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Thalassa mulls offer for Local Shopping REIT; Activum buys senior homes company

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Thalassa mulls offer for Local Shopping REIT; Activum buys senior homes company

* Local Shopping REIT PLC's shareholder, Thalassa Holdings Ltd., is evaluating a potential offer for the entire issued and to be issued share capital of the real estate investment trust it does not already own.

The move comes after Local Shopping REIT failed to get enough votes for its liquidation proposal. Thalassa is of the view that the REIT should remain an investment vehicle under a new management, with a renewed investment strategy and a materially trimmed cost base.

* Activum SG Capital Management Ltd.'s Fund V investment vehicle acquired the project development activities of German retirement homes developer Wirtschaftshaus AG for an undisclosed amount. Wirtschaftshaus and WI-IMMOGroup GmbH, which Activum acquired in 2016, have a combined senior housing pipeline worth an estimated €1.2 billion, making Activum the biggest developer of senior homes in Germany.

* German real estate company Patrizia Immobilien AG acquired Tokyo-based real estate advisory and asset management firm Kenzo Capital Corp. for an undisclosed sum after initially partnering with the company in 2017, PERE News reported. Kenzo Capital will be rebranded as Patrizia Japan and operate with its existing team.

The deal marked the first Asian purchase for Patrizia, which is looking to further expand globally, according to the report.

UK

* Development company Strawberry Star landed an £83.3 million senior facility from Urban Exposure to finance the initial phase of its Lu2on development in Luton, Property Week reported. The company will deliver 400 residential units, a gym, retail units and a public piazza as part of the first phase.

* Cheyne Capital is joining the Stoke-on-Trent City Council and Homes England to fund the development of a £40 million affordable housing project in the West Midlands city, PW reported. Plans for the project involve 379 new homes, more car parking spaces and other amenities.

* Legal & General acquired a £37.1 million student housing property in Oxford that is leased to Oxford University's Christ Church College, IPE Real Assets reported. The 133-room asset was bought on behalf of Legal & General Retirement.

* According to mortgage lender Halifax, house prices in the U.K. beat expectations to increase 2.2% in December 2018, compared to a 1.2% decline recorded in November 2018, Reuters reported. A Reuters poll of economists had projected a 0.2% increase in values for the month.

France and the Netherlands

* Asset manager Stam Europe purchased the 5,000-square-meter Green One office building in Paris on behalf of its Madeleine fund for German institutional investors, Property Investor Europe reported. An Amundi Immobilier SA property fund was the seller of the fully leased property.

* Dutch property investor Ramphastos Real Estate obtained a €500 million facility from ABN Amro, Helaba and Berlin Hyp to refinance its High Tech Campus Eindhoven in the Netherlands. The technology campus features 52 office buildings, totaling 273,000 square meters of net leaseable area.

* BNP Paribas Real Estate Investment Management paid an unknown sum to buy the Néon office building in Paris' Nanterre suburb for its SCPI Accimmo Pierre fund. The 11,300-square-meter mixed-use asset was purchased from an Aberdeen Standard Investment fund.

* Europa Capital signed an agreement to divest the 95%-leased Media Park in Hilversum, close to Amsterdam, to Pinnacle for an undisclosed sum. The park encompasses 155,746 square meters of TV and radio studios, pre- and post-production facilities, and office and storage spaces.

Switzerland

* Orascom Development Holding AG signed an agreement for a possible purchase of 1% and 1 share of fellow Swiss hotels company Andermatt Swiss Alps AG from Orascom Chairman Samih Sawiris, for CHF3.2 million within the next two years. The price values Andermatt's equity at CHF320 million. As part of the agreement, Sawiris would have to forgive CHF150 million in debt the Andermatt owes him, according to a release.

If the deal pushes through, Orascom will own 50% plus 1 share in Andermatt.

Denmark

* Savills Investment Management acquired two Danish retail assets worth a total of €32 million on behalf of its Nordic III retail fund from an undisclosed seller, IPE Real Assets reported. The two properties in Aarhaus are fully let under long-term agreements, the report added.

Germany

* Amsterdam-based Cycas Hospitality BV entered Germany with a deal to operate Marriott International Inc.'s 133-suite Element Frankfurt Airport on a long-term lease that commenced Dec. 18, 2018. The seven-story hotel sits inside a 700,000-square-meter global business village near the Frankfurt International Airport, according to a release.

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