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Vonovia gets 71.54% conwert share capital; Axiare Patrimonio secures €144M loans

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Vonovia gets 71.54% conwert share capital; Axiare Patrimonio secures €144M loans

* Following a successful takeover, Vonovia SE now holds 72,902,498 conwert Immobilien Invest SE shares, equivalent to 71.54% of the company's share capital. 70.87% of all the conwert shares were tendered for cash at €16.16 apiece, while the share-exchange option was selected for 0.67% of the company's shares.

A vast majority of conwert's shareholders heeded a recommendation from the board for its shareholders to accept the offer in cash.

* Axiare Patrimonio secured €144 million for new acquisitions and investments in its current portfolio through four new financing agreements with ING Bank NV, CaixaBank and BBVA. The loans have a combined average term of 7.3 years and an average financing cost of 1.54%.

The company's total debt now amounts to €538 million, with an average financing cost of 2.16% and an average seven-year maturity, according to a news release.

* According to STR, hotels in Europe recorded positive results in the three key performance metrics in November 2016. Year over year, occupancy grew 4.2% to 70.3%. ADR climbed 1.5% to €107.14 and revenue per available room pushed up 5.8% to €75.36.

Berlin posted a record high performance for the month, with occupancy raising 4.7% to 81.1%, ADR increasing 1.5% to €93.42 and RevPAR growth of 6.3% to €75.76.

UK

* WeWork signed a deal with Blackstone to take up 55,800 square feet of space at the refurbished International House in London, Property Week reported. The shared work space provider will house its members in the fifth and sixth floors of the 215,000-square-foot building at St Katharine Docks, the report noted.

* Property developer Elliot Group is seeking planning consent for its £250 million project comprising three residential towers on the northern edge of Liverpool's business district, Construction Enquirer reported. The buildings, with heights ranging from 27, 33 and 39 stories, will offer 1,002 apartments, more than 10,000 square feet of commercial space and other facilities.

The development is understood to be the largest single housing project in Liverpool, the report noted.

* The British government set up the £60 million Community Housing fund to help build more homes in areas hit by high levels of second-home ownership, PW reported. Approximately 150 councils will be eligible to receive financing from the fund.

Almost £20 million from the fund will be allocated to councils in the south west of England, which represents 31% of all second home ownership, according to the report.

* According to the Laxfield UK CRE Debt Barometer, demand for real estate debt finance reduced by 25% compared to the three-year average, owing to irregular market conditions before and after the Brexit vote, PW reported.

France and the Netherlands

* CBRE Global Investors purchased a portfolio of four logistics assets in the Paris region from AXA Investment Managers – Real Assets, for a total price tag of €88.2 million, representing a net initial yield of 6.1%, Property Investor Europe reported. The portfolio offers a total of 136,460 square meters of gross leasable area spread over locations in Brie-Comte-Robert, Saint-Germain les Arpajons, Chelles and Marolles.

* Moody's upgraded Gecina's long-term issuer and senior unsecured domestic currency bond ratings to A3 from Baa1, and also revised the provisional rating of its medium term note program to (P)A3 from (P)Baa1.

The rating agency said the upgrade came as a result of expectations that the REIT's gross debt-to-total asset ratio will remain at approximately 35% in the next two years, supported by a slight upswing in the rental market.

* Canadian Apartment Properties Real Estate Investment Trust agreed to purchase an eight-property, 99.1% occupied housing portfolio in the Netherlands for €64.9 million. Four of the multifamily properties, containing 465 suites, are in Utrecht, while the remaining four properties of the 568-unit portfolio are in the smaller cities of Scherpenzeel, Cuijk, Enschede and Warnsveld.

Germany

AXA Investment Managers–Real Assets acquired a €310 million healthcare portfolio of 17 assets in western Germany from Blackstone. This transaction was carried out on behalf of a consortium of investors comprising AXA insurance companies and two retail funds, AXA Selectiv' Immo and AXA Selectiv' Immoservice.

Denmark

Danish labor market pension fund manager will give out 1.2 billion Danish kroner in debt financing for a waterside residential development in Copenhagen, IPE Real Estate reported. The development in the Enghave Brygge district in Copenhagen's Sydhavn area has already secured planning permission, and will deliver approximately 430 apartments and 40 terraced houses, the report noted.

Poland

Echo Polska Properties concluded the acquisition of three office properties in Poland for €124 million, PIE reported. The 19,100-square-meter O3 Business Campus in Cracow, the 23,700-square-meter Tryton Business House in Gdansk and the 9,400-square-meter Symetris I in Lodz were part of a preliminary agreement involving the purchase of seven assets.

Greece

Grivalia Properties REIC received a €50 million long term loan facility from World Bank Group member IFC, which is intended to support the company's investment plans in the commercial real estate market and its plans in the green building and energy efficiency segment.

Other Real Estate news

M7 Real Estate agreed to a €143.4 million senior debt facility with Bank of America Merrill Lynch, secured against a portfolio of 53 assets across Finland, Germany and the Netherlands. The facility is structured with a 65% loan-to-value ratio and has an initial three-year term.

Now Featured on S&P Global Market Intelligence

Q&A: Hotel analyst mulls Airbnb, Expedia and how Hilton can be more like Pepsi: Robert W. Baird analyst David Loeb, who is leaving sell-side research after more than two decades, spoke with S&P Global Market Intelligence about the ways the lodging industry has changed, and the ways it still could.

Data Dispatch: US REITs' capital-raising activity up 9.4% YOY through Dec. 15: During the first half of December, U.S. equity REITs raised approximately $1.77 billion through capital offerings.

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.