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BUWOG leans toward Vonovia deal; Blackstone eyes fruits of hot Portuguese market

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BUWOG leans toward Vonovia deal; Blackstone eyes fruits of hot Portuguese market

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Checking it out

* BUWOG AG's management board and supervisory board will examine Vonovia SE's roughly €5.2 billion voluntary public takeover offer for the company's outstanding shares and convertible bonds. The boards have a "positive stance" toward the offer.

BUWOG shareholders have until March 12 to tender their shares or convertible bonds. For the merger to complete, a statutory minimum acceptance threshold of 50% plus 1 share of all BUWOG shares must be reached. The deal is also subject to approval from the Austrian Federal Competition Authority, among other closing conditions.

* Vesteda Groep B.V. is eyeing the acquisition of a Dutch residential portfolio for roughly €1.4 billion. The real estate developer is in exclusive discussions with insurance and asset management company NN Group NV to buy the roughly 7,000-unit portfolio and expects to sign a binding agreement in the coming weeks.

Making hay while the sun shines

* At a time when Portugal's economy shows signs of picking up, U.S.-based private equity giant Blackstone Group LP is poised to seal a €450 million deal to sell the Almada Forum mall near Lisbon to Spain's MERLIN Properties, Bloomberg News reported, citing people with knowledge of the matter.

At that price, MERLIN would be buying the asset for twice the sum Blackstone paid in 2015, the newswire noted.

Portfolio expansion

* In Germany, Aerium acquired a Frankfurt office complex from Aurec Real Estate Europe for €140 million.

The BBW prime office property in the Westend district also includes residential units, as well as space for storage and commercial use.

* Redevco Iberian Ventures is now a majority stake owner in the Parque Corredor Shopping Center in Madrid after it acquired more than 70% of the asset's gross leasable area in a roughly €140 million deal.

REIT Route

* A special general shareholder meeting slated for March 7 will include a vote on Stenprop Ltd.'s proposed conversion into a real estate investment trust. The diversified real estate property company plans to list on the London Stock Exchange and ultimately become a multilet industrial business leader in the U.K.

Stenprop intends to keep its primary listing on the Johannesburg Stock Exchange and delist from the Bermuda Stock Exchange.

Numbers game

* Total revenues at Klépierre came to about €1.32 billion in 2017, an increase of 1.6% from 2016.

Klépierre's net current cash flow per share stood at €2.48 for the year, up 7.4% from 2016 and ahead of its initial guidance of €2.35 to €2.40.

The retail REIT expects to generate net current cash flow per share of €2.57 to €2.62 in 2018.

Featured during the week on S&P Global Market Intelligence

Klepierre chairman rules out joining retail property M&A rush

Major UK landlords urge government action on failing town centers

Meeting of minds to boost European office landlords' push for sustainable future

Amisha Mehta contributed to this report.