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InterContinental Q1 RevPAR up YOY; CapCo posts business update


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InterContinental Q1 RevPAR up YOY; CapCo posts business update

* InterContinental Hotels Group PlcCEO Richard Solomons saidin the company's earnings release that weak oil markets and the earlier timingof Easter affected the RevPAR performance in "several" of the group'smarkets.

The group's RevPAR was up 1.5% yearover year in the first quarter, with Americas, Europe and greater China postinggains, and Asia, Middle East and Africa down in the comparable period.

* Capital & Counties Properties PlcCEO Ian Hawksworth saidthat the company's Covent Garden scheme in London is on track to deliver anestimated rental values target of £100 million by December 2017.

The company signed 37 new leases inyear-to-date at the estate, reflecting a passing rent of £4.5 million,according to its business update for the period between Jan. 1 and May 6.

* COIMA RES S.p.A. gained the approval of the Commissione Nazionale per leSocietà e la Borsa, or CONSOB, for the Italian developer's IPO.

The prospectus is related to COIMA'sproposed trading of shares on the Mercato Telematico Azionario, or MTA. Theapproval took place after the company received permission to list its shares onthe MTA.

IPE Real Estate reportedthat COIMA RES is the first Italian REIT to emerge without conversion, and thefirst to list in the Milan bourse in 10 years.

* Lone Star Funds, Oaktree CapitalGroup LLC and Cerberus Capital Management LP have been short listed forNAMA's sale of €4.7 billion in loan portfolios, BloombergNews reported, citing unnamed sources. The IrishIndependent added that CarVal, Deutsche Bank and Goldman Sachs havealso submitted a joint bid.

The Irish bad bank launched the sales process for the Project Ruby andProject Emerald portfolios in April. The majority of the properties in theportfolio are in Ireland, with the others located in Germany, Great Britain andother parts of Europe.

* The London headquarters of law firmKing & Wood Mallesons is going on the market, with owner Lembaga TabungHaji expecting roughly £200 million from the sale. Bloomberg reported,citing two unnamed sources, that the Malaysian fund hired Savills Plc to find abuyer for 10 Queen St.


* LXB Retail Properties Plcclosed itsdivestment of the Rushden Lakes for £65.2 million in cash, from the previouslyexpected £75 million.

* Nan Fung is nearing a deal to buy an office building in the City ofLondon for roughly £76 million. The Hong Kong developer is in talks with ownersHermes Investment Management and Canada Pension Plan Investment Board for the77,000-square-foot building, PropertyWeek reported.

* CMBS vehicle White Tower dropped its negligence valuation case againstColliers, PW reported.The case in the High Court had alleged that Colliers overvalued five of thenine properties in a £1.8 billion U.K. office portfolio that resulted to aloss, CoStar U.K. reported.

* Derwent London Plcis leasing 29,500 square feet of space at its White Collar Factory in London tocredit card company Capital One, PW reported.

* Laing O'Rourke won a £76.2 million contract to build a 34-storyresidential tower at Imperial College London's White City Campus, Construction Enquirer reported.The 215,000-square-foot property will have 192 flats and is expected to becompleted in 2019.

* Ericsson, a communication firm based in Sweden, plans to take 16,000square feet at the Orange Tower in Salford, U.K. PW reportedthat the group will move in at Peel's MediaCityUK Scheme in early 2017.

* West Country Properties entered into a 20-year lease with Troia UKRestaurants Ltd., which operates The Ivy restaurants, for 44 Caledonia Place inClifton, Bristol, U.K. PropertyMagazine International and CoStarU.K. reported that this marks therestaurant's first location outside of London.

* Argent Related is closing its office in Manchester, U.K., PW reported.As such, the company is now expected to focus on offering its regenerationconsultancy services in London.

* Using data from the U.K. Land Registry, a Bloomberg snapshot showed thathome prices in London continue to climb with sales volumes going down. The newsoutlet added that the city's housing market is "sure to be a key challenge"for its new mayor.

* Halifax is planning to increase the age limit for mortgage lending to80 from 75 years old, effective sometime in the week of May 9, in response tothe "demographics and working habits" in the U.K., accordingto The (U.K.) Times. Lender Scottish Widows, owned by Lloyds Banking Group, isalso expected to roll out the amendment soon.

* The New York Times carried a featureon London's home-rental market, noting how expensive it is to live in the U.K.Capital. It cited a CBRE report that found that London's residential rents arethe highest in the world.

South Africa

EquitesProperty Fund Ltd. in reporting its latest earnings resultssaid that itrecently closed on transactions worth over 2.8 billion South African rand. Thisincludes acquisitions and new developments.

Of note is the company's 1.9 billion-rand acquisition of theIntaprop portfolio, which comprises mostly of industrial properties andundeveloped industrial land in Cape Town and Gauteng.

Now featured

Conference Chatter:British GRI: the rise of the 'hipster' office, Brexit and predicting the nextproperty crash: Property investors, financiers and advisers fromacross Europe gathered in the palatial surroundings of the Institute ofDirectors in London's Pall Mall on May 3 and 4 for the Global Real EstateInstitute's British GRI event. In a series of intimate seminars, delegatesdebated themes such as the future of the London office market, the outlook forthe retail market and the wider state of the British economy.

TheDaily Dose Europe, Real Estate edition, is updated as of 6:30 am London time.Some links require a subscription. Articles and links are correct as ofpublication time.