* A partnership between Norway's sovereign wealth fund and AXA Investment Managers SA is seeking a roughly €550 million sale of the Die Welle office complex in Frankfurt's business district, Bloomberg News reported, citing people with knowledge of the matter. Tenants at the property include Citigroup Inc. and law firm Latham & Watkins LLP.
The duo acquired the property in a 50/50 joint venture in 2012.
* Battersea Power Station Development Co. Ltd. completed the sale of commercial assets in the Power Station building in London to Malaysian investors for roughly £1.58 billion. Permodalan Nasional Bhd owns a 65% stake in the joint venture that now owns the assets, while Malaysia's Employees Provident Fund Board owns the remaining 35% stake.
The deal for the commercial elements was agreed upon in December 2018 following months of negotiations.
* Steinhoff International Holdings NV plans to sell a portfolio of European properties valued at roughly €400 million to raise funds amid its debt restructuring initiative, Bloomberg News reported, citing people familiar with the matter. The properties include office buildings, warehouses and production sites in the different parts of Europe, including the U.K., Germany, Poland and Hungary.
* The all-share merger of U.K. healthcare real estate investment trusts Primary Health Properties PLC and MedicX Fund Ltd. took effect March 14 following a court sanction of the scheme of arrangement by which the deal is being implemented.
* The U.K. government's Home Office is seeking more than 350,000 square feet in Croydon for a head office, Property Week reported. One of the locations being considered is the Whitgift shopping center redevelopment project by joint venture partners Unibail-Rodamco-Westfield and Hammerson PLC.
If Whitgift is selected, the property giants may have to rework the plans for the scheme, which is envisioned with 500,000 square feet of retail space and 600 homes. The partners are already said to be reviewing the plans due to the downturn in the retail market, the publication noted.
* Brockton Everlast agreed to buy the four Devonshire Quarter office buildings in London from Madison International Realty for £95 million, PW reported. The 122,000-square-foot properties could be demolished to make way for a mixed-use scheme after 2023, according to the publication.
Brockton was reported to be in exclusive negotiations for the acquisition in December 2018.
* Stenprop Ltd. completed the sale of the Euston House office building in central London, which was valued at £95 million. The sale of the 112,597-square-foot building was agreed in January to Erel 4 SARL for an aggregate initial consideration of £44.3 million.
* Torsion Developments and Court Collaboration Ltd. filed plans for a £65 million project in Leeds that will comprise two tower blocks, Construction Enquirer reported. The towers will rise 18 and 22 stories and will offer a total of 349 apartments on the site of the former Alton Cars showroom on Saxton Lane.
Planning consent is expected at the end of May with work slated to commence in late summer. Completion is expected in 2021.
* The South Yorkshire Pension Fund allocated £80 million for regional investments in South Yorkshire, appointing a CBRE team to manage the fund, which will also seek opportunities for strategic joint investments, PW reported.
* CrowdProperty said an unnamed major financial institution agreed to provide up to £100 million in loan capital for the company's property projects. The capital is expected to be used in the upcoming 12 to 24 months.
France and Belgium
* Icade named Frédéric Thomas as its new board chairman, replacing André Martinez, who is not seeking reappointment to the board. The French company said it will elect Thomas as chairman at its board meeting, to be held after its April 24 general meeting, noting that it will also appoint a vice chairman. Icade's board also plans to appoint three directors.
* Befimmo SA secured the contract for a 70,000-square-meter office development in Brussels. The development is part of the €375 million ZIN in No(o)rd project, which includes 70,000 square meters of offices, 5,000 square meters of coworking space, 127 apartments and 240 hotel rooms.
* M&G Real Estate bought a 254-room in Sloterdijk for €42.8 million for its M&G European Secured Property Income Fund, which now has €473 million worth of assets, IPE Real Assets reported. Invesco Real Estate was the seller, on behalf of a European separate account mandate.
* A Savills report predicts that the continued yield compression in the Netherlands logistics real estate market, due to strong rental growth expectations, will not negatively affect investors' appetite, Property Magazine International reported.
* Urbania International Investments SL's Syllâbus unit and Invesco Real Estate entered into a €250 million joint venture to establish a largely Spain-focused student housing platform, IPE Real Assets reported.
Under the deal terms, Syllâbus' four under-development projects in Madrid, Valencia and Málaga will be immediately incorporated into the joint venture and will be supplemented with six additional projects, to take the total number of rooms in the platform portfolio to 2,000.
* Ilyas & Mustafa Galadari Group denied a recent report that the company is considering a partial or outright sale of its Dubai-based IMG Worlds of Adventure, which is said to be the world's largest indoor theme park, Bloomberg News reported, citing IMG Theme Park LLC CEO Lennard Otto.
The news outlet earlier quoted people with knowledge of the matter as saying that the company was weighing various options for the business, including a potential sale or an IPO, after facing difficulty in restructuring a loan of 1.2 billion UAE dirhams. The unnamed sources added that the company was in the initial stages of the talks.
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