trending Market Intelligence /marketintelligence/en/news-insights/trending/_TaspI7Uc92NX8uqboqDDQ2 content esgSubNav
In This List

Aroundtown logs Q1 results; South Korean JV buys in Amsterdam

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


Aroundtown logs Q1 results; South Korean JV buys in Amsterdam

* Luxembourg-based diversified property company Aroundtown SA's funds from operations I for the first quarter rose 29% year over year to €118.1 million from €91.2 million a year ago.

On a per share basis, FFO I came to 10.5 cents, compared to 9.4 cents from the first quarter of 2018.

* South Korea's NH Investment & Securities and Hana Alternative Asset Management bought the Edge Amsterdam West office redevelopment in Amsterdam in a forward-funding deal with Edge Technologies for roughly €250 million, Property Magazine International reported, citing market information. The 1970s-built scheme is undergoing a full redesign and redevelopment.

The main 47,700-square-meter building is expected to be complete in spring 2021, and an adjacent 5,500-square-meter building is expected to complete by mid-2022. The asset is roughly 80% leased.

Germany

* Real estate manager AEW has won a €275 million logistics separate account mandate from an unnamed German insurer, with the initial amount marked for investments in key logistics hubs across Germany, IPE Real Assets reported.

* Tristan Capital Partners LLP sold Kölnisch Quartier in Cologne for about €220 million in several separate transactions through its EPISO 3 opportunity fund. The majority of the property, formerly known as Barthonia Forum, which features 124 residential units and more than 50,000 square meters of leasable retail and office space, was sold to the BLUE Asset Management-advised East Guardian Asset Management AG.

UK and Ireland

* Irish asset manager BCP Asset Management is considering a roughly £210 million sale of the De Beers Jewellers building on Old Bond St. in London, PW reported. The asking price for the flagship shop reflects a yield of 2.8%. The diamond company's lease at the property runs until the end of 2021, and the property has the potential for an extension, according to the publication.

* CBRE Global Investors Inc. exchanged contracts to buy a warehouse and distribution center in Derbyshire, U.K., in an off-market sale and leaseback transaction with Sports Direct International PLC for approximately £120.1 million.

The company agreed to buy the 1,816,594-square-foot asset, which covers 75.24 acres and serves as the headquarters of Sports Direct, on behalf of an international separate account client.

* Health and beauty retail chain Boots is reviewing its U.K. portfolio and could close up to 200 stores over the next two years amid competition from discounters and online specialists, The Guardian reported. The review of the roughly 2,500-shop portfolio comes as the retailer's U.S. parent is targeting US$1 billion in worldwide cost-cutting measures.

* Yet another private equity firm has exceeded agreed ceilings on loan-to-value ratios on its U.K. shopping centers as property values decline, London's Financial Times reported, citing people briefed on the matter. Two shopping centers owned by U.S.-based HIG Capital are the latest properties to run into debt trouble, joining those owned by Oaktree Capital and Lone Star.

* Taylor Grange filed plans to develop a 500-home build-to-rent luxury project on an old factory site in Birmingham, U.K., in a £125 million project, Construction Enquirer reported. The scheme will have several linked buildings ranging between six to nine stories.

* Cosgrave Property Group agreed to sell 214 apartments under development in Dún Laoghaire, Co Dublin, to a real estate fund managed by Deutsche Bank's DWS subsidiary for €108 million, The Irish Times reported. The deal price reflects a gross yield of 4.89% for the property, which is selling above its guide price of €95 million. The apartments are slated for completion between September 2019 and February 2020.

* U.S. property company Kennedy Wilson has placed the Portmarnock Hotel & Golf Links resort in Dublin on the market for €50 million, having acquired it for €27 million in 2014, The Irish Times reported. The property was upgraded and enhanced by Kennedy Wilson during its ownership.

France

* KanAm Grund Group acquired the fully let nine-story L'Albero office building in Guyancourt from Keys Group on behalf of an institutional fund for an undisclosed price, according to IPE Real Assets. The 1978-built property was refurbished over a year ago.

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.