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Azrieli logs FY'18 results; MNK Partners launches €200M pan-European fund

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Azrieli logs FY'18 results; MNK Partners launches €200M pan-European fund

* Azrieli Group's EPS for the full year 2018 was 10.04 New Israeli shekels per share, a decrease of 16.4% from 12.01 shekels per share in the year-earlier period. Net profit for the period attributable to the shareholders totaled 1.22 billion shekels, a decline of 16.3% from 1.46 billion shekels in the prior-year period.

* France-based MNK Partners established a €200 million pan-European real estate fund under the Luxembourg Reserved Alternative Investment Fund regime, with an aim to raise €100 million of equity and €100 million of debt over a three-year investment period, REFI Europe reported.

* Aroundtown SA acquired an 11.8% stake in central and Eastern Europe-focused office investor Globalworth Real Estate Investments Ltd. for an undisclosed amount.

UK and Ireland

* The Enfield Council is searching for a development partner for the second phase of the £6 billion Meridian Water housing project in North London, Construction Enquirer reported. Meridian Two will feature 200 to 250 affordable homes and workspace upon its completion expected between 2022 and 2023.

* Hines tapped CBRE to sell its Bishop's Square office property in Dublin city center, with market sources expecting a guide price of at least €180 million for the property. According to the Irish Independent, the price and the grade A multi-let building's €8.7 million annual rental income could reflect a net initial yield of 4.45%.

* Private equity investment group Quadrum Global is seeking £88.9 million from the sale of the 53,000-square-foot 21 Dartmouth St. office building in London, PW reported. The asking price, more than double the £43 million that Quadrum paid for the building in 2014, reflects a net initial yield of 3.75%.

* Aberdeen Standard Investments Ltd.'s Aberdeen Life UK Property Fund divested the 60 Charlotte St. office property in London's West End district to Westbrook Partners LLC for a little over £80 million, according to PW. The property contains 39,003 square feet of office space fully let to eight tenants and a 5,049-square-foot ground-floor restaurant.

The Aberdeen fund is also selling the freehold of the Browns restaurant at 82-84 St Martin's Lane in Covent Garden, London, for a price of £37 million, the publication added.

* Civitas Social Housing PLC closed its roughly £73.5 million acquisition of 19 regulated social housing properties comprising 266 tenancies. The company has also signed deals to acquire two more such properties for a total of £12.1 million.

* Landsec appointed Christophe Evain as an independent nonexecutive director, effective April 1. Evain will also become a member of the real estate company’s remuneration committee.

* British property developer London Square established a commercial real estate unit, which will focus on delivering mixed-used projects, featuring office, retail and leisure spaces, PW reported. London Square Works will start off with the 53,000-square-foot Cally Yard commercial space within its development on Caledonian Road in London.

* U.S.-based fast-food restaurant chain Quiznos is looking to open 50 to 75 outlets in the U.K. over the next three to five years, PW reported. The company already has some franchise stores in the South East and hopes to find opportunities in regional cities, such as Glasgow, Birmingham, Cambridge and Newcastle.

Germany

* Property developer Gateway Real Estate AG launched a €191 million share sale priced at €4 per share to boost its free float to up to 26% from 0.5%. The German company will use the proceeds for project acquisitions and repayment of existing debt.

* Deutsche Wohnen SE COO Lars Wittan will exit the company by Sept. 30, when his contract period ends. Lars Urbansky, managing director of Deutsche Wohnen Immobilien Management GmbH, will replace Wittan on the executive board, effective April 1.

Other real estate news

* Hines is planning to launch a second value-add fund in 2019 to target Asian capital after raising €721 million at the final close of the first Hines European Value Fund in September 2018, REFI Europe reported.

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.