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Blackstone buying Testa Residencial stake; Multifamily Housing REIT delays IPO


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Blackstone buying Testa Residencial stake; Multifamily Housing REIT delays IPO

* An entity managed by a Blackstone Group LP fund is buying energy infrastructure company Acciona SA's entire stake in Spanish residential real estate company Testa Residencial SOCIMI SA SA for roughly €379.0 million. Acciona's approximately 20% stake in Testa is being bought for €14.3267 per share.

The deal is conditional upon Blackstone acquiring at least 50.01% of Testa's share capital and on the approval of Spanish competition authorities.

* U.K.-based Multifamily Housing REIT plc postponed its £175 million IPO once again, scheduling admission and trading of the new shares on the London Stock Exchange to Oct. 26 from Oct. 12. The deadline for receipt of applications under the offer was altered to Oct. 22, and the deadline for applications from intermediaries to Oct. 23.

UK and Ireland

* Unite Group PLC priced its £275 million debut sterling-denominated senior unsecured bond at an interest rate of 3.5% per year. Proceeds from the 10-year bond will be channeled toward general corporate purposes and the company's development pipeline.

* Great Portland Estates PLC disposed of the 27/35 Mortimer Street mixed-use building in London for £38.5 million to Orchard Street Investment Management on behalf of St insurance company James's Place UK PLC. The price for the 31,000-square-foot office and retail building reflects a net initial yield of 3.9% and a capital value of £1,242 per square foot.

* Warehouse REIT PLC gained permission to develop up to 250,000 square feet of mixed-use space on 16 acres of land inside the Queenslie Park industrial estate in Glasgow, Scotland. The project has a gross development value of £25 million, the company said in a release.

* Hong Kong-based developer Nan Fung Group Holdings Ltd. paid an unknown amount to buy a majority stake in central London-focused real estate developer and investor Endurance Land Ltd. The British company will manage Nan Fung's existing assets in the U.K. and absorb its shareholders team in the country.

* U.K.'s Metropolitan Housing Trust Ltd. and Thames Valley Housing Association Ltd. finalized a joint venture that holds about 57,000 homes across London, the U.K.'s South East, East Midlands and the East of England. The new company, Metropolitan Thames Valley's CEO, Geeta Nanda, said the partnership will deliver 2,000 homes annually, with roughly 80% of the homes being affordable units.

* Developer CEG is set to commence work on its £350 million South Bank development in Leeds, U.K., which will feature two office properties, with ground-floor retail and leisure spaces totaling up to 280,000 square feet, Construction Enquirer reported. The project is part of a wider development spanning up to 1.1 million square feet of mixed-use space and a maximum of 750 new homes, the report added.

* Vanguard Real Estate's delivery vehicle, Osborne and Co., is spending £95 million to develop a 283,000-square-foot prime office development on Argyle Street in Glasgow, subject to planning approval, Property Week reported.

* Asset manager Marcol's iSec division and fuel supplier Greenergy have lodged papers with the Thurrock Council to gain approval for a 5 million-square-foot industrial park project on the former Coryton Oil Refinery site in Essex, U.K., PW reported. Construction on the Thames Enterprise Park development will begin on the 100-acre plot to deliver hubs for food production, sustainable industries and amenities, alongside high-tech research spaces, the report added.

* Real estate investor Melford Capital has placed its 70,516-square-foot office building in London's Notting Hill district on the market for £55 million, CoStar U.K. reported. The price tag reflects a 7% yield and a capital value of £780 per square foot.

* The U.K.'s Financial Conduct Authority has proposed new rules and regulations aimed at reforming open-ended real estate funds in an effort to lower potential risks to investors in funds that hold illiquid assets, especially under unfavorable market conditions, IPE Real Assets reported. The financial regulator has come up with the measures in the wake of liquidity issues following the global financial crisis and the Brexit vote, according to the report.

* Tristan Capital Partners signed a forward agreement residential developer Twinlite to buy the planned residential project, featuring 372 apartments across three blocks, in Dublin, Property Investor Europe reported. The deal, agreed for an undisclosed sum, involves Twinlite taking a minority stake in the development alongside Tristan's EPISO 4 fund, the report added.

* The Irish commercial real estate property market saw upwards of €2.1 billion in investments in the year to Sept. 30, with 46 transactions collectively valued at €505 million recorded during the third quarter, The Irish Times reported, citing Cushman & Wakefield.

Germany and the Netherlands

* German lender pbb Deutsche Pfandbriefbank loaned €47 million to LCN Capital Partners for a portfolio of three Dutch logistics and light industrial assets, comprising more than 67,000 square meters of space, PIE reported.

* French fund manager Perial acquired two hotels in Germany and the Netherlands for an undisclosed amount in a bid to diversify into alternative assets across the eurozone, PIE reported. The company bought the 150-room 7 Days Premium hotel at Leipzig International Airport in Germany and the 180-room Holiday Inn hotel in the Dutch city of Eindhoven, which is scheduled for completion by 2019-end, the report added.


* Luxembourg-based investment services company LRI Group and Germany's Wealthcore Investment Management GmbH have partnered to launch an Austrian real estate special fund with a target volume of up to €250 million. Wealthcore Austria Living I will invest in core and core-plus assets in residential locations, with a focus on Vienna.


* France's Icade intends to invest €112 million on the development of seven nursing homes containing 1,020 beds in northern Italy. The properties are scheduled for completion between 2019- and 2021-end, and will be purchased by Icade upon their completion, under a deal signed with a property development fund managed by Italian asset manager Numeria.

Other real estate news

* U.S.-based data center real estate investment trust CyrusOne Inc. is buying a 10% equity stake in Brazilian data center providers Odata Brasil SA and Odata Colombia SAS for a sum of US$12 million. The two companies committed to leasing spaces to CyrusOne customers in the Odata portfolio.

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.

Celestyn Wong contributed to this report.