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LEG Immobilien logs results, names new CEO; British Land chairman to step down

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LEG Immobilien logs results, names new CEO; British Land chairman to step down

* German multifamily-focused real estate company LEG Immobilien AG said net profit for full year 2018 amounted to €847.1 million, compared with €844.8 million in the year-earlier period.

Thomas Hegel plans to resign as CEO at the conclusion of the May 29 annual general meeting following 13 years of serving in the role. Hegel will remain in the company as an adviser and will help in the succession process. With Hegel's impending departure, Chief Digital Officer Lars von Lackum will take over the vacant role, effective June 1.

* John Gildersleeve will leave his post as chairman and a nonexecutive director of U.K. property giant British Land Co. PLC, effective July 19. Gildersleeve will be replaced as chairman by Tim Score, who has been an independent nonexecutive director and chair of the company's audit committee.

* TIAA subsidiary Nuveen Real Estate and property developer Value One launched a €600 million joint venture that will invest in purpose-built student accommodation assets across Europe. The vehicle will have a seed portfolio of three assets, including two developments in Lisbon and Porto, Portugal, and one standing investment in Vienna.

* London's Financial Times featured a report on South Korean investors' increased interest in European property assets. Property agents attribute the interest to cheap financing, high yields and currency hedging premiums, according to the publication.

South Korean investors poured a record €7.3 billion in European commercial property assets in 2018, reflecting a roughly sixfold increase in volume over the past five years, the publication noted, citing Cushman & Wakefield. The U.K. accounted for 40% of South Korean spending.

* UBS Asset Management Inc. appointed the former CEO of JP Morgan's global real assets business, Joseph Azelby, as head of its Real Estate & Private Markets division, IPE Real Assets reported.

UK and Ireland

* Greystar Real Estate Partners LLC, together with Public Sector Pension Investment Board, or PSP Investments, and Allianz Real Estate, agreed to buy a purpose-built student accommodation property in London for over £160 million.

Apache Capital Partners LLP will sell the 458-bedroom Paul St. East property in Shoreditch and intends to funnel the proceeds from the transaction toward its build-to-rent pipeline with Moda Living.

* Real estate investment in the City of London dropped 17% year over year in the fourth quarter of 2018 as the British property market cooled down with the nearing of Brexit, FT reported, citing Savills.

Knight Frank partner Nick Braybrook points out that not all overseas investors regard Brexit in the same way, with Singaporean investors being more cautious and waiting for clarity while Hong Kong investors regarding it as an opportunity due to currency weaknesses, according to the publication.

* Oxenwood Real Estate LLP received a £200 million capital increase from Catalina Holdings (Bermuda) Ltd., including the reinvestment of roughly £100 million from the sale of its U.K. logistics portfolio completed in 2018.

Roughly £125 million of the capital increase is marked for the Oxenwood Catalina joint venture's investments in logistics real estate in the U.K. and Europe, according to propertyfundsworld.

* Watkin Jones PLC closed on its forward sale of a purpose-built student accommodation development in Wembley, U.K., which has planning approval for 599 beds, for approximately £90 million. The scheme is slated for delivery in time for the start of the 2021/2022 academic year.

* Savills featured a report on the U.K. government's clean growth energy targets to reduce greenhouse gas emissions in British homes. The targets include energy saving measures for new buildings as well as retrofitting existing housing properties

* Clare County Council approved land rezoning for a €400 million, 1 million-square-foot data center project on the outskirts of the town of Ennis in the Republic of Ireland planned by Dublin-based Art Data Centres Ltd., the Irish Independent reported.

Eastern Europe

* Gramercy Europe's Gramercy Property III fund bought warehouses in Slovakia and the Czech Republic for €50 million, IPE Real Assets reported. The 55,472-square-meter warehouse in Dunajská Streda in Slovakia was acquired from GO ASSET Development and ECE European City Estates while Cromwell Property Group sold three adjacent warehouses totaling 44,444 square meters in the Pohorelice Logistics Park in the Czech Republic.

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.