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InterContinental Hotels logs results; Blackstone buying Spanish office

* InterContinental Hotels Group PLC's first-half profit before tax came in at $375 million, up 24.6% from $301 million in the year-ago period. EPS was down 1.4% annually to $1.432 from $1.453.

* Blackstone Group Inc. is buying the Torre Tarragona office building in Barcelona's financial district from UBS for about €100 million, Iberian Lawyer reported. UBS paid €72 million for the property in 2015.


* ICAMAP Investments SÀRL and Ivanhoé Cambridge Inc.'s Cadim Fonds Inc. unit offered to acquire the ordinary shares of easyHotel PLC not already owned by ICAMAP at 95 pence apiece in cash, implying an enterprise value of £126.1 million. The cash offer reflects a 34.8% premium to easyHotel's closing share price of 70.5 pence on Aug. 2.

Property Week reported that Sir Stelios Haji-Ioannou, who owns a 27% stake in easyHotel, has slammed the takeover bid and urged investors to reject it for being too low, although the easyHotel board has recommended the offer.

* Peel Media and joint venture partner Legal & General Capital received a £292.5 million loan for the expansion of the MediaCityUK development in Greater Manchester, PW reported. The financing was provided by Helaba, Industrial and Commercial Bank of China and Sumitomo Banking Mitsui Banking.

* Legal & General provided a €103.3 million long-term loan for Newport City Homes' planned delivery of 1,000 affordable homes in Newport, Wales, in the next four years, Europe Real Estate reported.

* Warehouse REIT PLC renewed Alliance Healthcare's 10-year lease at Daneshill Industrial Estate in Basingstoke with a 42% rent boost for the 113,000-square-foot space. Alliance Healthcare is the distribution arm of Walgreens Boots Alliance Inc.


* CBRE Global Investors and Fabrica SGR-managed Cicerone RE Holding BV purchased the Baker McKenzie House in Amsterdam for an undisclosed sum, Europe Real Estate reported. The Nordcapital GmbH-managed Nordicapital Immobilienfonds Niederlande 7 is the vendor. Law firm Baker McKenzie anchors the roughly 11,000-square-meter fully let office, which also comprises two restaurants and one retail unit on the ground floor, the report said.

* BlackRock Real Assets purchased a 5,700-square-meter, fully pre-let office building in Amsterdam from Bridges Real Estate, IPE Real Assets reported. The property, which also features 1,000 square meters of open-plan floor plates, is the fourth acquisition for the BlackRock Eurozone Core Property Fund.


* Prime residential property prices in Dubai dropped 1.9% year over year in the first half amid a market oversupply, Reuters reported, citing Savills. During the past five years, prime market prices have dropped 19.8%. Savills defines prime properties as those that fall in the top 5% by price.

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.