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Blackstone inks deal for Sabadell's hotel biz; 25B-dirham Dubai project in works


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Blackstone inks deal for Sabadell's hotel biz; 25B-dirham Dubai project in works

* Blackstone Group LP struck an agreement with Banco de Sabadell SA to acquire the latter's Spanish hotel business — Hotel Investment Partners, or HI Partners — for €630.7 million. Blackstone's Blackstone Real Estate Partners Europe V unit will acquire the approximately €1 billion business for an undisclosed sum.

* Azizi Developments is planning to kick off its proposed 25 billion-United-Arab-Emirates-dirham mega community project in central Dubai in November. The developer will use 33 million square feet of construction space to develop 105 mid-rise and high-rise residential towers housing 30,000 apartments. The project will be completed before Dubai hosts the Expo 2020 event.

* Prologis Inc. combined two European real estate funds to form an €8.2 billion open-ended investment vehicle, Prologis European Logistics Fund. The fund was created as a result of the merger of Prologis Targeted Europe Logistics Fund and Prologis European Properties Fund II, and spans an aggregate 106 million square feet across 12 countries.


* Urban&Civic plc off-loaded the new Hampton by Hilton hotel at Stansted Airport to Legal & General Investment Management Real Assets for £48.3 million, Property Week reported. Urban&Civic will also receive an additional sum of up to £1.1 million from the sale, the report noted.

* MAS Real Estate Inc. appointed Morné Wilken CEO, effective Jan. 1, 2018, succeeding Lukas Nakos, who is resigning. In a separate release, the company said its unit New Waverley 20 Ltd. agreed to sell the office land at the New Waverley development in Edinburgh to Legal & General and to develop the prelet office on a forward-sold basis for the latter.

* Muse was nominated by Dartford Borough Council to lead the £75 million mixed-use redevelopment in Dartford's Westgate area, Construction Enquirer reported. Plans for the project include the construction of a six-screen cinema, a 109-bed hotel, a car park and 140 new homes, the report noted. An application for the development will be filed in summer 2018, with construction expected to begin in the spring of 2019.

* The number of unsold residential properties that are under construction or completed reached a record high of 12,952 units, from 12,601 at 2016-end on the back of an increase in supply in spite of higher taxes and economic uncertainty, Bloomberg reported, citing Molior London.

* Asian investors accounted for a record two-thirds of the total £4.8 billion invested in the London office sector during the third quarter, while more than 90% of the deals in the market were transacted by foreign investors who are looking to benefit from a weak sterling, London's Financial Times reported, citing CBRE.

Southern Europe

* Beni Stabili SpA SIIQ issued and settled €300 million of 1.625% senior unsecured bonds due 2024, priced at a 115-basis-point spread over the reference swap rate. Net proceeds will be used to refinance the company's existing debt and for general corporate purposes.

* The board of Inmobiliaria Colonial SA agreed to a six-month share buyback program for up to €100.0 million worth of its shares. The 12.0 million shares under the program represent 3% of Inmobiliaria Colonial's current share capital, and they will be bought until April 17, 2018.


* BNP Paribas REIM France, on behalf of a private Middle Eastern investor, bought Nissan's European headquarter building near Paris via a share deal, Property Investor Europe reported. The Hajimé office campus in Montigny-Le-Bretonneux provides approximately about 14,000 square meters of lettable area, the report added.

* U.S.-based Barings Real Estate Advisers paid an unknown sum to acquire a logistics and office development in France from Panhard, PIE reported. The development in Le Coudray-Montceaux will provide 30,418 square meters of grade A warehouse and office space upon its completion in July 2018.


* Heimstaden's unit secured a 1.4 billion-Swedish-kronor, five-year bank loan from Germany's pbb Deutsche Pfandbriefbank to fund the acquisition of a residential portfolio in Stockholm. The roughly 57,000-square-meter portfolio comprises upward of 1,100 apartment units in the Swedish capital spread over four new buildings and two refurbished properties.

Other real estate news

* InterContinental Hotels Group Plc is opening the Holiday Inn Goiânia hotel, marking its eighth Holiday Inn property in Brazil. The new hotel in Goiânia is offering 209 rooms and other amenities.

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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 Oct. 17, US$1 was equivalent to 3.67 United Arab Emirates dirhams and 8.16 Swedish kronor.