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GIC to buy EU logistics assets for €950M; Hammerson sells stake in Paris asset

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GIC to buy EU logistics assets for €950M; Hammerson sells stake in Paris asset

* Singapore sovereign wealth fund GIC Pte. Ltd. agreed to buy a European logistics portfolio from funds managed by Apollo Global Management Inc. affiliates for a net consideration of about €950 million. The 1 million-square-meter Maximus portfolio consists of 28 logistics assets across core logistics hubs including Germany, Poland, Slovakia, the Netherlands, Belgium and Austria.

GIC said the acquisition will scale up its P3 logistics platform, the entity responsible for the management of the industrial properties. The acquisition is expected to be completed in the first quarter of 2020, subject to closing conditions and regulatory approvals.

* U.K.-based retail real estate investment trust Hammerson PLC completed the sale of a 75% stake in the Italie Deux shopping center in Paris to AXA Investment Managers - Real Assets for €430 million. The transaction represented a net initial yield of 4.1% on Italie Deux, with the total sale price reflecting an 8.5% discount to December 2018 book value.

* Dea Capital SpA's Atlantic 1 fund agreed to sell an office-led building at Piazza Cavour in Milan for €175 million, PropertyEU reported.

* Investors will continue to look for quality property in 2020 as concerns of the economic cycle peaking will be lingering for another year, Savills said in a research. Top grade assets in prime locations are expected to attract bids from investors with core and core-plus strategies that are looking for safety, with European core markets such as the U.K., Germany and France likely to attract the most interest, according to the study.

UK and Ireland

* Storage King acquired five new stores across the U.K. from Flexi Store Self Storage Ltd. to increase its group land assets by 190,333 square feet, Property Week reported. The five self-storage facilities are in Dudley, Nottingham, West Bromwich, Shrewsbury and Warrington.

* Whitbread PLC acquired a location for its fourth hotel in Dublin, according to The Irish Times. The owner of Premier Inn brand will work with its development partner Red Rock Developments Ltd. to deliver a 10-story hotel with 108 bedrooms on Gloucester Street in the Irish capital's south docklands.

Germany

* Singapore's Keppel DC REIT signed an agreement to acquire a data center facility in Kelsterbach from Maena KG for €81.8 million. The property near Frankfurt has a total lettable area of roughly 540,869 square feet and houses internet exchange DE-CIX. The data center is fully leased on a triple-net basis until the end of 2025.

* VGP NV is developing a new business park spanning over 50,000 square meters in Erfurt. The business park, which is planned to open before the end of 2020, will offer about 25,000 square meters of rentable space for logistics and manufacturing companies.

France

* Icade's Icade Promotion unit was selected by the City of Le Havre and its partners to work on two projects in the city for €75 million, excluding taxes. The French property company will develop the Flaubert mixed-use project in partnership with public hospital group Groupe Hospitalier du Havre. The project will comprise 210 housing units for sale, a 110-unit seniors' residence, La Ligue Havraise association's new headquarters and a childcare center.

Icade will also redevelop the former Regional Youth and Sports Centre into a 31-unit co-living property. The residential asset will also have a coworking space, fitness studio, event and dining space, and landscaped areas.

* AccorHotels' board of directors unanimously agreed to recommend on its annual general meeting April 30, 2020, to retain Sébastien Bazin as the company's chairman and CEO for three years.

Belgium

* South Africa's Investec Property Fund Ltd. agreed to buy two logistics properties in Flanders from Intervest Offices & Warehouses for €70.4 million, inclusive of all acquisition costs. Investec will buy the Opglabbeek and the Houthalen properties through its wholly owned unit Investec Property Fund Offshore Investments Pty. Ltd. The assets have a combined gross leasable area of 105,000 square meters and are expected to generate an unlevered entry yield of 6.0%.

Sweden

* Fabege AB will lease roughly 6,000 square meters at its Svetsarvägen 12 property in the Solna Business Park in Stockholm to Swedish Work Environment Authority. The six-year lease will commence at the end of 2020.

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.