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GLP ventures into Europe; Berlin complex fetches €1.1B


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GLP ventures into Europe; Berlin complex fetches €1.1B

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Crossing borders

* Singapore-based Global Logistic Properties Ltd. is planning its first foray into Europe with a proposed US$2.8 billion buy of Brookfield Property Partners LP's IDI Gazeley logistics business.

The company agreed to purchase the 3 million-square-meter Gazeley portfolio, which comprises 1.6 million square meters of 98%-leased existing assets in the U.K., Germany, France and the Netherlands, as well as a development pipeline of 1.4 million square meters.

* Oxford Properties Group and Madison International Realty LLC signed an agreement to buy the Berlin-based Sony Center complex for €1.1 billion, Property Investor Europe reported.

The acquisition marks Oxford Properties' entry into the Berlin market. The 112,000-square-meter asset, being sold by the National Pension Service of Korea, consists of eight buildings spanning a total of 85,000 square meters of prime office space, 20,000 square meters of retail and leisure area, and 67 residential units. Its tenants include Deutsche Bahn, Facebook, Sanofi, Sony, the State of Berlin, LegoLand, IMAX and Cinestar.


* Royal London Mutual Insurance Society Ltd.'s Royal London Asset Management launched a £2.7 billion-plus fund targeting commercial properties across all major sectors and regions in the U.K.

The asset manager said the launch was the largest ever for a property fund in the country.

* SEGRO Plc launched and priced a pair of new bond series, worth £350 million and £400 million.

The company also agreed to buy back four tranches of existing notes tendered for repurchase, boosting the maximum acceptance amount to £549.5 million.

Landing strip

* AXA Investment Managers - Real Assets' open-ended AXA CoRE Europe Fund has landed commitments of more than €1 billion since launching in March 2016 from investors in Europe, North America and Japan.

* Henderson Park's first closing of its maiden investment fund raked in $950 million from U.S., U.K. and Middle Eastern investors, PERE News reported.

The pan-European Henderson Park Real Estate Fund was launched in February, with initial capital of $500 million.

Unloading zone

* IMMOFINANZ AG is in advanced talks with a bidder for the sale of its portfolio of five shopping centers in Moscow.

A Reuters report noted, citing two sources familiar with the discussions, that Russian company Fortgroup is nearing a deal for the acquisition. The portfolio was worth around €976 million as at June 30, with €674.7 million of debt, according to the report.

The sale, expected to complete by 2017-end, is a precondition for IMMOFINANZ's planned merger with CA Immobilien Anlagen AG.

* The private French owner of a building housing an Apple Inc. store on Paris' Avenue des Champs-Élysées is seeking €700 million for the asset, CoStar News U.K. reported.

The targeted sale price represents a net initial yield of 2.5%.

* Unibail-Rodamco SE closed the €473.8 million sale of the So Ouest Plaza in France's Levallois-Perret commune to an institutional investor represented by BNP Paribas Real Estate Investment Services.

* Blackstone Group LP is looking to sell two Paris office buildings for approximately €350 million. Blackstone bought the Coeur Marais property on the Rue des Archives and the Fhive building on the Rue Charlot from General Electric Co. in 2015.

* Lone Star is seeking roughly €250 million for its Vilamoura luxury resort in Algarve, Portugal, Property Investor Europe reported. Vilamoura comprises 2,500 rooms, 7,000 residential homes, restaurants, retail space and a casino, among other facilities, according to the report. The deal would also include an 825-berth marina and 13 land plots with the potential to accommodate 1,800 residential units.

In the offing

* Irish homebuilder Glenveagh Properties is hoping to raise as much as €550 million in an initial public offering, priced at €1 per ordinary share, in Dublin and London.

Conditional trading in the company's ordinary shares is expected to commence Oct. 10.

* CEG is planning a £350 million mixed-use development on an 8.69-acre site in Leeds, U.K. The project is slated to include two office developments with ground-floor retail and leisure space, totaling up to 26,100 square meters, as well as up to 103,900 square meters of office, retail, leisure, hotel, health, education and community space. The plans also call for 750 new homes and public spaces.

Featured during the week on S&P Global Market Intelligence

Conference Chatter: Dubai developer Nakheel reconsiders REIT route to lure investors: After scrapping plans in 2008 to launch two real estate investment trusts, the builder is considering the option once more as it looks to attract foreign investors.

Conference Chatter: European retail real estate 'contaminated' by US 'contagion': Some investors are mistakenly shying away from the European market based on the problems facing the U.S. market, according to two senior industry figures speaking at the EXPO Real in Munich, Germany.

Data Dispatch EMEA: SNL Europe RE index records 5.8% total return in Q3: Year-to-date as of Sept. 29, the SNL Europe RE index logged a total return of 22.6%, outpacing the SNL Global RE index by 3.6 percentage points.

Conference Chatter: M&G Real Estate sees 'big opportunity' in UK build-to-rent market: The property investment arm of Prudential is confident the sector has a promising future and that its early entry into the market puts it in a strong position to benefit.

Amisha Mehta contributed to this article.