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Blackstone to buy Hansteen for £500M; Union Investment buying Garbe's €800M fund

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Blackstone to buy Hansteen for £500M; Union Investment buying Garbe's €800M fund

* Hansteen Holdings PLC agreed to be bought by Potter UK Bidco Ltd., a newly formed company indirectly owned by investment funds advised by The Blackstone Group Inc. affiliates for 116.5 pence per share. The cash acquisition values the London-based industrial real estate investment trust's entire issued and to be issued ordinary share capital at about £500 million on a fully diluted basis. This represents a 10.3% premium based on the closing price of Hansteen shares Dec. 17.

* Union Investment filed for clearance to buy an €800 million logistics fund managed by Garbe group, Business Immo reported. According to a note in the German companies register, Union Investment made an application for the Logistrial Real Estate fund of the family-run Garbe, although the potential buyer did not give additional details, according to the report.

* Stenprop Ltd., through a German partnership in which it owns a 94.9% stake, agreed to sell the leasehold of the Bleichenhof property in Hamburg for about €160.2 million. Bleichenhof Grundstücksverwaltung GmbH & Co. KG is selling the mixed-use property to Projekt Palais Verwaltungs GmbH. The 94%-leased property has a total leasable area of approximately 19,500 square meters and generates a contractual rent of about €7.0 million per year.

* A subsidiary of Danish pension fund ATP committed approximately 1.13 billion Danish kroner to a new European logistics fund managed by AXA Real Estate Investment Managers SA, IPE Real Assets reported. ATP Real Estate and an undisclosed Nordic limited partner are among the early investors in the €1.4 billion AXA Logistics Europe Fund, which held its first close, according to the report. The investment vehicle will target properties that are mostly in France, Germany and the Netherlands.

* CREtech bought London-based peer Future Proptech Innovations Ltd., forming what it said is the largest global real estate technology conference and research company. CREtech said it is expanding worldwide to produce international property technology conferences in London; New York; and Austin, Texas, in 2020.

* Singapore-based Cromwell European REIT agreed to sell 12 light industrial and logistics properties across Europe to funds advised by Blackstone affiliates for €65.7 million. The portfolio, which comprises five assets in the Netherlands, another five in France and two in Denmark, will be sold at a 15.2% premium to the original purchase price and 4.1% premium to the latest market value of the assets.

UK

* Hong Kong-based K&K Property Holdings Ltd. bought the 90,916-square-foot Orion House office tower in London for £130 million, City A.M. reported. Welput sold the Covent Garden property, which counts coworking firm The Office Group and Marathon Asset Management among its tenants, according to the report.

* Aviva Investors is set to sell its mixed-use block at 327-329 Oxford St. in Mayfair in London to Hines for about £130 million, according to Property Week. Hines is understood to have won the bid for the 37,440-square-foot building, which attracted investors including Art-Invest Real Estate, and a consortium between China Estates and Morgan Capital, the publication reported. The building consists of ground-level retail shop leased to Next until the summer of 2020, as well as upper office space.

* A Korean fund is under offer to purchase an office building in Chertsey for about £70 million, PW reported. Japanese conglomerate Astellas Pharma owns and occupies the 90,000-square-foot property at 2000 Hillswood Drive. The property will serve as Samsung's headquarters after it signed a 20-year lease. The tech giant will move into the property after the completion of the refurbishment of Astellas' new office in Addlestone, the publication added.

Germany

* German construction associations ZDB and HDB said nominal sales in the country's construction industry grew 8.5% to €137.2 billion in 2019, and expect construction sales to increase 5.5% to €145 billion in 2020, Reuters reported. The associations said the sector will likely book record sales in 2019 and 2020 on the back of growing demand for housing and higher government budget on infrastructure, according to the report.

* Insurer R+V Lebensversicherung AG bought in a forward deal a neighborhood development near Stuttgart from Instone Real Estate Group AG for an undisclosed amount. The S'Lederer project in Schorndorf comprises 228 residential units, 197 underground parking lots and 35 surface parking spaces. Construction will begin in the spring of 2020 and is expected to finish in 2023.

Netherlands

* European Residential REIT completed its roughly €105 million purchase of the Kameleon property in southeastern Amsterdam. The 17-story building includes 222 residential suites, about 9,900 square meters of ancillary retail space and 432 indoor parking spaces.

Sweden

* Fastighets AB Balder is set to develop a new district near Eklanda to house up to 2,000 apartments. Balder will develop almost 90,000 square meters of land between the Eklanda residential area and the 421 Shopping Centre. The company also plans to develop offices, retail space as well as schools in the new district.

Italy

* U.S. private equity group Bain Capital LP was reported to be the buyer of Amundi SA's five office properties in Italy, PropertyEU reported.

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.