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London skyscraper gets £320M financing; Deutsche Bank nears €505M Spanish mall deal


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London skyscraper gets £320M financing; Deutsche Bank nears €505M Spanish mall deal

Multimillion pound financialboost

Providinga boost to the post-Brexit property market, the owners of the Landmark Pinnacletower in London secured £320 million in development financing, CoStar U.K. reported.

CityPride Ltd., the vehicle that owns the site, is said to have completed thefinancing agreement with an undisclosed overseas lender.  

DeveloperChalegrove Properties is building the 239-meter tall tower after winning planningconsent in July 2013. The 75-story skyscraperis located on the Westferry Road on the Isle of Dogs. It will feature 162serviced flats, 752 private apartments and 70 shared-ownership apartments.

Big-ticket deals

* Inwhat could be the biggest mall deal in Spain in the past decade, Deutsche Bankis closing in on a deal to buy the Diagonal Mar shopping center in Barcelonafor €505 million from Northwood Investors, PropertyInvestor Europe reported,citing local media.  The936,460-square-foot center was completedin 2001 by Hines. It exchangedhands a few times until the current seller bought the mall in 2013 for €150million from Ireland's NAMA.

*The Qatar Investment Authority has reportedly offered £590 million for the Grosvenor HouseHotel in the Mayfair area of London. Owner Sahara Group, a troubled Indianconglomerate that is selling assets to return money to its investors, hasgained approvalfrom the Supreme Court of India for the divestmentdeal, which will also include the Plaza Hotel and Dream Downtown in New York.

*Spanish bank Banco Popular is looking to create a real estate company to shed€3.5 billion to €4 billion from its balance sheet by the end of the year, PIE reported,citing local media. The Spanish bank has hired Deutsche Bank and Ernst &Young for the plan, according to the report.

Brexit watch

Ameasure of London home price changes has dropped to a seven-year low since Brexit,Bloomberg News reported.The index by the Royal Institution of Chartered Surveyors fell to negative 46in June from negative 35 the previous month, the weakest reading since early2009 with all responses coming after the June 23 referendum.

Homebuyerinquiries in June dropped to their lowest levels since mid-2008, data from theRICS UK Residential Market Survey shows.Homes sales and prices during the month also dropped, with the 12-month outlookfor the market turning negative for the first time in four years.

Insome positive news, property-related stocks gained after the announcement thatHome Secretary Theresa May would step in as the U.K.'s next prime minister on July 13, TheWall Street Journal and London's FinancialTimes reported.

Student housing

*Student housing developer GSA made its debut in mainland Europe by acquiring the1,500-bed Headquarter portfolio across the German cities of Munster, Dresden,Darmstadt and Frankfurt for €110 million, with plans to refurbish the assetsinto a 10,000-bed portfolio, PropertyWeek reported.

*Ziggurat, a U.K.-based student housing provider, has bought a number ofproperties in the north city center of Dublin as part of a €400 millionexpansion plan in Ireland involving 4,000 rooms, The Irish Times reported.The company also has aportfolio in Edinburgh and Newcastle in the U.K.

* Ina smaller deal, Singaporean investor and property manager Centurion Groupacquired a portfolio of four student accommodation assets in the U.K. for £20.1million, Property Week reported.The deal, which was flagged in May,includes properties in Bristol, Manchester and Newcastle and will add more than500 beds to Centurion's British portfolio.

Capital markets  

*New Europe Property Investmentsplc upsized a planned capital increase to 2.5 billion SouthAfrican rand, due to the oversubscription during the bookbuilding.

*Hansteen Holdings Plcrefinanced two loans secured against its light industrial property portfolio inthe Netherlands with a €145.0 million five-year facility provided by ING BankNV and various entities managed or advised by AXA REIM SGP.

*Adler Real Estate AGplaced 10 million2016/2021 convertible notes after closing an accelerated bookbuilding process.The total placing volume following the pricing was €137.9 million.

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