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Lar España sells retail assets for €33M; Axiare unloads Madrid shopping center

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Lar España sells retail assets for €33M; Axiare unloads Madrid shopping center

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK

* U and I Group PLC sold the Waitrose store at the Furlong Shopping Centre in Ringwood to IM Properties for approximately £17.3 million, at a yield of 4.99%.

* CBRE Global Investors spent an undisclosed sum to buy a 37,463-square-foot portfolio of seven pubs and a restaurant in Central London for separate clients, according to Property Week. The properties are part of a larger 16-asset portfolio, which Savills placed on the market for a private investor in 2017, with a price tag of approximately £69.6 million.

* Civitas Social Housing PLC wrapped up its £2.9 million acquisition of two regulated social housing assets in Wales and northwest England. The properties are leased to Chrysalis Supported Association Ltd. and Hilldale Housing Association for 25-year terms.

Spain

* Lar España Real Estate SOCIMI SA sold two big-box units at the Nuevo Alisal retail park in Santander and a retail warehouse in Madrid for a total sum of €33.2 million to Pierre plus Scpi. The disposals are part of the real estate investment trust's asset rotation plan.

* Axiare Patrimonio SOCIMI SA divested the 21,000-square-meter, 40-unit Planetocio Shopping Centre in Madrid to a fund of asset manager AEW for €20 million.

France

* Montea Comm. VA bought a DHL-let logistics asset in Lesquin for approximately €4.2 million. The cross-dock distribution center features 3,764 square meters of storage space and 476 square meters of office area, and generates an annual rental income of €270,000, reflecting a net initial yield of roughly 6.50%.

South Africa

* Equites Property Fund Ltd. signed a 648.0 million-South-African-rand deal to acquire two logistics assets from Investec Property Group Holdings Pty. Ltd. The company purchased a 37,834-square-meter distribution center occupied by Nestle (South Africa) Pty. Ltd., in Gauteng, and a 26,857-square-meter distribution facility leased to Nestle and Pick-n-Pay Retailers Pty. Ltd. in Kwa-zulu Natal.

Brazil

* BR Properties SA is buying the Edificio Tucano industrial asset comprising four units from Blackstone Group LP's BRE Ponte Participações SA in the Centro Empresarial Espaço Gaia Ar in São Paulo for 71 million Brazilian reais. The property offers a gross leasable area of 37,719 square meters. To finance the deal, BR Properties issued 50 million reais worth of debentures, according to a release.

Additional coverage

Report: Intercontinental Hotels eyes Principal Hotel's luxury brand

Fabege sells Swedish office asset to Union Investment fund for €120M

Glenveagh Properties details Irish development sites purchases

NorthStar Realty selling Dutch office property for $190M

Kungsleden buys Swedish office asset for 1B kronor

Joyce Guevarra contributed to this report.

As of March 13, US$1 was equivalent to 3.26 Brazilian reais and 11.80 South African rand.