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Asian buyer in £1B London deal; British Land hires brokers; 2 IPOs progress


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Asian buyer in £1B London deal; British Land hires brokers; 2 IPOs progress

* A unit of Hong Kong-based CK Asset Holdings Ltd. acquired UBS Group AG's London headquarters building from British Land Co. PLC and Singapore's GIC for £1 billion. The 12-floor 5 Broadgate development consists of more than 700,000 square feet of net internal area.

* British Land also announced plans to extend its share buyback program by an additional £200 million, hiring Morgan Stanley and UBS as brokers.

* Tritax EuroBox, which aims to invest in continental European logistics properties, is looking to raise up to £300 million in an IPO of ordinary shares in London. It is also in advanced negotiations to acquire seven assets for more than €600 million, which will form part of its €1.8 billion pipeline.

* Helsinki-based real estate investor Kojamo PLC raised roughly €150 million in gross proceeds following the completion of its oversubscribed IPO on Nasdaq Helsinki Ltd.

The company will issue the shares at €8.50 apiece, the lower end of its initial price range, resulting in a market capitalization of roughly €2.10 billion.

UK and Ireland

* Round Hill Capital is in exclusive discussions to forward fund Watkin Jones PLC' Project Colorado portfolio in the U.K., with a gross development value of £250 million, Property Week reported. The portfolio comprises seven student housing developments across Wembley, Waltham, Bristol, Glasgow, Coventry and Chester. The 2,598-bed portfolio was placed on the market in February.

* Stenprop Ltd., which lists on the London Stock Exchange on June 15, disclosed plans to become the U.K.'s first "serviced industrial" provider, PW reported. The new real estate investment trust is looking to offer the same flexibility to its multilet industrial tenants that is provided to serviced office tenants.

* Development company Wates Group signed a £150 million pre-construction agreement to deliver the first phase of an office-led scheme in Birmingham, U.K., Construction Enquirer reported. The One Axis Square project, undertaken by London & Continental Railways, will comprise 1 million square feet of four office blocks in addition to development plot earthworks and new utility services, among others.

* Westrock and the Crawley Borough Council received planning permission for the second phase of the £150 million Boulevard regeneration scheme in the U.K., Construction Enquirer reported. Plans for the project call for 273 residential apartments, a 150,000-square-foot town hall and office building, a district heat network center and a new public square.

* London & Regional Properties Ltd. is sounding out buyers for The Epworth office building in Shoreditch, London, for £78 million, PW reported, adding that the deal would represent a net initial yield of 4.8%. The 62,789-square-foot, eight-story property is fully leased to Japanese company NTT Data Consulting, IT Solutions and flexible space provider Spaces.

* CLS Holdings PLC plans to redeem £65 million of 5.50% senior unsecured bonds due 2019 by July end at a cost of about £68.7 million.

* In London, the average price of a house rose by 1% in April year over year to £485,000, marking the lowest growth in the country, the London Evening Standard's Homes & Property reported, citing Land Registry and Office for National Statistics. The expensive boroughs in the U.K. capital witnessed price drops and the cheaper boroughs saw a rise in home prices.

* According to Moody's, rents among the U.K.'s prime shopping centers and high street shops are continuing to stay stable, amid the recent closure of some high street stores. In London, high street stores, especially the ones in the West End are witnessing an increase in rents.

* Irish assets agency Nama intends to bring to the market roughly €250 million in loans secured by retail properties developed by late Owen O'Callaghan's O'Callaghan Properties "in the next two or three weeks," The Irish Times reported, citing CEO Brendan McDonagh.


* Demire Deutsche Mittelstand Real Estate AG said about €33.4 million of the outstanding €400 million of its 2.875% senior notes due 2022 were validly tendered, as at the repurchase offer's June 14 closing.

* Cofinimmo SA is paying €172 million to acquire 17 German nursing and care homes from a joint venture led by Revcap, reflecting an initial gross rental yield of about 5.5%. The properties are let to operator Stella Vitalis under fixed 30-year leases.

Czech Republic

* Cromwell Property Group raked in €17.5 million from the sale of the Cestlice Business Park in Prague, Property-Magazine International reported. The property, part of Cromwell's Cromwell European Industrial Fund portfolio, comprises 14,707 square meters of space and houses warehouse, retail, office and small business units.

The Netherlands

* Goldman Sachs Group Inc. launched €247.8 million of double-borrower commercial-backed mortgage securities, securitizing two Dutch office-led loans, CoStar U.K. reported.

* Blackstone Group LP sold the 17,301-square-meter Lotus A&B office asset in Rotterdam to Capreon. The property consists of two office buildings that are 86% let.

Sweden and Poland

* Kungsleden AB refinanced bank loans totaling 2.8 billion kronor through bilateral credit agreements with a total credit pledge of 3.3 billion kronor.

* Klövern AB issued 800 million kronor of hybrid bonds, which carry a floating interest rate of the three-month Stockholm Interbank Offered Rate plus 600 basis points until the first call date, and will be callable June 21, 2023, and every subsequent interest payment date. The company carried out the issuance under a 1.50 billion-kronor framework.

* Globalworth Real Estate Investments Ltd.'s Globalworth Poland RE's private placement of 286,624,204 new shares raised €450 million.

Shares worth €300 million were subscribed by the parent and €150 million of shares were subscribed by South African real estate investment trust Growthpoint Properties Ltd.

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Cam Nones contributed to this report.