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Allianz buys Paris office properties for €416M; Hines to redevelop Dublin assets

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Allianz buys Paris office properties for €416M; Hines to redevelop Dublin assets

* Allianz Real Estate bought two manage-to-core office developments in Saint-Ouen, Paris, in separate 50/50 joint venture deals with an undisclosed French public financial institution for €415.6 million. The Allianz SE unit said it acquired the assets on behalf of several Allianz group companies.

* Hines is planning a €100 million redevelopment of the former Central Bank of Ireland headquarters and nearby buildings in Dublin in partnership with Hong Kong-based Peterson Group, The Irish Times reported. Brian Moran, Hines country head in Ireland, said in a podcast of the publication that the office on Dame Street will be renovated to accommodate office and retail space. The official added that the property will be available for occupancy in August 2020.

* Coima Res SpA SIIQ acquired two properties that serve as headquarters for Microsoft Corp. and Koninklijke Philips NV in Milan's Porta Nuova and Bicocca districts, respectively. The purchase prices of the two transactions reflect respective property valuations of €97.5 million and €60.7 million.

UK

* The U.K. housing sector remained cautious as both buyers and sellers await the results of Brexit and the upcoming elections, according to the latest report from Royal Institution of Chartered Surveyors. House prices declined with a net balance of negative 12 percentage points, coming from three consecutive months of broadly flat readings, according to the November edition of UK Residential Market Survey. However, near term sales expectations were marginally positive for the next three months, while the 12-month outlook is heading toward growth in both sales and prices on a nationwide basis.

* The capital value of purpose-built student accommodation assets in the U.K. grew 4.0% in the year to September 2019, bringing total returns to 9.4%, according to research conducted by CBRE. Assets in Central London saw total returns of 11.3%, outpacing the 8.3% recorded by student accommodation schemes outside of Central London, the latest United Kingdom Student Accommodation Index 2019 showed.

* Aberdeen Standard Investments Inc. agreed to sell The Moor shopping center in Sheffield to NewRiver REIT for about £85 million, Property Week reported. The 900,000-square-foot shopping center has a weighted average unexpired lease term of more than 10 years and was put on the market in October with an asking price of £89.4 million.

* M&G acquired one of the two remaining student accommodation buildings in the four-property Onyx Collection of BlackRock Inc. for £79 million, according to PW. The 273-bed The Project at Hoxton was bought with a net initial yield of about 4.25%. The other remaining asset, the about 920-bed Point Campus, is under offer to DWS for a reported price of over £118 million, PW added.

The other two assets in the Onyx portfolio — The Elements in Sheffield and The Foundry in Leeds were sold to Far East Orchard for about £71.7 million in November, according to the report.

Germany

* Signature Capital Ltd. and Prudential Real Estate Investors, or PGIM Real Estate, acquired in a share deal an office portfolio in Berlin from Patrizia AG for an undisclosed amount. The Arrow Portfolio in Mitte and Kreuzberg comprises four properties with a total area of about 32,000 square meters, with an additional fully permitted development of roughly 8,500 square meters.

* Quilvest Capital Partners partnered with Kintyre to acquire a mixed-use property in Radofzell from Swiss family office H Sat for an undisclosed sum, REP Europe Real Estate reported. The Seemaxx urban precinct spans 35,000 square meters and comprises commercial space, logistics and warehouse units, and the Kesselhaus office building. The acquisition, which also includes Hesta Beteiligungs GmbH, will be formally completed before the end of 2019.

Poland

* Europa Capital sold on behalf of its Europa Fund V the Radisson Collection hotel in Warsaw to Wenaas Hotels Europe A/S. The five-star hotel contains 311 rooms and suites, with amenities such as restaurants, a lobby bar, communal areas, fitness center, and meetings and events facilities. Radisson Hospitality AB will continue to operate the asset.

* Globe Trade Centre SA received a permit to develop a new office property in Katowice. The class A Moderna building will span 18,315 square meters across five floors. The property is expected to obtain LEED gold certification.

Sweden

* Castellum AB acquired two office buildings in Västerås from Imperia Fastigheter AB for 217 million kronor, after deduction of 11 million kronor for deferred tax. The transaction also includes unused building rights worth 5 million kronor. The rights allow for the construction of new roughly 2,500 square meters of office space. The office properties of Kol 13 at Kopparbergsvägen 25 and Kungsängen 14 at Pilgatan 4 have a total leasable area of about 7,551 square meters.

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.