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Minor buys NH Hotel stake for €622M; Starwood secures 24% Victoria Park holdings

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Minor buys NH Hotel stake for €622M; Starwood secures 24% Victoria Park holdings

* Minor International PCL paid €622 million to buy a majority stake in NH Hotel Group SA from Chinese conglomerate HNA Group Co. Ltd. and is planning a takeover of the Spanish hotelier. Minor's 26% stake purchase has raised its interest in NH Hotel to 30%, a threshold required by the Spanish law for a full takeover offer.

* Starwood Capital Group secured a 24.4% stake and 32.1% of voting rights in Victoria Park AB, after completing its takeover offer for the Sweden-based residential-focused real estate company. Starwood met all the conditions required for completion of the offer and waived all others, including the acquisition of 35% of Victoria Park's voting rights.

* South Korea's Samsung Life Insurance Co. Ltd. is divesting the 400,000-square-foot 30 Gresham St. building in the City of London for approximately £425 million. The building is home to Commerzbank AG's headquarters and Investec PLC.

UK and Ireland

* Irish real estate investment trust Yew Grove REIT PLC's IPO raked in gross proceeds of roughly €75.0 million. The company offered 72,500,000 new ordinary shares at €1.00 apiece in the offering.

* BBC signed an agreement to lease space for its live music offering at the £1.1 billion mixed-use project in Olympic Park in London, the revised plans for which were unveiled by London Mayor Sadiq Khan, Property Week reported. The development is set to receive a £385 million injection from the U.K. government.

Plans for the project include 600 new homes, four towers of up to 24 floors and three smaller residential buildings, according to the report.

* BlackRock Inc. sold the 5 Strand commercial building at London's Trafalgar Square to India-based developer Abil Group for nearly £100 million, almost £20 million more than the asset's initial £80 million reserve price. Over the next four years, Abil Group will redevelop the site into an up to 230-room hotel under a more than £80 million project.

* DTZ Investors bought the Shop Stop retail parade in London for £130 million from Delancey. The 70,000-square-foot asset at the Clapham Junction station comes with a redevelopment opportunity, with Sovereign Centros serving as development manager on the scheme.

* Rockspring Property Investment Managers LLP, a subsidiary of Patrizia Immobilien AG, purchased two office assets in London and a 148-room Holiday Inn hotel in York City, U.K., for a sum of £54 million. The deals reflect an aggregate net initial yield of just under 5%.

* M&G Real Estate paid £49 million to purchase the four-acre The Haymarket site in Edinburgh, Scotland, which has a gross development value of £280 million, according to PW. The site has planning consent in place since March 2011 for a mixed-use development comprising three grade A office buildings with 350,000 square feet of space, 40,000 square feet of retail and leisure space, a 190-room hotel, and a 172-room aparthotel, the publication noted.

* Construction group ISG was appointed by student housing developer Valeo to deliver a £33 million building offering 586 student beds in Sheffield, U.K., Construction Enquirer reported. The development is slated to be completed in the summer of 2019, the report added.

Norway and Sweden

* Investors committed 314 million Norwegian kroner to NRP Fund VIII at a second close, taking the investment vehicle's total committed capital to 819 million kroner. The fund, which has a hard cap of 2 billion kroner, has also bought six properties in Sweden, including three new logistics assets with a total area of 55,000 square meters.

* Suomen Hoivatilat Oyj is looking to establish a new subsidiary in Sweden to expand its business operations in the Nordic region. The company is appointing executive team member Maria Frid as the new unit's managing director, effective Sept. 3.

* Due to strict mortgage laws, lower population growth and a boost in construction, seasonally adjusted house prices in Norway increased 1.1% in May from the prior month and inched up 1% year over year during the month, Reuters reported, citing Real Estate Norway, FINN and Eiendomsverdi.

France and the Netherlands

* Stapled shares of Unibail-Rodamco SE and WFD Unibail-Rodamco NV began trading on Euronext Paris and Euronext Amsterdam June 5 under the under the URW ticker. Each stapled share encompasses one Unibail share and one WFD class A share, as a result of Unibail settling its US$15.68 billion takeover of Australia's Westfield Corp.

* NSI NV is in negotiations with ING and the municipality of Amsterdam for the redevelopment of the Laanderpoort asset in the Dutch capital. The project includes the development of a new tech and data campus, which will also house ING's new global headquarters.

Poland

* The Wall Street Journal carried a report on Warsaw's expanding Wola district, where major U.S. companies such as JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Credit Suisse Group AG are setting up their operations. Approximately 420,000 square meters of new office space are estimated to be delivered in the area over the next three years, accounting for about half of the total new office stock in Warsaw.

Romania

* Commercial real estate developer Nova Imobiliare plans to spend €30 million to extend the Colosseum Retail Park in Bucharest with the construction of the Colosseum Mall, Business Review reported. The mall will add 16,500 square meters of new gross leasable space to the park upon its completion in the first half of 2019.

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Anusha Iyer contributed to this report.

As of June 5, US$1 was equivalent to 8.14 Norwegian kroner.