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Blackstone sheds Polish asset for €380M; Singapore company in £175M UK buy

* Blackstone Group LP divested the Magnolia Park shopping center in Wroclaw, Poland, for about €380 million.

Union Investment acquired the property, which offers about 100,000 square meters of retail space, on behalf of its Unilmmo: Europa open-ended real estate fund. The acquired shopping center will be the largest retail asset in Union Investment's portfolio.

* Singapore-based Frasers Centrepoint Ltd. and Frasers Commercial Trust agreed to jointly acquire Farnborough Business Park in the U.K. for £174.6 million from HEREF Farnborough Holdco Ltd. Both parties will respectively have a 50% holding in the 98.1%-let property, which comprises 14 commercial towers spread across 555,000 square feet of total net lettable area.

UK and Ireland

* SEGRO Plc's plans for a mixed-use scheme in Hayes, west London, secured unanimous approval from the Hillingdon Council. Plans for the project call for the development of about 1,300 homes next to a proposed 230,000-square-foot light industrial space at the former Nestlé factory site. While SEGRO will deliver the industrial component of the scheme, Barratt London will build the residential portion.

* Despite City Developments Ltd. sweetening its takeover offer for Millennium & Copthorne Hotels Plc to reflect a 12% boost from its previous offer level, a group of minority investors in the latter have rejected the bid and are pushing fellow investors to do the same.

Investment companies International Value Advisers LLC, MSD Partners LP and its affiliates, and Classic Fund Management AG sent a letter to the independent directors of Millennium & Copthorne, informing them that they will not tender their shares for the "unattractive offer" from City Developments.

* Capital & Counties Properties Plc purchased the long leasehold interest in 15-17 Long Acre and 27b Floral St. in Covent Garden, London, for £79 million, a price that does not account for purchaser's costs.

The 42,600-square-foot property offers 18,500 square feet of retail space, with the remainder utilized as office space.

* Eco World International Bhd. purchased a 70% interest in a unit of construction group Willmott Dixon, which owns 12 sites in Greater London and southeastern England, and agreed to buy half of the assets first for £64.9 million, Reuters reported.

* F&C Commercial Property Trust Ltd. shelled out £33.5 million to buy the long leasehold interest of the One Cathedral Square office building in Bristol, U.K., from Castleforge Partners, reflecting a net initial yield of 5%, Property Week reported. The 56,000-square-foot building is fully leased to the University of Bristol and Dyson Technology.

* In what is said to be its first deal, British property mogul Leo Noé’s new property firm Capreon disposed of the 470,000-square-foot grade II-listed Rylands Building in Manchester, U.K., for £87 million, PW reported.

German company AM Alpha bought the asset, which houses a Debenhams department store, on behalf of its value-add vehicle, at a net initial yield of 5%, according to the report.

* GreenOak Real Estate LP raised €600 million at the close of fundraising for its first European debt fund, surpassing its €500 million target, according to GreenOak's Europe debt head, Jim Blakemore.

The GreenOak Europe Secured Lending Fund was launched in the first quarter of 2016 and offers transitional lending similar to the firm's other European funds.

* M&G Real Estate signed up tenants — a group including PwC, Sky, Sanderson Weatheral and Crisp Thinking — for a total of 50,000 square feet of space at its Central Square office development in Leeds, U.K., PW reported.

* U.K. rents declined for the first time in five years, edging 0.01% lower in November to £1,196 per month, The (U.K.) Telegraph reported, citing buy-to-let lender Landbay. London witnessed a 0.83% drop in rents, offsetting resilient rental growth of 1.27% elsewhere, according to the report. The average rent paid for a U.K. asset climbed 0.53% between 2016 and 2017.

* Glenveagh Properties PLC agreed to buy a two-hectare land plot in Dublin's north docklands through a deal valued at upward of €40 million, The Irish Times reported. The company plans to develop over 450 residential units at the site.


* PATRIZIA Immobilien AG paid €70 million to acquire four logistics properties totaling more than 100,000 square meters of space across Belgium and the Netherlands. The properties include a 100%-occupied, three-asset portfolio in Belgium that was purchased from Leasinvest Real Estate SCA.

In the Netherlands, PATRIZIA bought a 12,500-square-meter distribution center in Dordrecht from DSV Air & Sea.

* Wereldhave NV agreed to issue roughly €76 million of 2.09% notes in a private placement with U.S. institutional investors. The euro-denominated notes have a 10-year term, and the placement extends the maturity profile of the company's debt in a low-interest-rate environment.


* Hamburg-based asset manager Assetando combined its asset and fund management business with Cologne Trust Real Estate and Cologne Trust Fund Management, after the former bought the latter two companies from a group of private individuals, Property Investor Europe reported. Cologne Trust’s property portfolio offers 460,000 square meters of real estate in Germany.

* Research from property investor Accom and research firm bulwiengesa shows that net initial returns across Germany's top 30 B cities ranged between 5% and 6%, compared to the country's seven largest markets, which offer less than 4% in initial returns, PIE reported.


* NCC is embarking on a new office project worth about €91.1 million in Gothenburg's Masthuggskajen district, a development it is undertaking in partnership with Global Business Gate, Europe Real Estate reported. The project will be developed in two phases and will comprise two buildings offering 40,000 square meters of space.

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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.

Celestyn Wong contributed to this report.