the City of London has been placed on themarket for £101 million, with owner Allegra European Holdings expecting a 4.17%yield, PW reported.

* Palmer Capital andCubex Land divested the Bridgewater House in Bristol, U.K., for £56 million to aprivate foreign investor. PW reportedthat the office building offered 115,000 square feet of space and had a 24% occupancyrate.

* Ask Real Estateand Carillion are planning a £300 million, 750,000-square-foot mixed-use developmentat a 1.74-acre site that they acquired in Manchester, U.K., PW reported.The scheme will feature offices, residential units, retail space and a four-starhotel. 

* The Piccadilly Placeoffice and retail property Manchester, U.K., has a new owner. In its announcement,Ares Management LP notedthat the market fundamentals in Manchester "look increasingly attractive."PropertyEU reportedthat the deal carried a £117 million price tag. 

* According to designand consultancy firm Arcadis, more than £77 billion worth of luxury homes in Londonwill be built in the next decade, The(U.K.) Telegraph reported.The planned homes' total floor space will cover the whole of the City of London,and nearly one-third of the planned projects will be in Chelsea and Fulham.

* Savills data showsthat total take-up of warehouses in the U.K. surpassed 6.99 million square feetin the 2016 first quarter, a 24% increase from the long-term average of 5.6 millionsquare feet, CoStar U.K. reported.Data also showed that there were four deals for sheds that measure over 500,000square feet each in the quarter, compared with full-year 2015's eight mega-sheddeals.

* In the first quarter,12 shopping center transactions totaling £591 million were either completed or exchangedin the U.K., CoStar U.K. reported,citing Cushman & Wakefield. The sales volume for the period slid 39% year overyear.

Europe Real Estate alsowroteabout the Cushman & Wakefield report.

* In Ireland, Amazonwill further expand itsoperations in Dublin, with the Irish Independentreportingthat the e-commerce giant has hired advisers to find and secure more office spacein the city.

* The (U.K.) Times reported,citing data, that 24,000 homes were available for sale in Ireland in March,its lowest point since February 2007.

* The Clarion HotelLiffey Valley is believed to be a part of NAMA's sale of two loan portfolios. The Dublin hotel offers 360beds and is one of the around 20 hotels included in the loan portfolios, accordingto The (U.K.) Sunday Times.


Castellum ABis tipped to be close to sealing a deal to buy the 25 billion-Swedish-krona propertyportfolio of Norrporten, Reuters reported,citing a Swedish newspaper. The latter's owner is expected to arrive on a decisionApril 15.

The company hiredCarnegie Investment Bank to evaluate the possible deal.


Prologis Inc.has commenced work on Prologis Park Sziget-Budapest, the first speculatively builtlogistics facility in Hungary since 2008. EuropeReal Estate reportedthat the facility will span 21,000 square meters and is slated to be completed inthe third quarter of 2016.


* Warburg-HIH InvestReal Estate GmbH bought the Prime Corporate Center in the city center of Warsawfrom Golub GetHouse for an undisclosed price. According to the news release, theacquisition is part of a club deal for four separate accounts of German institutionalinvestors.

The property has nearly 20,900 square meters of total rentablespace across over 23 floors and five basements.

Eurobuild CEE, citing unnamed sources, saidthe building was sold for about €90 million.

* Redefine Properties Ltd.said The Pivotal FundLtd. has agreed in principle to take an approximately 6% stake in Echo Prime PropertiesBV for €30 million.

The company in March agreed to buy a 75% stake in Echo Prime's parent Echo InvestmentSA, a Polish real estate company, for about €362.0 million.

Now featured

The Weekin European Real Estate: Qatari Diar to create giant resi company in £1.4B JV; LandSecurities offloads portion of Kent, UK, site: The April 8 edition ofthe weekly news roundup of the European real estate space also includes L&Q'splans to create a £30 billion housing association and Mark Allan's plans to stepdown as CEO of Unite Group Plc in order to take up the top job at St Modwen Properties.

The PropertyLedger: AccorHotels in €130M deal in Germany; NSI sells most of Dutch industrialportfolio: The April 8 edition of European property news recap alsofeatures recent divestments by two British property developers.

Best of SNL:Real Estate, editors' picks: Our real estate editors' picks for thebest stories of the week ending April 8.

Best of SNL:Real Estate, most read: The 10 most read real estate articles for theweek ending April 8.

The DailyDose Europe, Real Estate edition, is updated as of 6:30 am London time. Some linksrequire a subscription. Articles and links are correct as of publication time.