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CapCo secures debt facility for Covent Garden; QIA backs out of Sahara Group deal


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CapCo secures debt facility for Covent Garden; QIA backs out of Sahara Group deal

* Capital & CountiesProperties Plc landeda £175 million private placement debt from five U.S. institutional investorsfor its Covent Garden properties in London.

The financing wassigned by Covent Garden Group Holdings Ltd., a wholly owned subsidiary ofCapital & Counties.

* Qatar Investment Authority has pulled back from to purchase London's GrosvenorHouse Hotel and two hotels in New York, London's Financial Times reported,citing "three people briefed on the situation." Theseller of the properties is India's Sahara Group.

The publicationsaid the U.K.'s Reuben brothers are likely to acquire the properties followingthe Qatari investor's exit. Earlier, it was that a consortium of SaudiArabian wealth funds was also interested in the properties.

UK and Ireland

* Sirius Real EstateLtd. appointedNeil Sachdev nonexecutive chairman, effective immediately. Sachdev will replaceRobert Sinclair, who will stay on as a nonexecutive director.

* Kings Cross Central LP receivedplanning consent from the Camden Council for two office buildings in Zone T onCanal Reach at King's Cross, London. The buildings, named 11 and 21 CanalReach, have 12 and 10 floors, respectively, and add 48,400 square meters ofcommercial space to the site.

* WeWork has signed a 20-year lease with GI Partners and Rowan StrategicAsset Management for 62,000 square feet of office space at the Aldwych House inLondon, CoStar U.K. reported.

* United Arab Emirates-based Gulf Islamic Investments is pouring inabout £100 million in a residential apartment project in Chelsea, London, the ArabianBusiness.comreported.

* Savills is marketing a portfolio of five restaurants located across NorthernIreland, Europe Real Estate reported.The assets in the portfolio dubbed Project Tail are in retail parks andshopping malls in Belfast, Ballymena, Bangor, Coleraine and Londonderry.

* O'Flynn Capital Partners received the green light to restart itsplanning for a €75 million, 164-home residential scheme in Dublin after it waspreviously refused by the Dún Laoghaire-Rathdown County Council, accordingto The Irish Times.

France and BENELUX

*Gecinaplaced a €500 millionbond issue due January 2029 and is launching a redemption offer for threeoutstanding public bond issues. The 12.3-year bond issue was more than 2xoversubscribed and has a 1.0% coupon.

* AltareaCogedim has opened the Cap3000 shopping center in Saint-Laurent-du-Var, France, following arefurbishment worth about €200 million.

* Le Méridien Hotels & Resorts has reopened its flagship hotel inParis following a multimillion-dollar renovation, Property MagazineInternational reported.Le Méridien Etoile is the largest hotel in central Paris.

* Goodman Groupdelivereda new 40,000-square-meter logistics center near Paris for French e-commercecompany Cdiscount.

* CPI Property Group appointedPricewaterhouseCoopers société cooperative (Luxembourg) to serve as theindependent expert to value and determine the equitable price for itssubsidiary's takeover of OrcoProperty Group SA.

The mandatorytakeover bid was launched by the company's wholly owned unitNukasso Holdings Ltd. in June pursuant to Luxembourg regulations after itsurpassed the 33.33% voting rights threshold in the company.

* Befimmo SAsuccessfully placed2,577,921 new shares at €49.75 apiece totaling €127 million. The proceeds ofthe offering will be used to pursue the company's investment strategy inquality office buildings in Belgium and Luxembourg.


* Realgrund is set to begin construction on the Südstadtbogen urbanscheme in Neu-Ulm in 2017, accordingto Property Investor Europe. The project has an investment cost ofroughly €140 million. Upon completion the site will offer 450 residentialunits, a 13-story office building and 800 square meters of restaurant andretail space.

* Capital Bay has acquired a 23-property residential portfolio inMerseburg, Saxony-Anhalt, Property Magazine International reported.The portfolio offers 862 residential units and approximately 55,000 squaremeters of commercial space.

Finland and Sweden

* TechnopolisPlc completed an oversubscribed rights offering Sept. 1, according to apreliminary results statement. The company planned to raise €125 million.

* U.K.-based asset manager Grosvenor is looking to tap into Sweden'sresidential property market, PIE reported.Grosvenor's Swedish portfolio comprises six shopping malls and other commercialassets.

* Industrial rents in Sweden are forecasted to rise 1.5% by 2016-enddespite an increase in supply, PIE reported,citing Capital Economics.


NH HotelGroup is offering a maximum €285.0 million of senior secured notesdue 2023. The proceeds from the offering will be used to refinanceapproximately €227.5 million of debt and transactions payments.

Middle East

Kuwait Projects Co.confirmed that work on its mixed-use real estate development in Kuwait hasbegun, Reuters reported.The estimated cost of the project has been downsized to up to US$2.5 billionfrom US$5 billion.

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