S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week.
Buying in bulk
* U.S.-based private equity giant Blackstone Group LP acquired five German logistics centers as part of a €450 million logistics deal, Property Investor Europe reported. The transaction included €140 million worth of assets in Poland that Blackstone bought from Hines Global REIT Inc., the report added, citing law firm Dentons, which advised Hines on the sale.
* Through a joint venture with Equitix, Arlington Advisors purchased two separate portfolios of purpose-built student accommodation in the U.K. on behalf of Arlington Investors Ltd. for £280 million. The trade added five assets with 2,458 beds to Arlington's management.
* Singapore's Cromwell European REIT spent €127.6 million on the purchase of a pair of office properties in the Netherlands, IPE Real Assets reported. The Moeder Teresalaan 100-200 covers 21,922 square meters in the city center of Utrecht, while Willemsplein 2 spans 31,979 square meters in the Paleiskwartier central business district of Den Bosch.
The diversified real estate investment trust also bought a portfolio of 11 freehold office properties in Finland for €113.1 million, Europe Real Estate reported. The assets take up 61,972 square meters of space mainly in the Helsinki metropolitan area.
* The independent committee of the board of directors of Belgian hotelier Radisson Hospitality AB recommended that shareholders reject the 40-Swedish-kronor-apiece mandatory public offer of the consortium led by Chinese industrial conglomerate Jin Jiang International (Holdings) Co. Ltd.
Rothschild & Co., which Radisson tapped to provide a fairness opinion, said the proposed cash consideration is "not fair from a financial point of view."
* Emaar Properties PJSC's talks with Egyptian officials on the development of a 1,500-acre plot in the country's new administrative capital fell through due to disagreements on price, Bloomberg News reported, citing a project official.
The Dubai-based real estate developer wanted to acquire the site at a price below the range of 3,500 Egyptian pounds to 4,000 pounds per square meter typically sought for housing developments in the project, the news outlet added, citing Ahmed Zaki Abdeen, who heads the company created to supervise the project's construction.
The government of Egypt is planning the conversion of a 700-square-kilometer plot of desert land into a multibillion-dollar administrative capital and business hub.
As of Jan. 3, US$1 was equivalent to 9.00 Swedish kronor and 17.91 Egyptian pounds.