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EasyHotel acquisition completed; Gresham House fund raises £200M

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EasyHotel acquisition completed; Gresham House fund raises £200M

* ICAMAP Investments SÀRL and Ivanhoé Cambridge Inc. completed the acquisition of London-based easyHotel PLC after successfully acquiring a 68.8% stake in the budget hotel chain, Property Week reported. The offer became wholly unconditional in September.

* Gresham House PLC raised a total of £200 million for its U.K. housing and infrastructure fund after securing new commitments from Greater Manchester Pension Fund and Greater London Authority worth £35 million, according to IPE Real Assets.

The specialist alternative asset manager expects British Strategic Investment Fund to finally close in the first quarter of 2020.

* Approximately 863,000 square meters of new shopping center spaces were completed in the first half in Europe, according to a Cushman & Wakefield report. Development activity remained stable or saw a slight improvement in most countries. The report noted that big cities accounted for 41% of the space openings, up from 25% in 2016.

Some 5.4 million square meters of new space were under construction as of July and are scheduled to open in the second half of 2019 to 2020, with 8% of the space openings expected to be postponed based on the average of the past three years.

* KanAm Grund Group's Leading City Invest acquired two office assets in Dublin and Barcelona, Spain, for an undisclosed sum, Property Magazine International reported. The company bought the Wythe building on Cuffe Street in the Irish capital. The fully leased building comprises six stories of office space with a total area of around 1,617 square meters.

It also acquired the Pau Claris 158-160 building in the center of Barcelona. The roughly 7,500-square-meter property is fully leased to the Generalitat de Catalunya.

* Property-technology firm Broadband Proliferation Partners LLC, which owns the WiredScore website, received $4 million in investments from new investors British Land Co. PLC and Patrizia AG, IPE Real Assets reported. The investment brings WiredScore's Series A funding round to a total of $13 million.

WiredScore rates and certifies the digital infrastructure, internet connectivity and technological capacity of commercial buildings.

UK

* Office Group Ltd. bought the Chancery House building in London for more than £100 million, IPE Real Assets reported, citing a statement from the U.K. flexible workspace provider. The transaction marks the largest London property investment for the Blackstone Group Inc.-backed company thus far, according to the report.

* Interest for London's prime property market from investors and buyers who had been staying on the sidelines since the Brexit referendum in 2016 appears to be returning even as uncertainty continues to linger, London's Financial Times reported. Some property professionals attributed the pick-up in investor interest to the sterling's depreciation as well as ultra-low interest rates on mortgage deals.

Citing Camilla Dell, founder of buying agent Black Brick, the publication noted that buyers in the £1 million to £5 million range who had put off buying decisions in the wake of the referendum now appear to be going ahead with deals, although they remain cautious.

* Melburg Capital Ltd. and Angelo Gordon & Co. LP purchased the South Plaza office building in Bristol for an undisclosed amount, according to Europe Real Estate. Melburg will fully refurbish the 100,000-square-foot building where National Health Service occupies roughly 60,000 square feet.

Spain

* LaSalle Investment Management Inc.'s pan-European real estate fund E-REGI purchased the DIA Logistics warehouse near Zaragoza for over €20 million, according to IPE Real Assets. The 31,000-square-meter flexible-use warehouse is fully let to retailer Distribuidora Internacional de Alimentación SA.

Germany

* Hines Pan European Core Fund HECF received €41.5 million in loans from DekaBank to refinance the Caleido building in Stuttgart, Property Magazine International reported. The mixed-use property at Tübinger Strasse 43 has a total area of about 19,000 square meters and is almost fully let.

Poland

* London-based industrial real estate investment trust Segro PLC acquired 17.7 hectares of land in Biskupice Podgórne near Wrocław for an undisclosed amount, according to Property Magazine International.

Middle East

* Aldar Properties PJSC unit Aldar Investment Properties LLC is looking to sell $500 million worth of 10-year sukuk, or Islamic bonds, Reuters reported, citing a document issued by one of the banks leading the transaction.

The bonds carry an initial price guidance of approximately 260 basis points over mid-swaps, and deal closing was expected Oct. 15, the news outlet added.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.