S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.
Going Dutch
* A consortium led by CBRE Global Investors is poised to take over IEF Capital's €1.6 billion department store portfolio in the Netherlands, PropertyEU reported.
The portfolio comprises more than 31 department stores across the country, including the Bijenkorf stores in Amsterdam, Rotterdam and The Hague.
IPO route
* Emaar Properties PJSC's Emaar Development PJSC started trading on the Dubai Financial Market on Nov. 22. The development arm's shares opened at 5.61 United Arab Emirates dirhams apiece, compared to its IPO price of 6.03 dirhams per share.
* Cromwell Property Group's unit filed a prospectus with the Monetary Authority of Singapore for the IPO of Cromwell European Real Estate Investment Trust, which is slated to start trading on the main board of the Singapore Exchange Securities Trading Ltd. on Nov. 30.
The Europe-focused real estate investment trust's initial portfolio consists of 74 properties, with an assessed value of about €1.35 billion.
* Stenprop Ltd. is on track for a listing on the London Stock Exchange's specialist fund segment and conversion into a U.K. REIT. However, the company, which has a primary listing on the Johannesburg bourse and a secondary listing on the Bermuda Stock Exchange, is not planning to issue shares upon listing.
* Instone Real Estate Capital Gmbh & Co. Kg confirmed it may raise funds through an IPO or a private share placement. The company is exploring a number of financing options with parent company Activum SG Capital Management Ltd.
Onward and upward
* Funds from operations from Azrieli Group's real estate activity rose 3% year over year to 251 million Israeli shekels in the third quarter.
The company's net profit amounted to 263 million shekels, a decline from 279 million shekels in the year-ago period.
Property pacts
* Hammerson Plc and its joint venture partner are selling the Place des Halles shopping center in Strasbourg, France, to LaSalle Investment Management Inc. for €291 million. Hammerson will sell its 64.5% interest in the 41,600-square-meter property for slightly more than the asset's June 30 book value.
* Union Investment bought the nine-story office building at 160 Aldersgate St. in London for roughly €245 million from Greyhound Investing Corp., IPE Real Assets reported.
The German fund manager acquired the DLA Piper-leased property for its open-ended real estate fund, Unilmmo Deutschland.
* Castellum AB, Wallenstam AB and Åke Sundvall AB clinched a development project in Stockholm worth 1.40 billion Swedish kronor. Of the 100,000-square-meter scheme, Castellum will develop 30,000 square meters into offices, hotel and restaurant spaces. The remaining 70,000 square meters of the site will accommodate residential buildings and hockey rinks.
Merger ahead
* NH Hotel Group received an offer to merge with Spanish hotel operator Barceló in a deal that values the former company at about €2.2 billion, the (London) Financial Times reported, citing the companies.
Barceló could offer €7.08 for every NH Hotel share, representing a 27% premium to its three-month average stock price. The merger would create Spain's largest hotel group, with roughly €3.7 billion in estimated revenues and about 600 hotels primarily in Europe and South America.
At the top level
* Mohamed Ali Alabbar was named chairman of Emaar Development, while Jamal Bin Theniyah was named vice chairman.
* Katia Levy, who was appointed COO of Gafisa SA on April 28, tendered her resignation.
Fundraising
* Tritax Big Box REIT Plc is looking to list a £1.50 billion euro medium-term note program on the Irish Stock Exchange that will allow the company to issue notes from time to time.
* Inmobiliaria Colonial SA closed a bond issue, raising €800 million to help fund its proposed takeover of Axiare Patrimonio, among other purposes, IPE Real Assets reported. The company issued senior unsecured notes totaling €500 million with an eight-year maturity and senior notes worth €300 million with a maturity of 12 years.
* SEGRO Plc launched and priced eight-year unsecured bonds worth €500 million for its SEGRO European Logistics Partnership joint venture.
* NEPI Rockcastle Plc's NE Property Cooperatief U.A. priced a €500 million, seven-year unsecured eurobond that was placed with European institutional debt investors. The bond has a fixed coupon rate of 1.75%, with an issue price of 99.051%.
* TLG IMMOBILIEN AG placed a €400 million corporate bond with a fixed interest of 1.375% per year and an issue price of 99.735%. Net proceeds will be used to refinance about €300 million in certain land-charge secured loans as well as for future purchases and general business purposes.
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Amisha Mehta contributed to this report.
As of Nov. 23, US$1 was equivalent to 8.30 Swedish kronor, 3.51 Israeli shekels and 3.67 United Arab Emirates dirhams.
