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Medical Properties buys £1.5B UK hospitals; Union Investment eyes €1B asset fund

Credit Analytics Case Study Poundworld Retail Ltd

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Medical Properties buys £1.5B UK hospitals; Union Investment eyes €1B asset fund

* Medical Properties Trust Inc. wrapped up its purchase of the real estate interests of 30 hospitals in the U.K. The Birmingham, Ala.-based healthcare real estate investment trust invested about £1.5 billion in the transaction.

* Union Investment aims to raise approximately €1 billion for its new special fund. The UII European fund will invest in midscale properties, focusing on office, hotel, logistics and retail assets.

For the vehicle's seed portfolio, the company agreed to buy two hotel projects in Poland for €86 million. The hotels being developed in Kraków and Katowice will total 527 rooms and are scheduled for completion in the autumn of 2021. UBM Development AG will be the developer, vendor and future operator of both the properties.

* Asset manager Antirion SGR was reported to have paid €190 million for the former headquarters of bank BNL along Via Veneto in Rome, according to PropertyEU.

* Ingka Centres, the real estate unit of Ikea's parent company Ingka Holding BV, bought Kings Mall in London's Hammersmith district, London's Financial Times reported. The company will spend £170 million for the acquisition and redevelopment of the 27,000-square-meter retail property, which will house an Ikea store, according to the report. The acquisition is part of the Swedish group's strategy to develop mixed-use sites around urban Ikea stores.

* Real estate services company JLL said Europe's self-storage sector is gaining popularity among investors, recording €250 million in investments in 2019. Ollie Saunders, JLL lead director of alternatives, said the sector is predictable and reliable, although the official noted that the lack of scale in the industry hinders institutional capital from entering, since small companies own and operate most of the properties.

UK

* The Scottish government is set to grant councils power to zone areas where permission is needed before properties can be rented out starting 2021, BBC News reported. The move is seen to tackle problems brought by the growth of Airbnb-style short term leasing in Scotland, according to the report.

* Ballymore and M&G Real Estate agreed to lease 26,291 square meters of space in their office development in Birmingham to BT, marking the city's largest-ever single office letting, according to The Irish Times. The telecom company signed a 20-year lease for the Three Snowhill building.

Italy

* Invel Real Estate acquired two office properties in Rome and Milan for a combined value of €120 million. The company bought a 28,000-square-meter property along Via Paolo di Dono in Rome from DeA Capital Real Estate SGR. The building houses tenants such as Unilever, Philips and Swiss Post.

Meanwhile, the Milan property was bought from Aedes SIIQ SpA and spans 12,000 square meters. Invel plans to add an additional floor in the Milan building, renovate its façade and optimize its energy efficiency to obtain a LEED certification.

Denmark

* Corestate Capital Holding SA bought a serviced apartment complex development in Copenhagen from NPV A/S through a forward purchase agreement. Once completed, the asset at Landvindingsgade will have around 12,200 square meters of gross floor area above ground and will comprise 248 apartments, a gym, a restaurant and coworking space, among other features. The asset is being developed by NPV will be part of the Enghave Brygge South urban development project.

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.