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Oaktree to buy 80% stake in Swedish asset; UBS unit secures €225M RE mandate

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Oaktree to buy 80% stake in Swedish asset; UBS unit secures €225M RE mandate

* U.S.-based Oaktree Capital Management LP agreed to buy an 80% stake in the 95,000-square-meter Karlatornet mixed-use property project in Gothenburg, Sweden, valued at more than 6 billion Swedish kronor. Seller Serneke Group AB will remain a shareholder in the asset and will continue to act as main contractor for the construction.

The parties will co-own and jointly develop the project, which will have more than 600 residential apartments, a 300-key Clarion Choice Hotel, and more than 8,000 square meters of office and retail spaces, among other amenities.

* The real estate and private markets arm of UBS Asset Management Inc. secured a €225 million mandate from an unnamed German institutional client to invest in unlisted property funds in developed real estate markets worldwide, IPE Real Assets reported. The mandate increases total assets under management of UBS-AM Real Estate & Private Markets' multi-managers real estate division to over $17 billion, according to the report.

* U.K. property developer MEPC was acquired by Hermes Investment Management Ltd. from BT Pension Scheme, according to IPE Real Assets. The acquisition will enable MEPC to add specialist asset and development management expertise to its existing capabilities.


* Estate agents in the U.K. saw higher buyer inquiries following the victory of the Conservative Party in the December 2019 general election, and the agents anticipate stronger sales both in the near term and in the year ahead, a monthly survey conducted by the Royal Institution of Chartered Surveyors revealed. According to the December 2019 Residential Market Survey, the headline new buyer inquiries indicator posted a balance of +17% from -5% in November 2019.

* Martin's Properties increased its shareholding in strategic land company Obsidian Strategic to 95% from 50%, Property Week reported. Obsidian Strategic was formed in 2017 as a joint venture between Martin's Properties and real estate developer BlackOnyx Group, according to the report.

* Property investment manager Orchard Street bought an industrial property in Chessington for over £40 million on behalf of wealth manager St James's Place UK, according to PW. The seven-acre site comprises four warehouses with a combined area of 138,486 square feet. The property is fully let to three tenants with a weighted average unexpired lease terms of 6.5 years to breaks and 8.4 years to expiry.


* Evli Fund Management Ltd.-managed Evli Rental Yield Fund bought the headquarters of Kone Corp. in Keilaranta near Helsinki from Hansa Invest through a structured bidding process, Property Magazine International reported. The 2001-built Kone office building has a total lettable area of 7,148 square meters across 18 floors and was built for the elevator and escalator service company.


* Klépierre obtained BREEAM In-Use certification for sustainable asset performance across its shopping mall portfolio. In 2017, the French retail property company committed to certifying all of its shopping centers with the BREEAM In-Use sustainability rating by the end of 2022. At the end of 2019, 79% of the portfolio in value scored "very good" or "excellent", with an average score equivalent to "very good". To obtain the certifications, Klépierre adopted a whole-portfolio strategy rather than obtaining certification asset per asset, and partnered with the certification body BRE as well as investment firm Longevity Partners.


* Real estate firm Hines bought the 27-story Torre Velasca mixed-use tower in Milan for an undisclosed sum. Italian insurance company Unipol Gruppo SpA sold the property, which offers more than 20,000 square meters of office, multifamily and retail space. Hines, which made the purchase on behalf of the Hines European Value Fund, said it plans certain upgrades to the property.

* Italian asset manager Investire SGR SpA paid nearly €137 million to acquire properties in Rome and Milan, according to PropertyEU.

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