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Qatari Diar to create giant resi company in £1.4B JV; Land Securities offloads portion of Kent, UK, site


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Qatari Diar to create giant resi company in £1.4B JV; Land Securities offloads portion of Kent, UK, site

Qatari Diar's £1.4 billion Londonresi merger

Scalewas the name of the game in London's residential market this week. Qatari Diar joinedforces with Delancey Real Estate Asset Management Ltd.'s flagship client fund DV4and Dutch pension fund APG Asset Management NV for a £1.4 billion that will see the trio consolidatetwo projects in London, which will provide a total of 4,000 new market-rate rentedhomes.

The twoprojects are the East Village project in Stratford, near the site of the 2012 Olympics,and the Elephant and Castle Town Centre regeneration. Sheikh Jassim Al-Thani, QatariDiar chief development officer — Europe and the Americas, said in a statement thatthe merger will help to boost the supply of new homes in the U.K.

In otherhousing news, housing association L&Q saidin a statement this week that it had commenced merger talks with Hyde Group andEast Thames, in a move that would create a new housing association worth approximately£30 billion. The new entity would have the capacity to build 100,000 new homes inLondon and the Southeast in the next 10 years, according to L&Q.

The newsof the mergers comes as a business group, London First, compiled an openletter to the Evening Standard withsignatures from more than 50 business leaders in which it warned that the U.K. housingcrisis is threatening the capital's business climate. Key sectors such as technologyand creative industries are struggling to retain talent as a result of runaway propertyprices and rents, the letter said.


* Speakingof housing, Land Securities GroupPlc has decided to exit two-thirds of its Eastern Quarry site in Ebbsfleet,Kent, Property Week reported.The buyer is Henley Camland, and the price is undisclosed. The land has capacityfor almost 4,700 homes.

* MarkAllan is stepping downas CEO of Unite Group Plcin order to become the chief executive of St.Modwen Properties Plc.

* that it has clinched funding from AshbyCapitalfor the 2 BrunelPlace, an office-led regeneration project in Slough, U.K.

* TheU.K. is set to get a new industrial REIT, as Pacific Industrial & LogisticsREIT prepares to liston AIM. April 13 is the anticipated date of admission.

* TheBrexit referendum scheduled for June posesa threat to British commercial property, particularly to offices in the City ofLondon, according to a report from Standard & Poor's Ratings Services.

* Constructionstarts in the central London residential property market are poised to slow downin 2016 as the number of units seeking planning permission fell in the 12 monthsto the end of the second half of 2015, accordingto research from JLL.

Hotels and serviced apartments

* France's AccorHotels was in the spotlight this week as it its €148 million acquisitionof high-end home rental platform onefinestay.

* Separately,AccorHotels bought five hotels in Munich and Hamburg for €130 million, Property Investor Europe reported.

* Singapore-basedCapitaLand Ltd. that its The Ascott Ltd. brandof serviced apartments signed management contracts for two serviced apartment developmentsin Al Khobar in Saudi Arabia, a new market for the company.

Capital markets

* is a €500.0 million corporatebond.

In other news

* is on track tocreate a property unitfor German assets valued at around €3.2 billion, in line with its to divest most of its European offices.

* Norway'ssovereign wealth fund could increase the upper limit on real estate allocation from5% to 7%, or by about US$17 billion, Bloomberg News reported.

Now featured

S&P Global Market Intelligence presents aweekly rundown of recent significant management and board changes and personnelmoves in the European and Asia-Pacific real estate industries.

: AccorHotels' €148 million acquisitionof high-end home rental site onefinestay represents an unusual meeting between atraditional global hotel brand and the sharing economy. Could it be the shape ofthings to come as traditional hotel brands try to ward off competition from thelikes of Airbnb?