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Hong Kong buyer signs £1B London deal; Bidding kickoff for £3B Quintain sale

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Hong Kong buyer signs £1B London deal; Bidding kickoff for £3B Quintain sale

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

Deep pockets

* A unit of Hong Kong-based developer CK Asset Holdings Ltd. acquired the entire 5 Broadgate development in London from British Land Co. PLC and Singapore sovereign wealth fund GIC Pvt. Ltd. for £1 billion. The 12-floor development has a net internal area of over 700,000 square feet.

* A joint venture between Australia's Lendlease Corp. Ltd. and U.S. private equity group Starwood Capital Group bought out The Silvertown Partnership from a consortium including London-based First Base Ltd, Chelsfield Properties and Macquarie Capital, Property Week reported.

Following their purchase of Chelsfield, which held a 33.33% stake in the partnership, and direct purchase of the remaining interest, Lendlease and Starwood Capital are poised to take over the £1.2 billion Silvertown Quays mixed-use development project in London's Royal Docks.

* The Korean Federation of Community Credit Cooperatives placed the Waterside House, which houses Marks and Spencer Group PLC's Paddington, London, headquarters, on the market with a price tag of about £250 million, reflecting a 4.5% yield, CoStar U.K. reported.

The grade A building spans 237,801 square feet across 13 stories.

In the race

* A partnership between Oxford Properties and APG is understood to be proceeding to the second round of bids for Lone Star Funds' potential more than £3 billion sale of London real estate developer Quintain Ltd., Property Week reported. The private equity giant landed offers from seven investors in the first bidding round.

* French property developers Icade and Altarea Cogedim, transport group Norbert Dentressangle and residential-focused developers Les Nouveaux Constructeurs and Promogim emerged as potential buyers of BPD Marignan Immobilier SAS, the French property development arm of Rabobank, Property Investor Europe reported. The Dutch bank has hired Rothschild & Co. to find a buyer for the business in a deal that could generate "several hundred million euros" in sale proceeds.

* Hines and Kennedy-Wilson Holdings Inc. are among at least nine companies that have expressed interest in acquiring the Dublin Living apartment portfolio in the Irish capital from Marlet Property Group Ltd, the Irish Independent reported. Marlet Property recently ended negotiations for a reported €450 million deal to sell the portfolio to Round Hill Capital.

Opting out

* AXA Investment Managers walked away from negotiations for a 25% stake in Bluewater Shopping Centre in Kent, U.K., after failing to agree on a price with seller Lendlease. It was reported earlier that Australia-listed Lendlease was seeking £510 million for its ownership in the retail asset.

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Amisha Mehta contributed to this report.