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LEG logs H1 figures; London office sells for £285M; Henley forms 1st fund


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LEG logs H1 figures; London office sells for £285M; Henley forms 1st fund

* For the first half of 2017, LEG Immobilien AG recorded an 8.1% year-over-year increase in its funds from operations I at €148.8 million, up from €137.6 million. The boost in FFO I can be traced to a firming of net cold rent, including the effects from property purchases, improved operating efficiency, and lower average interest costs, according to the company's earnings release.

* Legal & General Group Plc sold a 215,000-square-foot office building at 70 Gracechurch St. in London for £285 million, "well ahead" of the £272 million asking price, Property Week reported, with the selling price reflecting a net initial yield of 4.2%. The buyer was a private Hong Kong investor making its debut investment in the U.K.

* Private equity firm Henley formed its first fund and is planning to raise £400 million during the next six months to invest in the U.K.'s supported-housing sector. Additionally, the fund marked its first investment by purchasing a supported-living portfolio for about £70 million.

UK and Ireland

* Development land in London totaling £772 million was sold during the second quarter, marking a 48% jump from the previous quarter, PW reported, citing CBRE. The climb in sales was attributed mainly to overseas developers, who represented the lion's share of 83% of the buyers.

* Intu Properties Plc selected McLaren Construction to undertake a 175,000-square-foot extension at intu Lakeside shopping center. The £73 million development, which will be anchored by a Nickelodeon-themed family entertainment center, will be completed in 2018.

* Audley awarded Balfour Beatty a £38 million construction contract to develop the Cooper's Hill retirement home in Surrey, U.K., Construction Enquirer reported. The development includes 78 luxury retirement properties, among other amenities.

* Peel Land and Property's Plaza 1821 development and Your Housing Group's Hive City Docks project, both in Liverpool Waters, U.K., were given the planning go-ahead by the local council, PW reported. The £21 million Plaza 1821 residential project will deliver 105 apartments and the 31-story Hive City Docks will provide 278 apartments upon completion.

* Hines and Hong Kong-based joint venture partner Peterson will file a planning application with the Dublin City Council for a €75 million regeneration of the former Central Bank headquarters in the Irish capital, The Irish Times reported. The redevelopment plans include a rooftop restaurant and 12,000 square meters of office and retail space in the adjoining buildings, the report added. The project is anticipated to be completed by December 2018.

* Irish residential property prices logged an 11.6% increase in the 12 months to June, compared to a 5.5% uptick in the year-ago period, as Britain's decision to leave the EU is expected to give them a further boost, PropertyWire reported, citing the Central Statistics Office.


* Warburg-HIH Invest Real Estate's HIH Projektentwicklung unit will construct Gruner + Jahr's new publishing house in Hamburg's HafenCity for an estimated investment of about €250 million. The 66,000-square-meter office complex is slated for completion by 2021.

* Moody's assigned a first-time Baa3 long-term issuer rating to TAG Immobilien AG, with a stable outlook.


* Local pension funds DIP and JØP paid an undisclosed amount to purchase two office buildings offering 33,000 square meters of space in Copenhagen from pharmaceutical company Lundbeck, Property Investor Europe reported. The properties serve as Lundbeck's headquarters in the city's Valby district and will be managed by Fokus Asset Management.


* Pbb Deutsche Pfandbriefbank loaned €66 million to open-ended fund CS nemovitostni fond for the acquisition of the new Proximo I office building in Warsaw from Hines. The deal for the over 29,000-square-meter property closed in August.

Middle East

* According to STR's July preliminary report, supply in Dubai's hotel industry rose 5.6% year over year, while demand logged a 1.8% increase. Occupancy, on the other hand, fell 3.6% to 65.7%, average daily rate declined 11.5% to 471.25 United Arab Emirates dirhams and revenue per available room also decreased 14.7% to 309.76 dirhams.

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Data Dispatch Asia-Pacific: Asia-Pacific real estate companies' capital raising falls 29% YTD through July: Chart Watch: Year-to-date as of July 31, Asia-Pacific real estate companies raised US$42.85 billion through capital activity.

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.