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Singapore REIT enters Europe; Unibail-Westfield merger marches on

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week.

Crossing borders

* CapitaLand Commercial Trust, part of Singapore's CapitaLand Ltd., is venturing into Europe with the purchase of the €356.0 million Gallileo commercial property in Frankfurt from Patrizia Immobilien AG's Triuva unit. CapitaLand Commercial will purchase the special-purpose vehicle that owns the asset.

* France's AccorHotels is expanding its footprint in South America through a deal to buy Chilean hotel group Atton Hoteles SA in partnership with local company Algeciras. The French hotelier will pay a cash sum of US$105 million for the management company that operates 11 Atton hotels across Chile, Peru, Colombia and Florida, as well as a 20% stake in the property company that owns the assets.

* Australia-based Cromwell Property Group and Linkcity have built a logistics partnership, with plans to build a portfolio with a final gross asset value of €500 million. The joint venture will target logistics and light industrial properties in central and eastern Europe, IPE Real Assets reported.

On the merger front

* Unibail-Rodamco SE shareholders approved the French retail landlord's planned US$15.68 billion takeover of Australia's Westfield Corp. The deal remains subject to a vote from Westfield security holders May 24.

* AccorHotels' planned takeover of its Australia-listed peer Mantra Group Ltd. in a A$1.18 billion binding scheme arrangement was accepted by the majority of the latter company's shareholders. The planned merger is subject to approval from the Federal Court of Australia, after which the agreement is expected to become legally effective May 23.

* Also in France, ANF Immobilier and Icade signed a merger deal, finalizing the parity at 3 Icade shares for 11 ANF Immobilier shares, or an exchange ratio of 0.273 Icade share per ANF Immobilier share.

The merger, which is subject to the approval of both companies' shareholders, is expected to close June 29, pending regulatory approval and other customary conditions.

* Units of private equity firms Starwood Capital Group, TDR Capital LLP and Lone Star Funds have shown interest in taking over flexible workspace provider IWG PLC. IWG said its board will assess possible offers by the firms.

* Alzette Investment Sàrl's application for its roughly €1.59 billion takeover bid for Spanish real estate investment trust Hispania Activos Inmobiliarios was authorized by the Spanish National Securities Market. The Blackstone Group LP affiliate launched a voluntary cash bid for the 83.44% stake it does not already own in the REIT.

* U.S.-based private equity firm Silverlake closed a £2.2 billion takeover of Zoopla Ltd. owner ZPG PLC, Property Week reported, citing ZPG CEO Alex Chesterman. Aside from online property portal Zoopla, ZPG owns the PrimeLocation and SmartNewHomes platforms.

Scorecards

* Positive property valuation movement led to a 156.9% surge in British Land Co. PLC's pretax profit, as measured by International Financial Reporting Standards, to £501.0 million in the fiscal year ended March 31 from £195.0 million in the prior-year period.

* Azrieli Group's net profit attributable to shareholders reached 259.0 million Israeli shekels during the first quarter, up 8% year over year from around 240.0 million shekels.

* Deutsche Wohnen SE's first-quarter funds from operations I rose 8.8% year over year to €123.1 million from €113.1 million.

* U.K-based Landsec recorded a loss of £251 million for the fiscal year ended March 31, compared to a pretax profit of £112 million in the previous year, at the hands of the cost of refinancing £1.5 billion of its bonds.

Featured during the week on S&P Global Market Intelligence

Extra: British Land sets out big plans for UK build-to-rent sector

As of May 17, US$1 was equivalent to 3.59 shekels.

Amisha Mehta contributed to this report.