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Goldman Sachs in €2B B&B Hotels buy; Grand City logs Q1 results

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Goldman Sachs in €2B B&B Hotels buy; Grand City logs Q1 results

* Goldman Sachs Group Inc. is in discussions to acquire PAI Partners' B&B Hotels chain for €2 billion. PAI bought the French hospitality group for about €790 million in 2016. The chain has more than 479 hotels in markets including Brazil, Europe and Morocco.

* Luxembourg-headquartered Grand City Properties SA's funds from operations I for the first quarter rose 6% to about €52.7 million from about €49.5 million year over year. FFO I per share amounted to 32 euro cents, up 7% from 30 cents a year earlier.

* Private equity firm Blackstone Group LP and M7 Real Estate Ltd. obtained a £236.4 million commercial mortgage-backed security from Morgan Stanley against a £428.6 million industrial portfolio in the U.K., Property Week reported. The loan will fund Blackstone and M7's acquisition of the 112 light industrial properties, the report added.

UK and Ireland

* Through its SportsDirect.com Retail Ltd. unit, Sports Direct International PLC is in advanced talks to divest the freehold of its campus at Shirebrook, U.K., to KWAA Logix Sportivo Ltd. for roughly £120.1 million in cash. The retail group will lease back the campus for a 15-year term to continue operating the distribution centers and office and retail spaces in the asset.

PW also reported on the deal, adding that CBRE Global Investors is reportedly buying the 1.8 million-square-foot campus on behalf of a Malaysian investor.

* Unite Group PLC's Unite UK Student Accommodation Fund raised £250 million of new equity from external investors. Additionally, Unite Group entered a deal to divest three properties, comprising a total of 1,223 beds, to the fund or a total of £111 million. The student housing company's share of proceeds from the deal is set to be £83 million.

* LXI REIT PLC plans to raise gross proceeds of approximately £100 million by issuing up to 84,555,569 new ordinary shares at 118 pence apiece. The offering will close June 12, with the results expected to be made public June 13.

* PRS REIT PLC will obtain £200 million of further debt from Scottish Widows and Lloyds Bank, taking its total gross balance of deployable funds available to £900 million. The funds are fully committed to developments that will deliver a total of roughly 5,600 prime new rental homes.

* Quintain Ltd. secured a £172.5 million financing package from Cheyne Capital to help fund the construction of 458 rental homes in the next phase of its development at Wembley Park in London. The phase also includes plans for a multistory coach and car park that is being partially funded by Homes England, according to a release.

* Grosvenor Britain & Ireland is planning to cut net carbon emissions to zero across buildings in its £5 billion estate by 2030, London's Financial Times reported. The estate includes about 500 listed buildings in London.

* Some 13.2 million square feet of office space is under construction in central London, 12% higher than six months earlier, Reuters reported, citing Deloitte Real Estate's London Office Crane Survey. Around 55% of this space is already leased, and more than three-quarters of developments that are more than 100,000 square feet are already committed, the report added.

Germany

* KanAm Grund's Leading Cities Invest Fund sold AccorHotels' headquarters in Munich for an undisclosed sum. According to PropertyEU the building at Hanns-Schwindt-Straße 2 was divested at a profit.

Portugal

* A Hyatt Hotels Corp. affiliate agreed franchise and related agreements with Realtejo – Hotelaria e Turismo SA for the first Hyatt branded hotel in Portugal. The Hyatt Regency Lisbon will offer 200 rooms and apartments upon scheduled opening in late 2020.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.