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Deutsche Wohnen, Landsec log results; AccorHotels enters Chile with US$105M deal


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Deutsche Wohnen, Landsec log results; AccorHotels enters Chile with US$105M deal

* Deutsche Wohnen SE registered an 8.8% year-over-year increase in funds from operations I during the first quarter to €123.1 million, compared to €113.1 million in the prior-year period. The company affirmed its FFO I target for the full-year 2018 at approximately €470 million.

* Landsec posted a loss of £251 million for the fiscal year ended March 31, as opposed to a profit of £112 million in the prior year, which it attributed to refinancing costs for £1.5 billion worth of bonds. The company logged a basic loss per share of 32.9 pence, compared to a profit of 14.3 pence per share in the year-ago period.

Additionally, Alison Carnwath will step down as nonexecutive chairman of the U.K. commercial property company, after which board member Cressida Hogg will take over the role after the company's July 12 annual general meeting, according to the earnings announcement. Hogg will become a member of the nomination committee with immediate effect.

* AccorHotels and Algeciras are jointly purchasing Chilean hotel group Atton Hoteles SA, in a deal that will see the French hotelier pay a cash sum of US$105 million. As part of the agreement, AccorHotels will also acquire full ownership of the management company that operates a portfolio of 11 Atton hotels across Chile, Peru, Colombia and Florida, as well as pick up a 20% stake in the corporate owner of the assets.

* Cromwell Property Group and Bouygues Construction member Linkcity have joined forces to invest in a portfolio of logistics and light industrial assets in Central and Eastern Europe, with a final gross asset value target of €500 million for the portfolio.


* Arlington Advisors established a new £400 million fund to target purpose-built student housing assets across the U.K. A portfolio of 15 assets comprising more than 8,000 student beds will be seeded to the new Arlington Student Accommodation Fund.

* Grainger PLC conditionally agreed to acquire a 261-home development in Milton Keynes for roughly £63 million from Peveril Securities Ltd. The private rented sector build to rent development is expected to be completed in the second half of 2021 and the company expects the acquisition to generate a gross yield on cost of roughly 6.25% after stabilization.

* British Land Co. PLC filed a master plan for its 53-acre Canada Water mixed-use development in London, which involves the construction of up to 3,000 new homes, 2 million square feet of office space, and 1 million square feet of retail and leisure areas, among other facilities. Through a master development deal, the company is teaming up with the Southwark Council for the project.

* The U.K.'s Football Association has rolled out an online survey to gauge its members' views on the valuation of the Wembley stadium and its potential £800 million sale to Shahid Khan, Property Week reported. The sale is conditional upon approval from the association's board.

* Using capital from the £250 million Land Fund, London Mayor Sadiq Khan purchased the St Ann's Hospital hospital site in the London Borough of Haringey, in a transaction understood to be valued at tens of millions of pounds, PW reported. The site, which has the potential to house up to 800 homes, was purchased from Barnet, Enfield and Haringey Mental Health NHS Trust.

* PW reported that Aberdeen Standard Investments spent north of £44 million to acquire two build-to-rent developments in the U.K. The company purchased the 113-unit Lochrin Quay residential block in Edinburgh, Scotland, for £27.5 million, while its UK PRS Opportunities 1 Fund entered a separate deal to buy a 107-unit residential project in Leeds for roughly £17.3 million, according to the report.

* Logistics take-up in the U.K. surged 60% year over year in the first quarter to 10.2 million square feet, with purpose-built deals making up 67% of the total square-foot uptake, PW reported, citing Cushman & Wakefield. Meanwhile, retailers, including online retailers, boosted figures during the quarter by accounting for 57% of the take-up, beating manufacturers.


* TLG Immobilien AG picked up the Office 3001 property in Hamburg's Altona district from a subsidiary of Orion European Real Estate Fund IV for approximately €59.5 million. The property has a lettable area of about 23,300 square meters and 452 parking spaces.

* German pension fund Bayerische Versorgungskammer is paying an unknown sum to acquire more than 275 planned rental homes in the west.side project in Bonn from Instone Real Estate Group. The pension fund signed an agreement for an initial portfolio of 158 housing units and, in a separate deal, agreed to buy 118 flats and a nursery, the seller noted in a release.

* Gateway Real Estate acquired a 21-asset commercial portfolio in Germany from U.S.-based Värde Partners for an undisclosed amount, Property Investor Europe reported. The portfolio is made up of offices, hotels, retail and warehouse assets, as well as healthcare space. The properties are estimated to produce a combined yearly rent of €9.5 million, the report added.


* In a private deal, Barings Real Estate agreed to forward purchase an approximately 23,000-square-meter prime logistics warehouse in Nanteuil le Haudouin from Nexity Immobilier d'Entreprise. Construction of the asset is expected to be completed in 10 months, according to a release.

Middle East

* Saudi Arabia's Dar Al Arkan Real Estate Development Co. has kicked off the second phase of its 10 billion-riyal Shams Al Riyadh mixed-use development project in Riyadh, Reuters reported. The company will invest a total of 600 million riyals over five years in the stage two of the over 5 million-square-meter project.

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Celestyn Wong contributed to this report.

As of May 14, US$1 was equivalent to 3.75 Saudi Arabian riyal.