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IHG to buy 51% stake in Regent Hotels; Lendlease competes for £4B London project

* agreed to purchase a51% stake in Regent Hotels and Resorts for $39 million in cash, a move which isa part of the company’s strategy to grow its footprint in the luxury hotelsegment. The hotel group has the right to purchase the remaining 49% stake inthe luxury hospitality company from 2026.

InterContinentaladditionally noted that its InterContinental Hong Kong hotel will be rebrandedas a Regent hotel in early 2021, following an extensive renovation set to beginin early 2020.

* and MorganSindall Group Plc are the final two contenders in the to partner with Peabody on is £4billion Thamesmead Waterfront development in South London. The mixed-use schemewill include 11,500 homes and a town center, and commercial and leisure spaceacross 1 million square feet of space. A joint venture partner on the schemewill be chosen in the summer of 2018.

* Irish housing fundUrbeo Residential plans to raise up to €400.0 million to invest in the Irishprivate rental sector with the main focus on low- and middle-income housing inDublin.

UK and Ireland

* Brookfield Property Partners LP is believed to be intalks with Munich ReCo. for the sale of its 1 Leadenhall project in the City of London. Munich REcould use up to 150,000 square feet of the space for its new headquarters inthe U.K. and lease the remaining space.

* At the MIPIM realestate exhibition in Cannes, France, Bolton Council revealed that it has chosenMuse Developments as a partner for its £1 billion regeneration of the Boltontown centre in the U.K., Property Weekreported.Muse will table a planning application for the development of the Church Wharfsite by 2018-end. 

* South Korea’s MiraeAsset Global Investments is on the verge of buying the Cannon Bridge House office block in the Cityof London in a deal which will mark its entry into the U.K. real estate sector.Blackstone Group LP is selling the asset for roughly £240 million after seekingabout £250 million for the property when it was placed on the market inSeptember 2017.

* U.S.-based Keppel DCREIT bought theremainder of the 999-year leasehold interests in Keppel DC Dublin 1 at theCitywest Business Campus in Dublin from Dali Properties Ltd. for €30.0 million.The deal is set to be completed in the first half of 2020.

* Amazon.com Inc isbelieved to have made an offer to lease McGarrell Reilly Group’s entire200,000-square-foot office development, which is a part of Charlemont StreetRegeneration Project in the Dublin city center, the Irish Independent reported.The retail giant had already agreed with U and I group plc to take up all ofthe 172,000 square feet of office space at the Vertium Building on BurlingtonRoad in the Irish capital.

* Joint venturepartners Moda and Apache Capital Partners received the go-ahead for their £120million plan to transform the Strathclyde Police headquarters in centralGlasgow, Scotland, into a 433-unit residential project, Construction Enquirer reported.Work on the built-to-rent development will begin later in 2018, with deliveryof the first homes scheduled in 2022, the report added.

* Aviva Investors hasplaced the Kindred Group headquarters in Wimbledon, southwest London, on themarket with a price tag of £44.2 million, representing a net initial yield of5%, according to PW.The grade A, 45,000-square-foot Pinnacle House building produces £2.3 millionin annual rent.

* Developer and assetmanager Canmoor acquired Westway Park, Scotland’s largest fully enclosedindustrial park, in Renfrew for £40 million, PW reported.The park offers industrial, warehousing, distribution and office spaces across135 acres.

Poland

* According to areport from PropertyEU,Meyer Bergman is understood to have sold the Galeria Katowicka shopping centerin Katowice to Malaysian pension fund EPF for roughly €300 million. Thepublication noted that JLL was appointed to divest the 47,500-square-meterretail asset a year ago.

France

* ’s Icade Promotion unitteamed up with Frenchreal estate developer REI Habitat to develop mixed wood and concrete buildingsin France over the next few years, targeting to deliver 200,000 square metersof mixed-element towers in the Paris region and in several larger cities in thecountry.

* German lender pbbDeutsche Pfandbriefbank loaneda €60 million medium-term facility to a special purpose vehicle held byInfraRed Real Estate Fund IV and managed by InfraRed Capital Partners. SeineAvenue Sarl will use the funds to acquire the approximately 23,400-square-meterCamelia office building in Paris’ As-nières-sur-Seine suburb.

Germany

* LaSalle Investment Management loaned €25 million to AresManagement for the purchase of a portfolio of five office and mixed-use assetsin Germany, Property Investor Europe reported.The funding was carried out on behalf of LaSalle’s £804 million LREDS III fund.

Middle East

* UAE-based AziziDevelopments appointed two contactors for the construction of 32 buildingsfeaturing 4,000  q q  in Dubai, Arabian Business reported.The construction deals are worth 1.5 billion United Arab Emirates dirhams,according to the report. The construction on the project is scheduled to becompleted in the third quarter of 2019.

* Gazit-Globe Ltd. trimmed its credit facility to $300 million from $360million, extending its maturity date to October 2022 from October 2019.

* The housing ministryof Saudi Arabia is looking to uplift real estate financing to 502 billion SaudiArabian riyals by 2020 from the current financing of 290 billion riyals,Reuters reported,citing the housing minister. The move is a part of the country’s 2030 strategicplan, the report noted.

The Daily Dose Europe, Real Estate edition, is updated as of6:30 a.m. London time. Some links require a subscription. Articles and linksare correct as of publication time.

Anusha Iyer contributed to this report.

As of March 13, US$1 was equivalent to 3.67 United Arab Emiratesdirhams and 3.75 Saudi Arabian riyal.