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Singaporean companies target Germany; São Paulo mall stake to fetch 937M reais


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Singaporean companies target Germany; São Paulo mall stake to fetch 937M reais

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Singaporean influx

* Singapore-listed Frasers Centrepoint Ltd. is eyeing an entry into the German last-mile logistics sector through a roughly €257 million cash acquisition of a portfolio of six cross-dock facilities in the country.

The portfolio comprises a lettable area of 75,478 square meters, with assets in Heilbronn, Mainz, Berlin, Augsburg, Hamburg and near Leipzig. It is being sold by German developer ECE Projektmanagement GmbH.

The assets are fully pre-leased to Hermes Germany GmbH under a 15-year term.

* In a joint venture with Lum Chang Holdings Ltd., CapitaLand Ltd. bought the Main Airport Center property in Frankfurt, marking its first purchase of an office building in Germany.

A partnership between CapitaLand's CLI Commercial (Europe) Pte. Ltd. subsidiary and Lum Chang's Sky Real Estate Investment Pte. Ltd. bought the issued and outstanding share capital of the multitenanted asset's owners MAC Property Co. GmbH and MAC Car Park Co. GmbH, for €234.3 million.

Buy and sell

* The Brazilian unit of Gazit-Globe Ltd. agreed to acquire a 70% stake in the Internacional Shopping mall in São Paulo for 937 million Brazilian reais, excluding closing costs. The 77,000-square-meter property has building rights for almost 200,000 square meters of additional space.

* Great Portland Estates Plc is selling the Broadwick Street 30 mixed-use property in London to a Savills IM client for £190.0 million.

The price for the eight-story building represents a net initial yield of 4.0% to the asset's September book value and a per-square-foot capital value of £2,015.

* Griffin Premium RE acquired three Polish office complexes in a roughly €160 million deal from Echo Polska Properties (Cyprus) PLC and Echo Polska Properties NV.

The properties are the A4 Business Park in Katowice, the Tryton Business House in Gdansk and the West Gate Lotnicza 12 in Wroclaw.

* Madrid-based Hispania Activos Inmobiliarios agreed to buy Barceló Group's 24% stake in Bay Hotels & Leisure SOCIMI for €172.4 million.

* NH Hotel Group signed a €155.5 million sale-leaseback deal that will see it divest the 274-room NH Collection Barbizon Palace hotel in Amsterdam to German asset manager Deka Immobilien.

Under the terms of the deal, which is slated to close by the end of January 2018, NH Hotel will be able to continue to operate the hotel for an initial 20-year period, with an option of extending this for two further 20-year periods.

As of Dec. 28, US$1 was equivalent to 3.30 Brazilian reais.

Amisha Mehta contributed to this report.