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SEGRO, Aldar report FY'17 results; Wyndham selling European biz for US$1.3B

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SEGRO, Aldar report FY'17 results; Wyndham selling European biz for US$1.3B

* SEGRO Plc’s International Financial Reporting Standards profit before tax rose to £976.3 million in the year ended Dec. 31, 2017, from £426.4 million logged in 2016. Adjusted EPS for the year increased 5.9% to 19.9 pence from 18.8 pence in the prior year, while EPRA NAV per share grew 16.3% year over year to 556 pence from 478 pence.

The company will pay a dividend of 11.35 pence per share for the year, up 6.1% from 10.7 pence in the year earlier.

* Aldar Properties PJSC's full-year 2017 profit dropped 26.9% year over year to 2.01 billion United Arab Emirates dirhams from 2.75 billion dirhams in 2016. The profit was hit by a 3% value adjustment to the Abu Dhabi-based developer's asset management portfolio, according to a release.

* U.S.-based Wyndham Worldwide Corp. signed an agreement to sell its European vacation rental business to Platinum Equity for approximately US$1.3 billion. The business operates more than two dozen local brands that include cottages.com, James Villa Holidays, Landal GreenParks, Novasol and Hoseasons, and it generates roughly US$750 million in annual revenue.

UK

* Capital & Counties Properties Plc confirmed recent media reports and said it is in talks for the sale of the Empress State Building in London with the asset's occupant, the Mayor's Office for Policing and Crime. Property Week reported Feb. 15 that the company is nearing a sale of the 31-story tower for a price understood to be in the region of £240 million.

* Strawberry Star plc agreed to acquire a £260 million mixed-use development project in Luton. The 6.9-acre project, which has full planning permission, features 685 homes and a 200-bedroom hotel, among other facilities.

Additionally, the company wrapped up the listing of its Strawberry Star Real Estate PCC investment structure on The International Stock Exchange in Guernsey to finance the acquisition.

* LaSalle Investment Management and Quantum Global Real Estate's joint venture, Plaza Global Real Estate Partners, has placed the 103,000-square-foot 23 Savile Row asset on the market with a price tag reported to be about £300 million, according to PW. Plaza purchased the asset from D2 in 2012 for £218 million, the report added.

* First Panattoni is understood to have purchased a 16-acre former Sainsbury's warehouse at the Elstree Distribution Park in Hertfordshire for £53 million, PW reported. The company will demolish the existing 150,000-square-foot warehouse for the speculative development of a 350,000-square-foot unit.

* TH Real Estate sold a 50% stake in the Whitefriars Shopping Centre in Canterbury to the Canterbury City Council for £75 million, giving the council a full control over the asset, Property Investor Europe reported. The asset contains 63 units, comprising about 44,000 square meters of retail accommodation, occupied by Primark, Next, Marks and Spencer, and Tesco, among others.

* NewRiver REIT closed the £26.5 million purchase of two U.K. retail parks, marking an initial yield of 8.9%. The deal involved the 68,400-square-foot Rishworth Centre and the adjoining 23,700-square-foot Railway Street Retail Park in Dewsbury.

* CBRE Global Investors is marketing the Eagle House office and retail asset in the St James's district of London with a price tag of £55 million, PW reported. The price for the 40,077-square-foot building corresponds to a yield of 4.58%, the report added.

* Australia's Lendlease Corp. Ltd. and joint venture partner Evans Property Group secured approval for York's first-ever build-to-rent development of 196 new homes, PW reported. The project, within the Hungate regeneration project in the city, is expected to be completed in 2020.

* The U.K. has a backlog of 423,544 new homes, which already have planning consent in place and are yet to be constructed amid the ongoing housing crisis, The (U.K.) Telegraph reported. The problem has arisen due to the failure of developers to swiftly carry out the construction of new homes and the councils' inability to address the issue, the report added.

* London's district of Shoreditch is poised to experience the strongest office rental growth in the next three years, thanks to tech firms expanding their footprint in the capital, PIE reported, citing Knight Frank. Technology and creative companies took up 3.3 million square feet of space in the city in 2017, beating financial institutions, that only signed up for 1.5 million square feet of space.

Denmark

* Klövern AB bought an office asset in central Copenhagen in a deal with an underlying value of 1.44 billion Danish kroner. The fully let property contains approximately 31,000 square meters of leasable area and roughly 10,000 square meters of garage space, according to a release. The deal is scheduled to be closed March 1.

France

* Vastned Retail NV divested the Rue Saint-Jean 44-45 property in Nancy for €34.2 million. A deal for the roughly 4,800-square-meter, five-floor property was signed in January.

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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 Feb. 15, US$1 was equivalent to 3.67 United Arab Emirates dirhams and 5.97 Danish kroner.