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Corestate in €1B JV for co-living platform; Orbis deems AccorHotels offer fair

* Corestate Capital Holding SA partnered with co-living concepts provider Medici Living Digital Services GmbH to build a 1 billion co-living portfolio in Europe over the next five years.

The platform will focus its investments on German-speaking countries, Spain and Eastern Europe, targeting properties that have investment volumes of between 20 million and 60 million, respectively.

* The management board of Orbis SA deems AccorHotels's 87.0 zlotys-per-share unconditional cash buyout offer to be fair as it reflects the fair value of the company, noting that the price reflects a 19.5% premium over the company's Nov. 23 share close in Warsaw.

UK and Ireland

* Local Shopping REIT PLC's voluntary liquidation proposal did not pass after getting only 61.87% of the votes cast and falling short of the 75% approval threshold. The proposal was openly opposed by shareholder Thalassa Holdings Ltd., which voted its 25.5% interest in the REIT against the liquidation plan ahead of the meeting.

* Dukelease Properties Ltd. is buying the nine-story, 191,144-square-foot Ibex House office building in the City of London from Israeli pension fund Harel Insurance & Financial for a price north of £120 million. The property is occupied by 28 tenants and has about 20,000 square feet of vacant office space.

* W Real Estate is buying the Debenhams PLC-leased Arding and Hobbs department store from British Land Co. PLC for £48 million. The retail real estate investment trust's exit from the property is part of its strategy of separating itself from the high street retail sector.

* Patrizia Immobilien AG agreed to divest the 95,000-square-foot Peter House in Manchester, U.K., to BP Pension Fund for more than the property's £44 million price tag. The property lists Regus' Spaces as a tenant, occupying 85,000 square feet of space on the upper nine floors of the office property.

* Private Middle Eastern investor Soor Capital made its first investment in the U.K. with the purchase of the 55,850-square-foot, seven-story property at 23-26 Austin Friars in London. According to Property Week, the asset, let to IWG PLC's Avanta Serviced Office Group for an additional 14 years, changed hands for about £39.1 million, reflecting a 5.05% net initial yield.

* Union Property Development sold two hotels on long leases in Newcastle, U.K., to Orchard Street for £38 million, representing a net initial yield of 4.5%, PW reported. Orchard Street carried out the transaction through the acquisition of the Travelodge Quayside hotel and forward funding the 161-room Melia hotel project, which is expected to be completed in 2020.

* Aviva Investors acquired the 51,943-square-foot Aurora office property in West London from Moorfield Real Estate Fund III for an undisclosed amount, IPE Real Assets reported. The property has five floors and parking spaces for 77 vehicles.

* Fitzwilliam Real Estate Properties will start the construction of a €55 million mixed-use development in Dublin 1 that will comprise hotel and retail components, The Irish Times reported. The 310-room hotel is slated to be completed in the middle of 2020 and will be operated and managed by Motel One.

* Patron Capital and APAM secured new tenants that will occupy a total of 58,000 square feet in the duo's Arlington Business Park outside the town of Reading in the U.K., PW reported. NTT Security will take up 34,300 square feet of space on a 15-year lease, while Synopsys, Civica and Zerto will occupy a collective 24,000 square feet.

Germany

* Bonava AB is selling to WERTGRUND Immobilien AG a 97-unit rental project in Hamburg for roughly 364 million Swedish kronor.

* German asset manager Warburg-HIH Invest Real Estate acquired a 9,000-square-meter, fully occupied office asset in northern Germany on behalf of the Immobilienfonds Norddeutscher Versorgungswerke real estate investment fund. According to IPE Real Assets, the property that was purchased from Wegner Immobilien for an undisclosed amount has a 12.5-year weighted average lease term.

Slovakia

* A ZFP Investments and MAT Corp. fund acquired the 22,500-square-meter Forum Poprad shopping center in Poprad from Multi Corp. and GEMO Holding for an undisclosed amount, Europe Real Estate reported. The property houses 120 retail units, 450 parking spaces, with tenants that include New Yorker, H&M, Lindex, Cropp, Reserved, C&A, CCC, Intersport and Tesco.

Brazil

* Grupo GWI's GWI Asset Management boost its stake to 48.74% in Gafisa SA after amassing a total 21,813,296 shares of the Brazilian residential developer.

Norway

* Entra ASA will buy the 16,530-square-meter St. Olavs plass 5 property in Oslo for 850 million Norwegian kroner and sell three properties in the city for 1.1 billion kroner, under an asset-swap agreement with Aberdeen Eiendomsfond Norge I As. The transaction is expected to close in two stages in 2019.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.