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Blackstone picks up 5 German logistics assets; CEREIT buys 2 Dutch offices


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Blackstone picks up 5 German logistics assets; CEREIT buys 2 Dutch offices

* Private equity group Blackstone Group LP bought five logistics centers in Germany, Property Investors Europe reported. The purchase was part of the company's €450 million portfolio deal, which also included €140 million worth of Polish logistics assets purchased from Hines Global REIT Inc.

* Singapore-based Cromwell European REIT, or CEREIT, paid €127.6 million to buy two office properties in the Netherlands. The deal involves the 21,922-square-meter Moeder Teresalaan 100-200 asset in central Utrecht and the 31,979-square-meter Willemsplein 2 property in Den Bosch.

UK and Ireland

* PRS REIT PLC agreed to buy nine private rented sector sites in the U.K., which collectively have a gross development value of about £107.7 million. The deal also includes a newly finished site, comprising 73 homes, purchased from Sigma Capital Group PLC for roughly £11.7 million.

The nine sites could potentially accommodate up to 775 new homes, generating roughly £6.7 million per year in rent once they are delivered and fully leased.

* British investment manager APAM purchased an office building at 1 City Square in Leeds, U.K., for nearly £32.3 million on behalf of its client, Britannia Invest, Property Week reported. The transaction represents the first-ever sale of the 108,000-square-foot building since its development in 1997.

APAM is targeting acquisitions between £5 million and £200 million in 2019, the report added.

* A partnership between developer Cubex and Palmer Capital is disposing of the Generator Building at Finzels Reach in Bristol, U.K., in a deal expected to be finalized in the spring. The building is set to be used as a co-working space after its sale to an undisclosed private equity fund manager for its serviced office brand, according to a release.

* Reuben Brothers privately bought the 33 Jermyn St. asset in London's West End district from Aberdeen Standard Investments for an unknown sum, PW reported. The building features 85,981 square feet of prime office and retail space across eight levels.

* An Bord Pleanála approved developer Michael Cotter's plan to build 341 new residential units on plots around the British Ambassador to Ireland's official residence at Leopardstown in south county Dublin, the Irish Independent reported. Plans for the project encompass 243 apartments across six buildings, 98 homes and a childcare facility, the report added.


* Arco Vara AS closed the €300,000 divestment of its entire stakes in its Arco Vara Kinnisvarabüroo AS and Arco Imoti EOOD units. A 50/50 joint venture between St Elmar Invest OÜ and OÜ River Kinnisvara acquired Arco Vara Kinnisvarabüroo, while Arco Imoti was bought by Evgeni Plamenov Vasilev.

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