* S IMMO AG and UBM Development AG agreed to sell under-construction office and retail projects and a parking garage in Vienna to Eastern Property Holdings Ltd. for about €230 million. The deal involves the QBC 1 and 2 complexes with gross leasable space of more than 38,000 square meters and the QBC 7 underground garage with roughly 580 freehold parking spaces at Am Belvedere 10.
About 60% of the office and commercial spaces are either leased or are under negotiations, according to a release. The acquisition is expected to close during the first quarter of 2021 after construction is complete.
* According to a new quarterly research by Cushman & Wakefield, total commercial real estate volumes in the U.K. amounted to £12 billion in the second quarter, down 23% year-on-year, partially due to Brexit-related uncertainty, Property Magazine International reported. As per the research, the alternative sector accounted for 37% of year-to-date investment volumes into the U.K. commercial real estate sector. Shares of all other property types in the investment market faltered in 2019, with the share of offices coming in at 33%.
UK and Ireland
* Alpha Real Capital LLP acquired the 154,000-square-foot Temple Quay House in Bristol, U.K., for roughly £73.4 million, representing a net initial yield of 4.03% and a reversionary yield of 5.04%, Property Magazine International reported. The property is let to the U.K. government for over 18 years. The government will spend £15 million to refurbish the building after extending its lease to 2037, the publication added.
* Palm Capital sold a grade A office building at 1 Waterfront Ave. in Edinburgh to U.K.-based Bank of London & The Middle East PLC for a sum of around £27 million, Property Magazine International reported. The building, which spans roughly 94,100 square feet, has served as the operational headquarters of Scottish Gas since 2003. The sale follows Palm Capital's agreement for a new 16-year lease with Centrica, Scottish Gas' parent company.
* St. Modwen Properties PLC acquired the remaining 46 acres of land at Park Stoke Central in Stoke-on-Trent, U.K., from Tata Steel, paving the way for an 800,000 square-foot industrial and logistics project, Property Week reported.
* Regional REIT Ltd. purchased a U.K. portfolio comprising six office assets for a total consideration of €28.4 million, Europe Real Estate reported. The assets, which span roughly 172,442 square feet, are in Birmingham, Bristol, Cardiff, Chester, Glasgow and Manchester.
* Target Healthcare REIT Ltd. completed the purchase of two care homes in Ripon and Stourport, U.K., for approximately £18.6 million, including transaction costs.
* Investec Structured Property Finance will provide property developer James Taylor Homes Ltd. a 33-month loan of £25 million to redevelop the former Antoinette Hotel in Kingston upon Thames, U.K., into 89 homes, London Evening Standard reported.
* An Bord Pleanála granted Irish Residential Properties REIT PLC planning permission for nearly 430 apartments at Rockbrook in Dublin's Sandyford suburb, The Irish Times reported.
Italy, Denmark and Poland
* According to local media sources, U.S.-based private equity group Bain Capital LP is leading the race to acquire a portfolio of 10 Italian offices managed by French asset manager Amundi SA, PropertyEU reported.
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