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Intu's mall portfolio sees 'little impact' from Brexit; Abu Dhabi firm eyes up to €600M from Madrid sale

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The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

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IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Intu's mall portfolio sees 'little impact' from Brexit; Abu Dhabi firm eyes up to €600M from Madrid sale

* IntuProperties Plc CEO David Fischel said the company has seen "littleimpact" on foot traffic at its malls, while tenant interest is "verypositive" despite market volatility and the pending EU referendum.

In its tradingupdate for the period from Jan. 1 to May 4, the group said its cashand available facilities amounted to more than £750 million as at March 31,while the debt to asset ratio was at 41%.

* Abu Dhabi-based International Petroleum Investment Co. isin talks with some foreign funds for the sale of the Torre Cepsa officebuilding in Madrid for between €500 million and €600 million, Property Investor Europe reported,citing Spanish newspaper Expansión.

* Foncière desRégions bookeda 5.5% year-over-year increase in first-quarter rental income to €139.9 milliongroup share. Rental income on a like-for-like basis dropped 0.4%.The occupancy rate stood at 96.6%, compared to 96.3% at the end of 2015.

* European real estate investment witnessed a 15% fallduring the first quarter to US$48 billion from a year ago, according to areport from JLL blogThe Investor.

U.K. registered a 34% drop, the biggest decline, followed byGermany and France. David Green Morgan, global capital markets researchdirector at JLL, attributed the plunge to "tepid economic recovery andpolitical issues hanging over the continent."

* alstriaoffice REIT-AG acquiredadditional shares in DO DeutscheOffice AG that represented an approximately 1.4% stake in thecompany.

The REIT acquired 2,530,667 shares in DO Deutsche from thelatter company's former majority shareholders, which are subsidiaries of fundsmanaged by Oaktree Capital Management, according to a release.

Following the acquisition, alstria owns 90.9% of DO Deutsche.

UK and Ireland

* U.S. property investor Hines has ditched its plans toacquire the PricewaterhouseCoopers headquarters at One Spencer Dock in Dublin'sNorth Wall Quay for about €242 million, TheIrish Times reported.The company was planning to team up with German pension funds to buy theriverfront office property.

* Deutsche Bank is funding the development of OneBallsbridge, an office, apartment and retail development in Ballsbridge,Dublin, with €77 million, The Irish Timesreported.

Plans for the development call for combined net office areaof 12,541 square meters in three blocks, 88 apartments with an average floorarea of 125 square meters, a 1,858-square-meter spa and gym and 225 car parkingspaces.

* GoodmanGroup has landed Clipper Logistics Plc as tenant at its304,000-square-foot logistics distribution center at its flagship NorthamptonCommercial Park development, Europe RealEstate reported.

* Lambert Smith Hampton acquired Hodgson Elkington, thebiggest commercial property agency in Lincolnshire, U.K., Property Week reported.

* Sales of homes that are within 1 kilometer of the formerCrossrail, now called the Elizabeth line, in London, have decreased byone-third in the past year, London's FinancialTimes reported.

* According to Cushman & Wakefield, investments in the U.K.'shigh street retail assets outside central London dipped 10% year over year inthe 2016 first quarter, Property Weekreported.

* FT carried a reporton the rising property prices in St Ives, Cornwall, U.K. According to theOffice for National Statistics and Rightmove, the median cost of house in thearea is £400,000, about 18 times the average local income.

Germany

* Developer Copro is planning a mixed-use urban quarter incentral Berlin with several high-rise buildings, PIE reported.About 56% of the project, dubbed Urbane Mitte, will be for offices, and 18% isfor flats.

* The Wall StreetJournal looksat how negative interest rates are becoming a major concern for many propertyinvestors in the country. According to alstria office REIT CEO Olivier Elamine,"the more negative rates go, the higher your borrowing costs can go."

Turkey

* Via GYO is offering 25% of its 90 million shares todomestic investors at a 40% discount to the company's net asset value, therebylimiting its IPO tolocal investors, Bloomberg News reported,citing Chairman Coskun Bayraktar. The move comes after international buyersdemanded more number of securities than the company was offering at a discount.

France

* Jones Lang LaSalle Inc. acquired French engineering design firm CTH for anundisclosed sum.

Operating out of Paris and Lille, CTH has a 20-member teamand offers engineering design services to corporate and real estate investors,as well as public authorities and architectural practices.

Spain

* Meridia Capital Partners acquired a nine-asset portfolio inMadrid and Barcelona for its new Meridia III fund, PIE reported.The 42,000-square-meter portfolio mainly consists of offices, but also includesa logistics warehouse and parking spaces.

* Lindorff has confirmed that it acquired a 94% stake in a€331 million Madrid-based real estate firm. The remaining 6% stake in Aktua isheld by Banco Santander, PIEreported.

Egypt

* The Journal reportedon the opening of Egypt's only Ritz-Carlton hotel amid a slump in tourism andthe scarcity of hotel openings in Egypt since 2011 following the so-called ArabSpring.

* The Egyptian authorities in January allied with a majorChinese state-owned developer to build a new capital in the country, which willhave 20 residential districts with mixed-income housing for about 7 millionpeople, the Journal reported.The deal is worth US$15 billion, according to state media in Egypt.

* Egypt's housing ministry is offering more than 500,000state-subsidized units for low-income people to combat the housing shortage,the Journal reported.

Denmark

* CBRE Global Investment Partners is buying the BIG shoppingcenter in Copenhagen's Herlev district in a partnership with Portus Retail, IPE Real Estate reported.

Now featured

Hires andFires: European, Asian real estate moves through May 3: S&PGlobal Market Intelligence presents a weekly rundown of recent significantmanagement and board changes and personnel moves in the European andAsia-Pacific real estate industries.

The Daily Dose Europe,Real Estate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.