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Office transactions up YOY in central London; Koreans spend big in European RE

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Office transactions up YOY in central London; Koreans spend big in European RE

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* As per property firm Avison Young, £1.5 billion of office building transactions were recorded in central London in July, up from the year-ago figure of £762.8 million, the London Evening Standard reported. The figures signal early signs of improvement for London's property market, which was impacted by deteriorating economic sentiment and political uncertainty in the first half, the report noted, citing Chris Gore, the firm's head of City transactions for London markets.

* New research from CBRE indicates that Korean investors were the biggest Asian purchasers of real estate in Europe during the first half, Property EU reported. Their investment accounted for 67% of total cross-border investment from Asia, according to the report.

UK

* Hammerson PLC issued plans to build a 14-story, 205-room hotel at the Victoria Gate shopping center in Leeds, Construction Enquirer reported. The hotel, which will be built on a car park site, will anchor a new cultural quarter and comprise a gym, conferencing facilities, and a ground-floor bar and restaurant. The project was brought forward by Hammerson as part of its new city quarters concept.

The developer also plans to bring forward the development of a 10-acre site to the north of Victoria Leeds, which will create a new mixed-use city quarters neighborhood, according to the report.

* According to Property Week, a subsidiary of IWG PLC appointed administrators to shut down an underperforming serviced office in Birmingham. The office giant wants to wind up the special purpose vehicle behind the Regus site at 43 Temple Row in the Colmore business district, with several years remaining on its lease, which could lead to landlord Legal & General losing a significant chunk of its rental income.

* Legal & General Group PLC's real estate arm LGIM Real Assets Ltd. granted £57.5 million long-term debt financing to support two solar panel portfolios, which will help power about 10,000 British homes, Property EU reported.

Portugal

* Generali Real Estate purchased an eight-floor office building in Lisbon comprising a total surface area of 9,250 square meters, Property Magazine International reported. The asset is in Rua do Mar da China in the core area of Parque das Nações.

Poland

* Cromwell Property Group used its preemptive right and purchased third-party investor interests in the closed-ended €600 million Cromwell Polish Retail Fund, which owns seven shopping centers in Poland, IPE Real Assets reported. Cromwell, whose current equity in the fund is about €245 million, plans to take a co-investment stake ranging between 20% and 30% in the new vehicle. The firm's group CEO, Paul Weightman, expects to attract the first capital partners into the new fund by October, according to the report.

Slovakia

* Panattoni Europe has started work on a roughly eight-hectare industrial park near Košice airport in eastern Slovakia, Property Magazine International reported. Tobacco products distributor GGT is the first company to lease the premises, which has modern manufacturing and warehousing facilities.

Middle East

* Dubai-based property developer Sobha LLC aims to launch an IPO of its United Arab Emirates business in 2022, Bloomberg News reported, citing an interview with founder P.N.C. Menon.

* Equitativa (Dubai) Ltd. is eyeing investments of up to 200 million United Arab Emirates dirhams in new real estate acquisitions by early 2020, Arabian Business reported. Equitativa manages Emirates REIT (CEIC) Ltd. and is the largest real estate investment trust manager in the Gulf Cooperation Council countries, according to the report.

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