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Unibail-Nexity project advances; €3B Paris EuropaCity in for blueprint changes

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Unibail-Nexity project advances; €3B Paris EuropaCity in for blueprint changes

* In France, Unibail-Rodamco SE and Nexity plan to develop a mixed-use project on their newly purchased land in Versailles-Chantiers. The project will include an office block and 22,300 square meters of street-level retail space, and is expected to be completed in the first quarter of 2019.

Deputy Mayor of Versailles François de Mazières has endorsed the sale of the land plot for the project to Unibail-Rodamco and Nexity, marking the end of negotiations initiated by him after he was elected in 2008.

* Dalian Wanda Group Co. Ltd. and Immochan's EuropaCity in Paris could see some modifications, as politicians and locals in the French capital city have voiced out their concerns about the project and its effects on the environment.

* La Banque Postale Asset Management raised €813 million from the second closing of its infrastructure fund and real estate debt vehicle, Property Investor Europe reported, citing a company statement. The French asset manager’s new funds will target senior debt markets across the continent, and will remain open to investor subscriptions until the first quarter of next year.

* Real Capital Analytics expects alternative real estate to account for 15% of all property deals in Europe for full year 2016, PIE reported. In 2015, the asset class — composed of hotels, student housing, care homes, healthcare facilities and data centers — accounted for 13% of total European transactions.

Alternative real estate deals brought in €30.1 billion for the first 11 months of this year.

UK and Ireland

* Great Portland Estates Plc Executive Director Neil Thompson has resigned from the board and will exit the company Dec. 31. The chairman of the group said that Thompson's departure came as a result of a lack of suitable roles that fit his career aspirations.

* Ribston, a newly established investment manager launched a £107 million fund that will focus on investment opportunities in the U.K.'s industrial property market. The Ribston UK Industrial Property Unit Trust was launched with £75 million in equity commitments.

* ING Real Estate Finance served as the sole underwriter of a £108.9 million loan facility to help finance the £198 million acquisition of Mulberry's flagship store on New Bond Street in London's West End, CoStar U.K. reported. The buyers — Oxford Properties, Richemont and Crown Acquisitions — agreed to to the five-year loan.

* UBS Asset Management's Global Real Estate wrapped up its acquisition of India House in London, according to a release. The £28.4 million deal for the 37,988-square-foot office development was struck with LaSalle Investment Management.

* Hibernia REIT Plc bought out Starwood Capital Group's interest in their 50/50 joint venture, Windmill Lane Partnership, for €27.5 million. The vehicle was formed in August 2015 to hold and develop 1 Windmill Lane, a one-acre site in Dublin's South Docks in Ireland, scheduled to be completed in late 2017.

* Massachusetts Mutual Life Insurance Co. is believed to be in advanced talks to move to Blackstone's 20 Old Bailey tower, the London Evening Standard reported. Four of the company's asset management businesses are expected to take up about 100,000 square feet of space at the London asset, with staff relocating there from three offices.

* Home prices in London fell 1.2% between September and October, taking the city's annual growth rate to 7.7%, the smallest increase since June 2013, The (U.K.) Telegraph reported, citing the latest data from the U.K.'s Office for National Statistics.

London's Financial Times and The (U.K.) Times also reported on the data.

* Housing Minister Simon Coveney said that Ireland's housing sector has been "out of control for the last two years," which prompted the government to impose temporary controls on residential rents, Reuters reported.

The Times rounded up industry comments on the decision.

Sweden

* Stockholm is becoming the next big destination for property investors, The Wall Street Journal reported, citing industry comments, analysts and brokers.

JLL expects commercial property investment in the country to reach a new annual record in 2016, beating the previous 2014 high, while CBRE data showed that yields on certain office properties in the Swedish capital are comparable to those of the historically pricey London West End, according to the publication.

Germany

* Sistema Capital Partners and CORESTATE Capital Holding SA, through a joint venture, have acquired two high-street properties in Flensburg and Lübeck for a total of €105 million from different vendors. The properties offer a combined gross lettable area of 37,000 square meters, with tenants including Saturn, TK Maxx, Mc Fit and Holmes Place.

Middle East

* For the first time in three years, annual rent increases on homes in Abu Dhabi will be subjected to a 5% cap to help protect renters from landlords who hike up prices without justification, Reuters reported.

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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.