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Aroundtown logs Q1 FFO I; IWG spurns approach; NH Hotel stake attracts suitors

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Aroundtown logs Q1 FFO I; IWG spurns approach; NH Hotel stake attracts suitors

* Aroundtown SA logged a 54% year-over-year surge in funds from operations I to €91 million in the first quarter from €59 million in the prior-year period. Compared to the first quarter of 2017, the company's FFO I per share increased 8% to 9.4 cents, while its EPS rose 19% to 31 cents during the three months.

* IWG PLC rejected an offer approach from Prime Opportunities Investment Group after receiving separate indicative proposals from Starwood Capital Group and TDR Capital LLP, and a possible takeover approach by a subsidiary of Lone Star Funds earlier in May.

Prime Opportunities is considering submitting another offer for the serviced office group and has until June 26 to do so.

* HNA Group Co. Ltd.'s approximately €657 million stake in NH Hotel Group SA has attracted two new potential bidders, among others. Investment manager Elliott Management Corp. and private equity group Apollo Global Management LLC are believed to be eyeing the Chinese conglomerate's nearly 30% stake in the Spanish hotelier, after HNA engaged JPMorgan Chase & Co. and Benedetto Gartland & Co. in January for options.

Bids for the stake are expected to be submitted as soon as the week ending June 2, and is subject to extension.

UK

* Shareholders of UK Commercial Property Trust Ltd. accepted the company's conversion into a real estate investment trust at an extraordinary general meeting on May 29. The conversion will take effect from July 1.

* Essel Group's £1 billion Silvertown Quays project in London has hit a snag after the Indian conglomerate got into disagreements with the Greater London Authority and the site owners over plans for the development, Construction Enquirer reported.

Earlier in the year, Essel Group was in talks for the acquisition of development rights for the 62-acre site from a partnership between Chelsfield Properties, First Base and Macquarie Capital, the report added. Plans for the project included 3,500 new homes and a cultural center.

* JLL's The Investor blog featured a report on a number of reasons, including affordability and investment security, for the declining homeownership in the U.K. and a rise in demand for private rented sector homes.

Southern Europe

* Beni Stabili SpA SIIQ has set a special meeting of its shareholders Sept. 5 to solicit vote on its proposed merger with Foncière des Régions. The merger is slated to close by 2018-end, if approved.

* COIMA RES SpA SIIQ entered into a deal to buy a roughly 12,300-square-meter, 10-story office building in Milan for approximately €56 million from a Mediolanum Gestione Fondi-managed real estate alternative investment fund.

* M&G Real Estate paid €80 million to purchase four Spanish properties on behalf of the M&G European Property Fund, Property Investor Europe reported. The deal involves the H&M Reyes Catolicos and Gran Via 68 retail assets in Granada and Madrid, as well as two other industrial properties totaling 55,092 square meters in the Spanish capital, according to the report.

Hungary, Austria and Switzerland

* György Wáberer, the owner of the BILK Logisztikai logistics park in Budapest, Hungary, is considering a listing of the asset on the Budapest Stock Exchange as soon as June. A minority stake listing is being planned, with indications that BILK could be turned into a real estate investment trust.

* Immofinanz AG reiterated its estimates for funds from operations I before tax to be more than €100 million for 2019. The expected figure excludes the company's economic interest in CA Immobilien Anlagen AG.

* Peach Property Group AG is planning to issue an unlimited-term subordinated hybrid warrant bond, with a target volume of CHF50.0 million, which could be increased to up to CHF100.0 million. Proceeds from the offering will be channeled toward growing the company's portfolio and redeeming liabilities.

France

* At its May 29 meeting, the French Financial Markets Authority's evaluation confirmed that the proposed merger between Icade and ANF Immobilier does not require the filing of a mandatory buyout offer by Icade for the ANF shares. Completion of the merger is scheduled for June 29, subject to approvals from the two companies' shareholders.

* Deka Immobilien GmbH's open-ended real estate fund, Deka-ImmobilienEuropa, divested the Le Magnum office building near Paris to real estate manager Patron Capital Partners for €71.5 million. The building in Levallois-Perret features 10,550 square meters of leasable space and 235 parking spaces let to French personal care company L'Oréal until mid-2019, according to a release.

Germany

* RLI Investors spent approximately €70 million to purchase a logistics park near Berlin on behalf of Hoppegarten Investment Sarl from Hoppegarten Park Property GmbH & Co. KG. The asset comprises about 70,000 square meters of space across five logistics properties and a roughly 5,000-square-meter office building, RLI noted in a release.

Turkey

* Emlak Konut GYO AS is selling its 50% stake in a 3,639,117-square-meter land in Istanbul, to Türk Hava Yollari Havaalani Gayrimenkul Yatirim ve Isletme AS for 312.5 million Turkish lira in cash, plus tax. The two parties will develop the land in the Arnavutköy district and share the net profits from the projects in a 50/50 partnership.

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Anusha Iyer contributed to this report.

As of May 29, US$1 was equivalent to 4.57 Turkish lira.