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In This List

Adler names new CEO; sales of £750M worth of London hotels withdrawn

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Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Adler names new CEO; sales of £750M worth of London hotels withdrawn

* Adler RealEstate AG saidthat it appointed Arndt Krienen to be its new CEO and Sven-Christian Frank itsCOO, effective June 9.

The appointments come as current CEO Axel Harloff decided tostep down from the company's management board for personal reasons, upon closeof the company's ordinary general shareholders' meeting to be held on June 9.

Tomas de Vargas Machuca will be the CFO within the company'sexecutive committee.

*The Rosewood Londonhotel has been pulled out of the market after being put up for sale with a £450million price tag in January, CoStar U.K. reported.The news outlet said the seller, Hong Kong's Cheng family, decided against thesale after receiving bids close to £300 million.

Thereport noted that at least two other London hotel sales have also beenwithdrawn, including the Thistle Kensington Gardens Hotel for around £100million and the London Edition hotel for around £200 million.

*U.S.-based logistics firm PrologisInc. has acquired two warehouses near Rome from local asset managerBorgosesia Gestioni for an undisclosed price, Property Investor Europe reported.The properties comprise 52,600 square meters of gross lettable space, and willbecome part of the Prologis European Property Fund II.

Thecompany also plans to expand its Prologis Park Prague D1 East in the CzechRepublic. The company will develop two additional buildings totaling 10,360square meters, with completion expected in the third quarter. Pre-leasingagreements have already been signed, the report said.

*Spain-based NH Hotel Group SAsaid it is launchinga joint venture in China and plans to open two new hotels in the country beforeyear-end. Beijing NH Grand China Hotel Management Co. Ltd., or NH China, willbe a joint venture between the group and HNA Hospitality.

U.K. and Ireland

*GLL Real Estate Partners off-loaded the 1 Pall Mall East property in London toSidra Capital for £85 million, PropertyWeek reported.The buyer was backed by Al Murjan Group and 3 Associates Capital. The TrafalgarSquare asset comprises 71,500 square feet across nine stories.

*Thor Equities snapped up the 1 Dover Street mixed-use building in London's WestEnd from South Korean's Hanjin Shipping for £47.2 million, PW reported.The 23,300-square-foot building, situated opposite the Ritz hotel, comprisesretail and office space with a top-floor residential unit, along with celebritynightclub Mahiki, the report said.

*Great Portland Estates Plcnamed Steven Mewportfolio director with effect from early October. He will join the executivecommittee and will be responsible for the day-to-day operations of the company'sinvestment portfolio.

Mewwill join Great Portland from McKaySecurities Plc, where he has been working since 2001.

*British Land Co. Plcsaid it is teamingup with shares workspace provider Central Working to deliver a site on theground floor of 2 Kingdom Streetin Paddington, London. This is the second Central Working location provided byBritish Land, with the first provided in January 2015 at 4Crown Place.

*PPHE Hotel Group saidit inked an £87 million refinancing deal for the 299-room Park Plaza VictoriaLondon hotel with Cornerstone Real Estate Advisers Europe LLP. The facility hasa 3.41% annual fixed interest rate, and will be used to repay an existing £64.8million five-year facility with Aareal Bank, and for development and corporatepurposes.

*Christie & Co. has been instructed to sell six Mercure hotels across theregional U.K. either as a portfolio or as individual assets, PW reported.No financial details were reported.

*The Westminster Council has given the green light for a £1 billionredevelopment of the Whiteleys shopping center in London, despite recentprotests from localresidents and activists, the LondonEvening Standard reported.The plans include more than 100 new homes, a hotel, a cinema and shops, whileretaining the Edwardian facade of the building.

Construction Enquirer also reportedon the news.

*Property prices in London's wealthiest areas have dropped 6.7% from their 2014peak, London's Financial Times reported,citing Savills. The publication quoted Savills' head of U.K. residentialresearch that there will likely not be any price growth in 2016. The Wall Street Journal also carried a reporton the slipping prices in "London's poshest districts." The Journal, however, noted that the average house price in London increased13.5% year over year, citing Land Registry data. The focus is shifting towards thesuburbs and commuter towns with transport infrastructure.

*Another FT reportnoted that London solicitors are in "chaos" ahead of the April 1stamp duty surcharge deadline, with clients demanding completion of housepurchases before the surcharge is implemented.

Germany

*TLG IMMOBILIEN AGsaid it acquired afully let office property in Leipzig for approximately €57 million from aninstitutional investor.

*Germany will need 185,000 housing units to accommodate the nearly 1.1 millionrefugees that are expected to be granted asylum, Property Investor Europe reported,citing Hamburg-based developer and investor Quantum's latest Focus report.

Spain

*Eurostone has acquired an 8,000-square-meter office building in Madrid fromSpanish bank BBVA for an undisclosed price, PIEreported,citing local newspaper El Confidencial.Eurostone plans to redevelop the asset into a luxury residential project alongwith 1,700 square meters of retail space.

Thesale is part of the bank's Project Zafirothat involves selling off 15 buildings in major Spanish cities as well as theBelgian capital, Lisbon, the report said.

Norway

*U.S.-based CBRE Group Inc.agreed to acquire itsNorwegian affiliate, Atrium AS, in a move to strengthen its presence in theNordics. The financial terms of the transaction were not disclosed. Theacquisition will help the company take advantage of burgeoning real estateactivity in the region.

Poland

*Torus has agreed to sell off Phase II of its Alchemia class A office complex inGdansk to PHN SPV 33, a subsidiary of Polski Holding Nieruchomosci Group, for€60.6 million, accordingto Cushman & Wakefield, which is representing the seller. The Phase II,completed in October 2015, consists of two towers with six and eight stories,and a four-story link building. The gross leasable area of the asset amounts tomore than 25,000 square meters. It was placed on the block in November 2015, asreported earlier.

The Daily Dose Europe, RealEstate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.