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M&S global HQ in London on sale for £250M; Oxley JV sells Dublin lease for €164M

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Capital Markets View – January 2021


M&S global HQ in London on sale for £250M; Oxley JV sells Dublin lease for €164M

* Singapore's Oxley Holdings Ltd. sold the 300-year lease on a jointly owned building under its roughly €835 million mixed-use project in Dublin to Sol Estate Propco IE Dublin Landings Sarl for €164.2 million. The nine-story No. 1 Dublin Landings property will offer grade A net internal office area of 14,326 square meters upon its completion in April.

The sale was carried out via its unit Oxley Docklands Quay One Ltd.'s joint venture with National Asset North Quays DAC.

* CoStar U.K. reported that multinational retailer Marks & Spencer's 260,000-square-foot global headquarters building in Paddington, London, is being placed on the market for approximately £250 million.

A consortium of four South Korean investors, led by the Korean Federation of Community Credit Cooperatives, is believed to be divesting the 13-story Waterside building at a net initial yield of roughly 4.5%. Savills, Eastdil Secured and CBRE were appointed to explore a sale of the building.

* British co-living space provider The Collective plans to expand across the U.K., U.S. and Germany by constructing 4,500 co-living apartments as it looks to rival the US$20 billion shared workspace startup WeWork. The company will fund the expansion using US$420 million of debt and equity.

The company will open two new sites at Stratford and Canary Wharf, in London, by 2019-end, with its expansion drive in the U.S. and Germany to begin the following year.

UK

* Asset manager Aviva Investors is selling the Tesco Extra food store in Chesterfield for £73 million, representing a net initial yield of 6.25%, according to CoStar U.K. The 120,000-square-foot asset is a single-floor unit, the report added.

* Legal & General's LGIM Real Assets division launched a new 590-bed, 160-room hotel in central Glasgow, with opening scheduled for 2020, Property Investor Europe reported. The development, which also includes 1,400 square meters of retail space, is pre-let for a 25-year term to MEININGER Hotels.

* The University of Bath in the U.K. is seeking consent for a new £70 million, 170,000-square-foot school of management building at its Claverton Down campus in Bath, Construction Enquirer reported. The building is expected to be ready in 2019.

* St. Modwen Properties PLC is offering a mixed-use portfolio of 24 regional noncore properties with a price tag of £59 million, reflecting a net initial yield of 8.3%, according to Property Week. The portfolio encompasses 1.4 million square feet of space and produces upward of £5.2 million in annual rent.

* Student Cribs spent £31.4 million on the purchase of a portfolio comprising 89 student assets classified as houses in multiple occupation, or HMO, PW reported. The deal is believed to be the largest-ever HMO buy in the U.K., according to the report.

* Westbourne Capital Partners' plan for a 28-unit residential project in Regent's Park and a 42-home affordable scheme in St John's Wood, in London, was approved by the local authorities, PW reported.

Sweden

* Akelius Residential Property AB (publ) issued €500 million of hybrid bonds due 2078, with an annual coupon rate of 3.875% until 2023. The bonds are to be listed on the Irish Stock Exchange.

* Swedish state-owned mining company Loussavaara-Kirunavaara signed an agreement to buy Pandox's 171-room Hovmästaren 1 hotel property in Kiruna for 286 million Swedish kronor, marking a yield of 5.7%. The deal for the Scandic Ferrum hotel is set to be closed Dec. 1.

Middle East

* Fahad Al Ismaili, a board member of Oman Real Estate Association, told Zawya that the country is set to launch its first real estate investment trust in April after the Capital Market Authority issued a regulatory framework for the introduction and trading of REITs on the Muscat Securities Market in January.

* Developer RKM Durar Properties launched the J One mixed-use development facing Dubai Canal, featuring two curved towers with 19 floors and 18 levels each, Arabian Business reported. The project will offer 347 apartments, six villas and nine retail units, as well as a sphere-shaped restaurant on one of the tower's top floors, according to the report.

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The Daily Dose Europe, Real Estate edition is updated by 6:30 a.m. London time. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.

Anusha Iyer contributed to this report.

As of March 28, US$1 was equivalent to 8.31 Swedish kronor.