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Real Estate News & Analysis: May Edition


Frasers to pay €285M for companies, assets; Deka Immobilien closes Finland deal

* Frasers Property Ltd. is acquiring the project and asset management business of Alpha Industrial GmbH & Co. KG and 22 of its logistics and industrial assets in Germany and Austria for about €285.2 million. The assets were valued at about €581.3 million as at 2017-end, and are mainly owned and managed by Alpha Industrial Holding SA.

* Deka Immobilien Investment GMBH closed the largest single office deal in Finland with the €190 million acquisition of the Töölönlahdenkatu 3 property in Helsinki's central business district from Finnish pensions insurer Ilmarinen Mutual Pension Insurance Co. The fully let building has a gross lettable area of about 15,800 square meters, and serves as local headquarters for auditing firm KPMG, with Barona Group, Electronic Arts and Nokian Renkaat also among the tenants.

UK

* Great Portland Estates Plc detailed the final results of its cash tender offer to holders of its £150 million of 5.625% first-mortgage debenture stock due 2029. As of the expiration at 5 p.m. London time Feb. 15, roughly £121 million of bonds had been validly tendered and accepted for purchase.

* PRS REIT plc moved up the closing date of its placement of up to 250 million new ordinary shares, citing strong support from investors during its roadshow and current market conditions. The placing, priced at 102.5 pence apiece, will close Feb. 19, ahead of the originally selected date of March 1.

* The Milton Keynes Development Partnership selected Crest Nicholson, and a partnership between Urban Splash and Places for People as preferred developers for the 30-acre Campbell Park Northside scheme in Milton Keynes, Property Week reported. Plans for the mixed-use project include around 1,500 private and affordable homes, a hotel and office space, among other facilities.

* PATRIZIA Immobilien AG bought the Apex House office complex in Edinburgh from Catalyst Capital for £26 million, on behalf of a fund it manages for a German pension fund. The property features three buildings spanning over 90,000 square feet of space in total, as well as 136 parking spaces.

* Lateral Property Group unveiled its plan for the development of the Axiom out-of-town retail scheme in Yorkshire, which is set to open in 2021, PW reported. The project will deliver 600,000 square feet of retail space across 75 units, a 40-acre country park and other amenities on a 106-acre estate.

* Boultbee Brooks Real Estate is selling the five-story Black Bull Yard mixed-use building in Farringdon with a price tag of more than £28.7 million, PW reported. Colliers International and Aurum Real Estate are marketing the asset, which includes 27,336 square feet of grade A office and retail space, and 20 residential units, the report noted.

* According to Rightmove, the London housing market boom has ended; asking prices in the capital were reported to be down 1% year over year in February, registering a sixth consecutive decline, Bloomberg News reported. Month over month, prices rose 4.4%, the report added.

France, the Netherlands and Belgium

* Norges Bank Real Estate Management and AXA France's joint venture are selling an office property at 31-33 Rue de Verdun in Suresnes, Paris, for an undisclosed price tag. According to Norges Bank, it would receive about €63.3 million for its 50% stake in the asset, implying a total sale price of €126.5 million.

* Adler Real Estate AG entered an agreement to acquire a 41.04% stake in Netherlands-based Brack Capital Properties NV, with plans to launch a public tender offer to acquire a further 25.8% interest in the company. The company is targeting to accumulate a 70% plus 1 share stake in Brack Capital for a maximum consideration equivalent to €539 million.

* Under a bank workout mandate, Australia's Cromwell Property Group sold the Rotterdam Science Tower and the Port Park Pernis in the Netherlands for an unknown sum, Property Investor Europe reported.

* M&G Real Estate expanded its holdings in Belgium to about €267 million with the acquisition of the Trio office scheme in Brussel's Louise district for €42 million, PIE reported. The deal, carried out on behalf of the M&G European Property Fund, involves the 15,383-square-meter property on Chaussée de Charleroi, the report added.

Germany

* Israeli construction company Ashtrom's property investment arm, Ashtrom Properties, spent an undisclosed amount to acquire an office asset in Stuttgart leased to automobile manufacturer Daimler Benz, PIE reported. The asset encompasses roughly 12,000 square meters of office area and upward of 21,000 square meters of land.

Other real estate news

* Israel-based Gazit-Globe Ltd. sold 1.76 million shares, or a 1.03% stake, in Regency Centers Corp. for US$101 million. The sale, made via a Gazit-Globe unit, was priced at US$57.55 per share.

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.