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PATRIZIA splashes €145M in Dublin; West End, London, asset sells for over £103M

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


PATRIZIA splashes €145M in Dublin; West End, London, asset sells for over £103M

*PATRIZIA Immobilien AGsaid it acquired the189,143-square-foot The Oval office building in Dublin for €145 million onbehalf of an institutional client. The asset, located in the Ballsbridgedistrict, is fully let to 15 tenants.

*Aberdeen Asset Management has off-loaded the freehold interest in One WelbeckStreet in London's West End to Lazari Investments for more than £103 million, Estates Gazette reported.The recently redeveloped property provides 55,000 square feet of office spaceand 2,000 square feet of roof terraces.

PropertyWeek andCoStarU.K. also reported on the news.

U.K. and Ireland

*NewRiver Retail Ltd. saidit is in advanced negotiations to acquire the Broadway shopping center andBroadway Square in the London borough of Bexley for approximately £120 million.The assets under consideration comprise 525,000 square feet over an 11-acresite and are retail and leisure led.

Thecompany was reported to be in talks to buy the shopping center in Bexleyheathtown center from LaSalle Investment Management in January.

*Tritax Big Box REIT Plcsaid it acquiredArgos' 653,670-square-foot National Distribution Centre at Barton BusinessPark, Burton-upon-Trent, Staffordshire, U.K., for approximately £74.7 million.The deal for the nearly 26-acre West Midlands site reflects a net initial yieldof 5.55%.

*Cerberus Capital Management is seeking around £60 million for the 400,000-square-footStar City shopping center located on the outskirts of Birmingham, U.K., citycenter, CoStar U.K. reported.

* Aplanned £1 billion redevelopment, including demolition, of the Whiteleysshopping center in London's Bayswater is facing opposition from localcampaigners and preservation societies, the LondonEvening Standard reported.The Westminster council is shortly expected to announce a decision on the plansthat were submittedin November 2015.

*U.S.-based media group AOL is on the verge of relocating its Londonheadquarters, having shortlisted two locations in Clerkenwell and one onChancery Lane, CoStar U.K. reported.The group requires around 70,000 square feet of space.

Twitterwas also reported tobe seeking London space for a headquarter move, and the news outlet saidLinkedIn is also looking for around 60,000 square feet of office space inLondon.

*Resolution Property is seeking planning consent for 100,000 square feet ofredevelopment works at the 0.6-acre Old Gramophone Works site in Notting Hill,London, PW reported.The mixed-use scheme will provide tech business space and retail, along withloft-style apartments on the upper floors, the report said.

*According to newly published government proposals, housing developers will berequired to sell one home in every five as a starter home, priced at a minimum20% discount below market value and meant for first-time buyers with moderateincomes, PW reported.The rules will apply to housing sites with 10 units or more.

*The Bank of England could tighten requirements for buy-to-let mortgage lending,and has published a consultationpaper along with the Prudential Regulation Authority. The (U.K.) Guardian reportedthat the bank has concerns over relaxed standards and low interest rates forbuy-to-let lending, which could potentially lead to a property crash.

* Ona similar note, Bloomberg News reportedthat lenders have increased interest rates for development loans secured forluxury residential projects in London, as the stamp duty surcharge scares awaybuyers, with one financier saying the market for such properties "is onits knees."

*BNP Paribas Real Estate is set to take over the management of the National Grid'ssurplus property portfolio, providing property, real estate and facilitiesmanagement services as well as preparing sites for sale, CoStar U.K. reported.The portfolio has around 350 former industrial sites.

*AEW Europe has signed up existing tenant Next for a 48,000-square-foot anchorstore at the 1.1 million-square-foot Hampshire shopping center at FestivalPlace, Basingstoke, U.K., according to a news release. The asset was acquiredin December 2015 in a joint venture, as reported previously.

*U.S.-based Hines has teamed up with German pension funds in order to acquirethe One Spencer Dock asset in Dublin, TheIrish Times reported.The firm was previously reported to be the top bidder for the property that was placed on themarket for around €240 million in October2015.

Thereport said Hines is looking to close the deal for €242 million in two or threeweeks, while two other international bidders are also interested in theacquisition. The sale will reflect a return of around 4.6%.

Germany

PWReal Assets is set to commence work on a €500 million mixed-use development inBerlin's Mitte district through its pwr development subsidiary, Property Investor Europe reported.Final completion of the urban quarter is expected in 2020, and it will include38% residential space while most of the ground floor space will be commercial,the report said.

France and the Netherlands

*French retail group Carrefour is planning to reduce its stake in CarrefourProperty Development to below 50%, and the business will be renamed as Cardety,PIE reported.Carrefour previously reduced its stake down to 58.03% in January to allow thesubsidiary to have SIIC/REIT status. A €36 million capital increase is underwayby Carrefour Property Development, of which 90.73% is already committed,according to the report.

*Dutch retail tycoon Ronny Rosenbaum's nearly €1.2 billion sale of around 300store properties to Amsterdam-based insurance asset manager Syntrus Achmea hascollapsed over a pricing disagreement, PIEreported,citing local media reports. Rosenbaum's RJB Group extended the deal deadlinethrice, but would not agree on a lower price, the report said, citing the DutchVastgoedmarkt special portal.

Spain

*Bankia SA is set tolaunch the sale of €800 million worth of nonperforming mortgage loans, calledthe Wind II portfolio, PIE reported,citing Spanish newspaper El Confidencial.The bank previously solda €1.21 billion portfolio to ChenavariInvestment Managers LLP and Oaktree Capital Management LP in 2015.

Thereport also noted that the BigBang property sale has been postponed.

* PIE reported,citing Spanish newspaper El Confidencial,that Spain's six largest listed real estate companies saw their asset valuesclimb an average 30% on a net basis in 2015. However, share pricesunderperformed during the period and the gains "have already evaporatedthis year," the publication added. The companies include , , ,Realia Business SA,Axiare Patrimonio andLar España Real Estate SOCIMI SA.

Baltic states

* Dutchcompany Geneba Properties NV saidit sold a 42-asset property portfolio located across Lithuania, Latvia andEstonia to a joint venture between Northern Horizon and clients of Switzerland'sPartners Group. No financial details were disclosed. The portfolio comprises84,000 square meters of lettable space

Romania

* CTPhas begun work on a 30,000-square-meter logistics facility in CTPark BucharestWest, Europe Real Estate reported.The park was purchasedfrom Prologis Inc. inthe second half of 2015.

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: S&P Global Market Intelligence presentsa weekly rundown of recent significant management and board changes andpersonnel moves in the European and Asia-Pacific real estate industries.

The Daily Dose Europe, RealEstate edition, is updated as of 6:30 a.m. London time. Some links require asubscription. Articles and links are correct as of publication time.