* Dubai-based developer Meydan secured US$272 million in Islamic financing that will mature in December 2018, in order to fund several projects in Dubai, Reuters reported, citing a joint statement from the firm and the lead bank for the loan scheme.
The funding is intended to finance the company's projects.
Abu Dhabi Islamic Bank acted as the sole book runner and mandated lead arranger on the loan, with Dubai Islamic Bank and Al Hilal Bank serving as the mandated lead arrangers for the financing.
* Axiare Patrimonio, in an off-market deal, acquired Spanish media group Vocento's current headquarters in Madrid for €35 million, Property Magazine International reported, citing a Spanish-language news release.
The office building offers a gross lettable area of 10,147 square meters, more than 260 parking spaces and an additional 9,637 square meters of potential space that can be developed.
The additional space allows the possibility of doubling the built area to about 20,000 square meters.
UK and Ireland
* Orion European Real Estate Fund IV closed the acquisition of Kingsgate Shopping Park near Glasgow for a price understood to be more than £90 million, Property Week reported. Aviva Life & Pensions UK Ltd. was the seller of the 266,212-square-foot retail and leisure center.
The shopping park is fully let to 12 tenants, including Sainsbury's, Marks & Spencer and Next, and generates an annual net operating income of approximately £6.6 million, according to the report.
* Grocery chain Co-op is planning to invest £70 million to open 100 new stores across the U.K. in 2017 after opening a similar amount of stores this year, Property Week reported. Co-op will start the ball rolling by opening five stores in London by the end of March, along with a strategic emphasis on the capital and the southeast, the report noted. The plan also includes the launching of stores in Swansea, Wales, and Sheffield, England.
* House builder Bovis Homes said it would complete around 180 fewer homes than expected this year due to operational issues, The (U.K.) Guardian reported. The company expects to complete between 3,950 and 4,000 homes, falling short of an expected 4,170, slightly offsetting the U.K. government's target to build 1 million homes by 2020.
* In Ireland, the Irish Independent rounded up comments from industry experts for an insight on the prospects for 2017, following a "remarkable" performance by the commercial real estate sector in 2016. Approximately €4.3 billion in commercial property transactions were carried out in Ireland this year.
Experts also weighed in on their expectations for the office, hotel, retail, industrial and development land real estate markets.
Additionally, the publication noted that 2017 would probably bring a continued increase in cash-rich domestic investors attempting to purchase property marked with the potential to bring positive returns.
According to a report from The (U.K.) Times, Monaco has the world's most expensive tags on its residential property prices, with US$1 million only sufficient to secure a mere 17 square meters of space in the principality.
Average house prices there rose 27.8% in the past five years, brought about by robust demand outpacing limited supply. Meanwhile, house prices increased by 10% in 2015 alone.
Summit Germany Ltd. financed an 11,000-square-meter office building in Potsdam with a new €16 million debt facility provided by an undisclosed German lender. The 10-year loan has an annual fixed interest rate of 1.76% and a yearly amortization rate of 3.0%.
The property, acquired in 2015, is 94% leased and generates an annual net rental income of €1.4 million.
According to JLL, a total of 463,000 square meters of gross leasable retail space was delivered to the Polish market in 2016, including more than 336,000 square meters of shopping centers and 28,000 square meters of retail parks, Property Magazine International reported.
The biggest retail projects delivered this year included the 99,000-square-meter Posnania in Poznan, the 34,300-square-meter Metropolia in Gdansk, the 25,400-square-meter Galeria Navigator in Mielec, the 25,000-square-meter Galeria Wolomin in Wolomin and the 21,000-square-meter Galeria Glogovia in Glogow, the report noted.
JLL analysts also estimate that almost 400,000 square meters of modern shopping center space in the country is likely to be delivered in 2017.
Other Real Estate News
Finland-based YIT is creating a fund that will invest in housing development projects in the Czech Republic, Slovakia, Poland, Estonia, Latvia and Lithuania, Property Magazine International reported. YIT's share of investments makes up 40% in the fund, Etera's is 30% and a group of Finnish private investment companies account for the remaining 30%, the report noted.
The fund will have equity flow of approximately €37 million and will be managed by Vicus Capital Advisors Ltd.
Now featured on S&P Global Market Intelligence
Data Dispatch: December state of the housing market: Recent data showed overall favorable conditions in the U.S. housing market, with home prices, new home and existing home sales rising annually and monthly, while completed foreclosures decreased.
Data Dispatch: Trump win a snag in Mexican REITs' growth story: U.S. and European investors in recent quarters have warmed to the FIBRAs, but their share prices fell sharply after the U.S. election as talk of a potential trade war with Mexico circulated.
The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.