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Vonovia moves ahead with BUWOG takeover; FdR sets up flexible spaces brand

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Vonovia moves ahead with BUWOG takeover; FdR sets up flexible spaces brand

* Vonovia SE fulfilled one of the conditions set out to proceed with its roughly €5.2 billion takeover offer for BUWOG AG. Vonovia is offering €29.05 for each BUWOG share and about €115,753.65 in cash for each convertible bond with a nominal value of €100,000 during the initial acceptance period, which ends March 12.

* Foncière des Régions initiated a new flexible spaces brand, Wellio, to accommodate the changing company requirements and organization methods.

Wellio will offer co-working spaces, dedicated offices and office suites, event spaces, and innovative meeting rooms in Foncière des Régions' new or renovated buildings in major European cities, spanning surface areas of 2,000 to 6,000 square meters.

UK

* The Serviced Apartment Co., or SACO, is planning to develop 970 new units under its Locke aparthotel brand after acquiring eight sites across the U.K. and Europe, Property Week reported. The expansion plans follow Brookfield's £430 million acquisition of SACO from Oaktree Capital Management, a deal that was signed in February.

The sites are expected to open between 2018 and 2020, according to the report.

* Construction company BAM is looking to replace Carillion on the £50 million 100 Embankment office project in the Greengate area in Salford, Greater Manchester, Construction Enquirer reported. The 166,000-square-foot project features a nine-story office building, the report noted.

* The U.K. government's Transport for London selected Native Land as its project partner for the redevelopment of properties around the South Kensington station in Kensington, London, which includes four-story buildings at 20-34 Thurloe St., PW reported. The project also provides an opportunity for further new development on Transport for London's land on Pelham Street to Thurloe Square in Kensington, the report added.

Germany

* Barings Real Estate acquired a 184,000-square-meter logistics facility in Unna for roughly €90 million from a joint venture between M7 Real Estate and an undisclosed U.S. investor. The asset, fully let to department store chain Karstadt, was bought on behalf of a U.S. institutional investor.

* LaSalle Investment Management, on behalf of the Testina investment foundation, paid approximately €70 million to purchase the Salamanderhaus mixed-use asset in Stuttgart. A share deal for the purchase of 100% of shares of a holding company was carried out for the retail and office property.

Sweden

* Castellum AB executed an option to sell an office and industrial property in Stockholm to ALM Equity AB for residential conversion. The 18,000-square-meter Archimedes 1 property in the north Mariehäll district of Bromma is being sold for 285 million Swedish kronor.

Russia

* Russia-based investor O1 is selling its stake in O1 Properties to advertising firm Laysa Group. The real estate company, one of Russia's largest commercial property owners, holds a portfolio of 15 business centers in Moscow, worth more than US$4 billion.

Spain

* UBS Real Estate GmbH bought the 18-story, 10,633-square-meter Titán 8 office asset in Madrid for its UBS (D) Euroinvest Immobilien fund, Europe Real Estate reported. Euroinvest holds an €820 million portfolio of mainly core office assets across key European cities, the publication noted.

Africa

* Growthpoint Properties Ltd. received approval to list 500.0 million South African rand worth of bonds at a coupon of 7.585% and with a final maturity date of June 6.

Other real estate news

* Egyptian billionaire Naguib Sawiris' Ora Developers is set to begin work on the US$2 billion, 2.25 million-square-meter Eighteen Islamabad housing estate on the outskirts of Pakistan's capital in April. The project will deliver more than 1,000 homes, a golf course and a mall upon completion in six years.

* Chinese investment group CLSA has established a strategic partnership with London-based manager Avignon Capital to create a platform for European commercial real estate investment.

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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.

Anusha Iyer contributed to this report.

As of March 6, US$1 was equivalent to 11.79 South African rand and 8.22 Swedish kronor.