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Hammerson to unload £1.1B of properties; Covivio closes £671M UK hotel deal

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

Moving out

* Hammerson PLC disclosed plans to sell £1.1 billion of properties by the end of 2019 and exit the retail parks sector. Having abandoned its planned takeover of fellow London-based retail real estate investment trust Intu Properties PLC in April, Hammerson now aims to generate shareholder returns through a new strategy, which will see the divestment of £600 million worth of assets by 2018-end.

* Unibail-Rodamco-Westfield SE is in the process of carrying out its post-merger disposal strategy involving €3 billion of noncore assets. The newly merged entity signed a €789 million deal with Invesco Real Estate to sell its 45,000-square-meter Capital 8 office property in Paris.

* In a voluntary move to liquidate, Vietnam-based VinaLand Ltd. is set to delist from the London bourse and wind down within the next year. In the event that the delisting does not take place in the expected time frame, the developer's shares will be suspended from trading on the exchange in July 2019.

Checking in

* A unit of Paris-based Covivio purchased nine U.K. hotels, which form part of the company's £858 million, 14-property portfolio deal with Starwood Capital Group, for £671 million. Covivio Hotels signed on InterContinental Hotels Group PLC as a tenant at the nine hotels, which total 1,698 rooms.

Time to go public

* Lone Star Funds is exploring the option of an IPO of its approximately £500 million U.K. care home portfolio, Property Week reported. Numis Securities has been engaged to advise on the potential IPO, which is expected to peg the Patient Properties portfolio's market cap at £400 million. Lone Star may opt to exit the over 100-property portfolio through a trade sale.

* Spanish retail-focused REIT Castellana Properties Socimi SA, a 98%-owned subsidiary of South Africa's Vukile Property Fund Ltd., debuted on the Mercado Alternative Bursatil of the Spanish bourse July 25 with a market cap of €204 million and a 15-property portfolio worth €391 million.

* Palmon Group said its newly launched logistics and industrial REIT, which is seeded with 215 million United Arab Emirates dirhams of assets, will be listed on either the Dubai Financial Market or Nasdaq Dubai stock exchanges by 2020, after the portfolio's size reaches 500 million dirhams, The (U.A.E.) National reported.


* South Korea-based KB Securities is poised to acquire Credit Suisse's headquarters building in Canary Wharf, London, from Qatar Investment Authority and Brookfield in a £460 million deal, Property Week reported. The 20-story One Cabot Square building that is under contract spans 540,000 square feet.

* Singapore Press Holdings made its first foray in U.K. real estate with the signing of a £180 million contract to buy Unite Group PLC's 13-building student accommodation portfolio, with assets in London, Huddersfield, Plymouth and Sheffield, among other cities and towns, Property Week reported.

* U.S. President Donald Trump's Trump Organization LLC filed plans with Aberdeenshire Council to build new homes, vacation cottages and sports facilities in a £150 million development in Aberdeenshire, Scotland, Bloomberg News reported, citing a company statement.

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As of July 26, US$1 was equivalent to 3.67 UAE dirhams.