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AXA Investment buys UK senior homes group; London skyscraper gets green light


According to Market Intelligence, December 2022


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AXA Investment buys UK senior homes group; London skyscraper gets green light

* AXA Investment Managers - Real Assets acquired Retirement Villages Group on behalf of a club of investors. The group develops and manages retirement villages in the U.K., and holds a 14-asset portfolio of retirement villages mainly in the South East and South West regions. The deal value is understood to be £100 million, according to Property Week.

Additionally, the company collected more than €1 billion in commitments for its open-ended AXA CoRE Europe Fund since its launch in March 2016. The company has invested €830 million of the raised capital on behalf of the fund.

* A Mitsubishi Estate Co. Ltd. unit secured planning permission from the City of London Corp. for a 50-story skyscraper at 6-8 Bishopsgate and 150 Leadenhall St. in the City of London. Mitsubishi Estate London and Stanhope revised plans for the office building in April by adding 10 floors, spanning 120,000 square feet of leasing space, to the original 40-story draft.

UK and Ireland

* Hansteen Holdings Plc is offering to tender at least 1 in every 2 ordinary shares for a cash purchase price of 140 pence per share, subject to the approval of shareholders in a general meeting scheduled Oct. 25.

If maximum shares under the tender offer are acquired, the company will return a total of roughly £580 million in capital to shareholders by the end of 2017.

* CEG is looking to score an approval for a hybrid planning application for a £350 million mixed-use development on a 8.69-acre site in Leeds, U.K. Plans for the development include two office developments, up to 103,900 square meters of office, retail, leisure, hotel, health, education and community space, and 750 new homes and public spaces.

* The Durham University has selected a consortium comprising Interserve, Equitix and Campus Living Villages UK, to fund, design, construct and operate an £85 million student accommodation scheme in Durham, U.K., Construction Enquirer reported. The project consists of two residential blocks with up to 1,000 student bed spaces. Work on the site is expected to begin in March 2018.

* PricewaterhouseCoopers agreed to sell the 10-18 Union St. asset in London's South Bank to the Royal College of Obstetricians and Gynaecologists for about £35 million, PW reported. The 55,924-square-foot building will accommodate RCOG's 180 staff, who will move into the new headquarter in late 2019.

* Developers Ballymore and Oxley Holdings have mandated CBRE to off-load the first phase of the Dublin Landings development with a price tag of more than €150 million, the Irish Independent reported. Nama could potentially pocket €20 million from the sale due to it 20% stake in the joint venture. The entire Dublin Landings development will include approximately 678,000 square feet of office space and 270 apartments in the capital's docklands, the report noted.

* Irish Residential Properties REIT Plc is "very disappointed" with the Ireland planning board's decision on its appeal for a 456-unit apartment project in Dublin's Sandyford suburb, CEO David Ehrlich said in a release. The An Bord Pleanála supported Dun Laoghaire-Rathdown County Council's decision, refusing to give planning permission to the proposed development.

* Total commercial property investment in Ireland surpassed €1.3 billion for the nine-month period ended Sept. 30, with the total volume for 2017 estimated to reach €2 billion to €2.5 billion, if a large number of transactions are executed, The Irish Times reported, citing JLL. Meanwhile, the third-quarter investment volume in the market amounted to €530 million, according to the report.


* Foncière des Régions formed a new co-working division and named Céline Leonardi as its head. The company's new flexible office and co-working offering will cover 10 to 20 sites across Ile-de-France and in major regional cities by 2020. Meanwhile, Fabien Guisseau was appointed the head of the company's letting division, effective Oct. 30.


* Logistri Fastighets paid an unknown sum to purchase a Swedish portfolio comprising eight warehouses from Alma Property Partners, PIE reported. The 100,000-square-meter portfolio, based in southern Sweden, is fully let with a weighted average lease length of 15 years, the report added.


* NEPI Rockcastle Plc boosted the amount it expects to raise in its accelerated book build to roughly 5.2 billion South African rand from an initial target of about 3 billion rand due to strong demand. The new ordinary shares to be issued were priced at 177 rand apiece. The funds raised will help refinance the purchase of the Serdika Center and Office in Sofia, Bulgaria, and the Arena Plaza shopping center in Budapest, Hungary.

Other real estate news

* Catalyst Capital raised more than €400 million at the first close of its "evergreen" real estate fund, Catalyst Core Plus European Property Fund, which will have an initial €1 billion to invest across commercial real estate sectors. The fund, with an indefinite life, will invest in northern European countries such as Germany, Poland, the U.K. and France.

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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.

Anusha Iyer contributed to this report.

As of Oct. 3, US$1 was equivalent to 13.68 South African rand.