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Intu in €475M Spanish shopping center deal; C C Land forms JV for London project


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Intu in €475M Spanish shopping center deal; C C Land forms JV for London project

* A jointly owned holding company and affiliates of Intu Properties PLC and Canada Pension Plan Investment Board agreed to sell the intu Puerto Venecia shopping center in Zaragoza, Spain, to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment Real Estate GMBH for €475.3 million.

* Hong Kong-based C C Land Holdings Ltd., the owner of the Cheesegrater tower in London, formed a joint venture for the redevelopment of the former Whiteleys Centre retail property in London. The roughly 1.1 million-square-foot property will be transformed to 153 apartments, a five-star hotel, retail space, a gym, cinema, restaurants and cafes.

London's Financial Times reported that C C Land will form a joint venture with private equity real estate firm Meyer Bergman Ltd. and will invest at least £182 million in the project, which is expected to complete in 2023. U.S. private equity giant Apollo is providing £850 million in debt for the project.

* Germany's Patrizia AG acquired Athora Real Estate Investments BV from Athora Belgium SA for €190 million, gaining ownership of the Louise Tower project in Brussels as part of the deal. The redevelopment of the 30,000-square-meter, 25-story tower is expected to complete by the end of 2022. Patrizia acquired a total of six office buildings and one retail asset as part of the deal.


* British Land Co. PLC paid roughly £54.3 million to acquire a 25% stake in the West One mixed-use scheme on London's Oxford Street. Norges Bank Investment Management will continue to own the remaining 75% stake, while British Land will assume asset management and the responsibility for any future developments.

The office and retail elements of the scheme are fully let.

* CBRE Global Investors completed its roughly £183 million acquisition of the former Royal Bank of Scotland headquarters at 280 Bishopsgate in the City of London in partnership with Arax Properties, Property Week reported. The asset will be refurbished and extended to encompass 280,000 square feet of grade A offices spaces, with completion slated for 2021.

* Grainger PLC received planning consent for the redevelopment of the OCCC Estate in the London Borough of Lambeth to deliver 215 new homes, up from 69 existing homes on the site. The scheme will also provide new office space.


* Tristan Capital Partners' CCP 5 core-plus perpetual fund acquired a portfolio of eight German office buildings for €147 million from Cording Real Estate Group Ltd., IPE Real Assets reported. The portfolio totals 79,200 square meters and contains properties in Hamburg, Cologne, Hannover, Braunschweig, Erlangen, Mannheim and Kassel.


* Banca Monte dei Paschi di Siena SpA planned sale of a property portfolio that is said to be worth up to €300 million has received three binding offers from private equity giant The Blackstone Group Inc., Hines and Dea Capital Real Estate, Reuters reported, citing sources close to the matter. The troubled bank is expected to decide on the sale by the end of January 2020.

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