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Fastighets AB Balder logs FY'17 results; Lendlease chosen for £4B UK project

* Fastighets AB Balder recorded net profit after tax attributable to parent company shareholders of roughly 7.12 billion Swedish kronor for full year 2017, up from roughly 5.47 billion kronor in 2016.

* Lendlease Corp. Ltd. has been chosen by British authority High Speed Two (HS2) Ltd. as the master development partner for the £4 billion regeneration of the Euston station estate in London. Lendlease will formulate a master plan for the 54-hectare mixed-use project, which could deliver up to 1,700 new homes and 3 million square feet of commercial space around the Euston station.


* Target Healthcare REIT Ltd. raised gross proceeds of £94 million via the issuance of 87,037,038 ordinary shares through a placing, open offer and offer for subscription. The shares are expected to be admitted to trading on the London Stock Exchange's main market on Feb. 27.

* Housing association London & Quadrant Housing Trust Ltd. closed a £500 million dual-tranche debt offering, comprising £250 million of 10-year and £250 million of 35-year bonds. L&Q will use the proceeds to refinance debt maturities.

* Property investors Horizon Infrastructure Partnership and Fundamentum Property are each drawing up plans to float new social housing real estate investment trusts on the market as an alternative source of funding, Property Week reported.

* Norwegian sovereign wealth fund Norges Bank Investment Management bought Invesco Ltd.'s roughly 9.99% stake in Shaftesbury PLC for £245 million. Invesco sold the stake at £9.70 per share.

* According to PW, U.S.-based Lincoln Property Co. is in talks to buy the five-acre Station Hill site in Reading from Benson Elliot and Stanhope for roughly £70 million. A planning consent was obtained for the site in 2013 for a £500 million mixed-use project comprising 930,000 square feet of office space and 150,000 square feet of retail area, 450 residential units and a new public square, the report added.

* EasyHotel Plc is placing 45,454,546 new ordinary shares, or around 45.2% of its issued ordinary shares, at 110.0 pence apiece to raise roughly £50.0 million, before expenses. Gross proceeds from the placing will be used to accelerate the company's owned hotel roll-out strategy.

* Legal & General's Inspired Villages Group acquired the seven-acre Ledian Farm in Leeds Village, Kent, which has a detailed planning approval for a 115-home retirement scheme. The site has a development value upwards of £50 million.

* Rosette Merchant Bank picked up a 149,000-square-foot Tesco Extra store a retail parade in Greater Manchester from Bowmer & Kirkland for more than £50 million, PW reported. The store is leased to Tesco until February 2034.

* London & Associated Properties Plc signed an agreement to sell Market Row and Brixton Village in London for roughly £37.3 million in cash to an undisclosed private group of buyers. The assets are fully leased to Market Village Ltd. and produce approximately £1.2 million in combined annual net income.


* UBM Development AG closed the issuance of a €100 million hybrid bond which has a coupon of 5.50% and an early redemption option for the issuer after five years.


* Hyprop Investments Ltd. and PDI Investment Holdings Ltd.'s U.K.-based joint venture bought a 90% stake in two shopping mall in Zagreb for a net sum of €154.4 million. Hystead Ltd. acquired the City Center one Zagreb West and the City Center one Zagreb East, with plans to expand both the malls to provide further amenities. The deal is anticipated to close at March-end, subject to the Croatian competition authority's approval.

Other real estate news

* Estudio Luis Lecueder, Uruguay's biggest commercial property developer, is looking to construct two new shopping centers in the northern part of the country's capital, Montevideo, with a US$30 million investment in each center, Bloomberg News reported, citing Carlos Lecueder, a senior partner at the company. Work on the developments will begin once the company's Plaza Italia mall approaches its completion in 2020.

The developer will fund the developments using equity from private investors, bank loans and the money paid by retailers to open stores in malls, the report added.

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

Anusha Iyer contributed to this report.

As of Feb. 22, US$1 was equivalent to about 8.13 Swedish kronor.