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CA Immo, Immofinanz reject Starwood offers; Singaporean investor in £280M UK buy

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CA Immo, Immofinanz reject Starwood offers; Singaporean investor in £280M UK buy

* Shareholders of CA Immobilien Anlagen AG and Immofinanz AG have rejected respective voluntary public tender offers made by an affiliate of Starwood Capital Group, SOF-11 Starlight 10 EUR Sarl.

The company was offering €27.50 apiece and €2.10 per share for up to 26% and 5% of CA Immobilien's and Immofinanz's overall issued bearer shares, respectively.

* Singapore-based Elite Partners Capital is entering the U.K. real estate market with a purchase agreement for a £280 million portfolio comprising government-leased offices it signed with seller Telereal Trillium. The price represents a net initial yield of 7.81% and a capital value of £109 per square foot.

UK and Ireland

* Inland Homes PLC divested the Brooklands College development site in Ashford, U.K., to the A2 Dominion housing association for a total of £94.7 million. The project, on which construction has already commenced, comprises 357 homes, 619 square meters of commercial area and 442 square meters of educational space.

* Unite Group PLC's plan for the development of a 928-bed student accommodation in Leeds, U.K., was approved by local authorities. The asset is expected to be open in time for the 2020 academic year, the company said in a release.

* A fire broke out at Mandarin Oriental International Ltd.'s luxury hotel in central London June 6, which was later extinguished with no fatalities reported, according to a company release. Guests at the 181-room Mandarin Oriental hotel were safely evacuated from the property, which had gone through a £185 million refurbishment in May, according to The (U.K.) Guardian.

* Workspace Group PLC raised gross proceeds of roughly £179.5 million via an offering of 16,320,062 new ordinary shares at £11.00 apiece.

* Aprirose entered the aparthotel sector with the acquisition of a development site in Dalston, London, Property Week reported. The £40 million Kingsland Locke aparthotel project will feature 121 rooms upon its completion in April 2020.

* The Gosport Borough Council approved Homes England's plan to build 200 private and affordable homes on the Daedalus site in Lee-on-the-Solent, U.K., PW reported. Work on the project is anticipated to begin in the summer.

* Legal & General's LPI Income Property Fund is spending £25.6 million to forward fund the development of 301 rooms across two student housing blocks leased to the University of Lincoln, PW reported. Work on the project is slated to be completed in the fall of 2019, the report added.

* Hines and Peterson Group secured planning consent for the development of the Central Plaza project on the former Central Bank site in Dublin, The Irish Times reported. The asset will offer 73,100 square feet of office area spread across eight floors, as well as 33,000 square feet of retail and restaurant space.

France and the Netherlands

* AccorHotels acquired the Adoria software platform, which helps users to manage tenders, procurement, logistics and production services provided to corporate and contract catering. Adoria was launched in 2003 and is being used by 2,700 organizations.

* Real estate investor Generale Continentale Investissements and private equity group Benson Elliot are jointly purchasing the #Curve office development in Paris from BNP Paribas Real Estate's development unit for an unknown amount, Property Investor Europe reported. Construction on the 24,000-square-meter building in the city's Saint-Denis district is expected to be finished by the end of 2019, the report noted.

* Angelo Gordon and Cairn Real Estate bought a nine-property portfolio in the Randstad region of the Netherlands for an undisclosed amount from Dutch company Inside Investments, PIE reported. The deal involves grocery-anchored retail and logistics assets, encompassing more than 100,000 square meters of space.

Germany

* Aedifica SA signed a €44 million agreement with joint venture partner Specht Gruppe for the construction of about 220 senior living apartments and homes on eight German sites. The new deal expands the two partners' development portfolio to a total of 1,800 units, with Aedifica's total investment tallied at approximately €245 million.

* La Française Real Estate Partners International and Aberdeen Asset Management divested a mixed-use asset in Stuttgart and a retail property in Lübeck to LaSalle Investment Management and to R+V Versicherung, respectively. The assets were sold on behalf of the Pan European Urban Retail Fund, or PURetail, according to a release.

Other real estate news

* Cyrela Brazil Realty SA plans to raise up to 150 million reais for a start-up that will offer home equity loans to customers in Brazil, Reuters reported, citing Managing Director Juliano Bello. Through the CashMe venture, the homebuilder hopes to enter the country's booming property-backed consumer lending sector.

* Sovereign wealth funds Abu Dhabi Investment Authority and Qatar Investment Authority have been named among the top five biggest real estate investors globally, with investments worth US$62.1 billion and US$35 billion, respectively, Reuters reported.

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The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Celestyn Wong contributed to this report.

As of June 6, US$1 was equivalent to 3.82 reais.