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Blackstone affiliate in Hispania Activos buyout; UniCredit to sell $1B of assets

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Blackstone affiliate in Hispania Activos buyout; UniCredit to sell $1B of assets

* Blackstone Group LP affiliate Alzette Investment SARL offered to buy out Hispania Activos Inmobiliarios by acquiring the 2,283,182 remaining shares it does not already own in the Spanish real estate investment trust.

Alzette already owns 106,886,360 shares in Hispania, translating to 97.91% of the REIT's outstanding share capital.

* Italian bank UniCredit SpA tapped Cushman & Wakefield PLC for the sale of its up to US$1.1 billion worth of German office buildings and bank branches from its HypoVereinsbank unit. The disposal process, slated to commence in January 2019, will involve about 30 buildings.

UK

* Tritax Big Box REIT PLC closed a forward funded deal for a new logistics fulfilment center project at Integra 61, close to Durham, with a commitment of up to £147.3 million. The modern pre-let property will feature roughly 1,992,061 square feet of internal gross floor area upon its completion in the summer of 2020.

* UK Commercial Property REIT Ltd. purchased a portfolio of five distribution warehouses in the U.K.'s Midlands from Clipstone Logistics REIT PLC for a headline sum of £85.4 million. The deal for the 909,030-square-foot, fully let portfolio reflects a 5.5% net initial yield.

* Hansteen Holdings PLC sold a 22-property portfolio to a Stenprop Ltd. subsidiary for a total of £67.9 million. The properties collectively span 1.16 million square feet, with 5.8% of the area being vacant.

Hansteen also closed the sale of another four assets via a separate deal for an aggregate of £18.6 million. The transaction involves 205,000 square feet of floor area, including 10.4 acres of land.

* European rental homes operator Greystar called off talks for the purchase of a portfolio of seven build-to-rent sites able to host about 3,500 apartments across the U.K. from developer Inhabit. The portfolio's development value was estimated to be approximately £1 billion in April, when plans for a potential deal between the two parties were first reported.

* Belgian REIT Aedifica SA signed a roughly £450 million purchase deal for 93 healthcare properties in the U.K. from an affiliate of Lone Star Funds' Lone Star Real Estate Fund I. The deal reflects an initial gross rental yield of about 7% and is expected to close by the end of January 2019.

* Canada's Fiera Capital, through its Fiera Properties unit, bought an 80% stake in British investment management company Palmer Capital Partners.

Palmer Capital holds more than £800 million worth of assets under management and manages a further £215.5 million of assets via its minority shareholding in joint ventures of eight regional property companies.

* National Farmers Union Mutual Insurance Society Ltd. divested for £152.5 million a 23,265-square-foot, mixed-use building at 2-5 Old Bond St. in London to Hong Kong-based investor Lai Wing-To. The property accommodates fashion label Alexander McQueen's U.K. flagship store and Italian shoe retailer Tod's.

* GCP Student Living PLC obtained an up to £55 million facility to partially fund the construction of the forward-funded Scape Brighton student development at the University of Brighton's primary campus. The purpose-built private asset is scheduled to be completed in time for the 2020-2021 academic year.

* Triple Point Social Housing REIT PLC will receive a £70 million, four-year revolving credit facility from Lloyds Bank PLC, with the possibility of an additional two-year extension.

The four-year facility holds an annual interest rate of 1.85% over three-month London interbank offered rate.

Denmark, Sweden and Finland

* CL Denmark ApS launched a conditional voluntary public takeover bid for shares of Danish real estate company Admiral Capital AS. The target company received an observation status from Nasdaq Copenhagen as a result of the bid.

* South Korea's AIP Asset Management purchased an office asset in Copenhagen for 1.2 billion kroner, marking its first investment in Denmark and the Nordic region, PropertyEU reported.

* In Sweden, Castellum AB intends to acquire Serneke Group AB's properties in and around the Säve Airport in Gothenburg, Sweden, for at least 1.1 billion kronor. The deal comprises five adjacent properties, totaling roughly 3 million square meters.

* Swedish company Hemsö Fastighets AB is purchasing the Helsinki Court House in the Ruoholahti quarter for roughly €200 million. The building offers a total of roughly 50,000 square meters of leasable area that is mainly occupied by the Finnish government, including units of the country's Ministry of Justice.

France

* French supermarket chain Casino Guichard-Perrachon Société Anonyme closed the disposal of 53 Monoprix properties to the Generali Group and 14 such assets to Ag2r La Mondiale for a combined amount of €742 million. The retailer has been selling off its Monoprix assets as part of its €1.5 billion asset disposal plan announced in June intended to help it trim its debt levels.

Poland

* Tritax Eurobox PLC agreed to acquire a prime and modern national logistics facility at Strykow in Lodz for €55 million, exclusive of costs, marking a gross initial yield of 5.8%.

An initial phase of the property was completed in 2017 and offers 49,379 square meters of gross internal area, while its second phase is expected to be completed in May 2019.

Germany

* GEG German Estate Group AG spent approximately €250 million to purchase the 31-story Eurotheum office building in Frankfurt's banking district from Commerzbank AG's Commerz Real AG division. The purchase boost GEG's assets under its management to upwards of €3 billion.

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.