trending Market Intelligence /marketintelligence/en/news-insights/trending/N_rsJcRUUd0Ny6XHKV2oNA2 content esgSubNav
In This List

Ivanhoé Cambridge sets up £1B JV; Emirates REIT plans issue of US$300M sukuk

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Ivanhoé Cambridge sets up £1B JV; Emirates REIT plans issue of US$300M sukuk

* Ivanhoé Cambridge has teamed up with Peel Logistics Property to form a roughly £1 billion joint venture that will invest in high-quality U.K. logistics assets through the Peel Logistics Property UK Logistics Venture. The vehicle will target development, value-add and core investments in core logistics hubs across the U.K.

* Emirates REIT (CEIC) Ltd.'s shareholders approved the company's proposal to issue over US$300 million worth of U.S.-dollar-denominated sukuk trust certificates. The five-year sukuk is expected to be issued before the end of the first quarter of 2018, with the certificates to be listed on the Irish Stock Exchange.

UK

* Pensions Infrastructure Platform signed a deal with Aberdeen UK Infrastructure Partners LP for the acquisition of a portfolio of interests in 10 U.K. public-private partnership developments for a sum of about £400 million.

* British Land Co. Plc selected McLaren Construction to carry out the £53 million development of a 12-screen IMAX cinema and upward of 12 restaurants next to its shopping center in Plymouth. Opening of the leisure project is expected in the fall of 2019.

* Legal & General purchased a 272-acre site in Arborfield, Wokingham, which has outline planning consent for 1,500 homes, a school and shops. Construction on the first stage of the project is scheduled to commence 2018-end.

In a separate release, the company, on behalf of its Leisure Fund, is providing £35 million in funding for the Wrenbridge Sport and the City of York Council's joint development of the Vangarde leisure project in York. The development will contain 50,000 square feet of cinema space, as well as dining and retail elements.

* Quintain Estates and Development Plc has granted Sisk a £211 million contract to construct the Canada Gardens built-to-rent project at a Wembley Park site, which will yield 743 homes across seven buildings, Construction Enquirer reported. The deal is Quintain's biggest construction contract to date.

* Developers of the National Innovation Centre in Newcastle, being constructed for Newcastle University, were granted planning approval for the £50 million development, Construction Enquirer reported. Work on the project is expected to begin soon, with completion slated for 2020.

* Audley Group agreed to buy the first site for the development of its Mayfield Villages project in Watford, Hertfordshire, from Watford Riverwell Partnership, Property Week reported. The 278,000-square-foot plot will be part of a £400 million mixed-use regeneration project at Watford Riverwell, which will offer 253 properties for senior residents, with Audley expecting to invest the amount in the development over the next five years, the report added.

* According to a Deloitte Real Estate survey, construction on 25 office projects in central London was started during the six months ended Sept. 30, lower than the 28 projects commenced in the previous six-month period, Reuters reported. The 25 projects will add 1.8 million square feet to the city's development pipeline, marking a three-year low, the report noted.

France and the Netherlands

* Icade signed an agreement to acquire building D in the Le Ponant complex in Paris' 15th arrondissement for €55.5 million, including commissions and fees, from Gecina, in a deal scheduled to close by the end of 2017.

The company also raised its full-year 2017 guidance and expects net current cash flow to rise by about 8% year over year, compared to the July forecast of a roughly 7% increase, as a result of debt restructuring and a better operating performance.

* VGP NV said the stabilization period for its secondary public offering has ended, following the sale of a total of 5,086,559 shares and a partial exercise of the underwriters' overallotment option. The company sold 561,990 overallotment shares, which yielded proceeds of €31.5 million, with gross proceeds from the offering totaling €284.8 million.

Germany, Denmark and Norway

* Catella Residential Investment Management GmbH paid €88.6 million to acquire two residential developments for the Catella Wohnen Europa investment fund. The project in Bremen, Germany, will deliver 215 microflats on 12,470 square meters of residential space, a project that is expected to wrap up in March 2018.

Meanwhile, in Aarhus, Denmark, the company bought a 13,000-square-meter site comprising 162 residential units, slated for delivery before 2017-end, according to a release.

* Entra ASA issued a five-year note, with the first tranche amounting to 600 million Norwegian kroner. The note carries a floating-rate coupon of 0.72% over the three-month Norwegian Interbank Offered Rate, with a term running from Dec. 1 to Oct. 14, 2022. The company separately said it has repurchased 374 million kroner worth of bonds.

Poland

* U.K.-based private equity real estate fund manager Benson Elliot made separate off-market purchases of four grade A offices in Poland for a combined sum of €100 million. The assets were acquired on behalf of its Benson Elliot Real Estate Partners IV LP pan-European fund.

Now featured on S&P Global Market Intelligence

Data Dispatch: US REIT capital offerings up 22% YOY as of Nov. 15

The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Celestyn Wong contribute to this report.

As of Nov. 27, US$1 was equivalent to 8.15 Norwegian kroner.