* KanAm Grund Group closed the inaugural fundraising round for its first German real estate development fund, which is targeting over €500 million worth of investments.
The KanAm Grund German Development Fund will focus on micro-apartments, residential properties, student housing, boarding houses and offices, with its first project being a 121-unit micro-apartment joint venture with German developer pantera AG that will be topped off in 2020.
* U.S.-based private equity giant Starwood Capital signed a deal for the purchase of London's Southbank Central property from Hermes Investment Management Ltd. and the Canada Pension Plan Investment Board for upwards of £250 million. Co-working space operator WeWork is one of the tenants leasing space at the building.
UK and Ireland
* For a price tag of £120 million, private real estate developer and manager Ocubis Ltd. divested the 110,142-square-foot, fully occupied Cannon Green building in the City of London to South Korea's KiwoomAM.
* British Land Co. PLC picked up the first office asset for its Storey flexible workspace unit from Newmark Properties for £32 million, Property Week reported. The transaction for the 41,000-square-foot 6 Orsman Rd. development in Haggerston, London, is expected to close by March 2019.
The U.K. commercial property company earlier in 2018 announced it has significant plans in the works for Storey in the next few years and is aiming to have it make up 10% of its office business.
* Groveworld bought a mixed-use development site in King's Cross, London, using more than £50 million of financing from lenders OakNorth and ASK Partners, Property Investor Europe reported. The developer plans to redevelop the 28,000 square-meter site at 330 Grays Inn Rd. that currently houses the Royal National Throat, Nose and Ear Hospital. The hospital will transfer to a new site in central London in 2019, according to the report.
* Big Yellow Group PLC reached an agreement to purchase the Wyvern Industrial Estate in London's New Malden district for some £28 million, with the funds coming from its revolving bank facility.
* The Broxtowe Borough Council is inviting contractors to participate in the bidding process for the construction of the £30 million leisure and residential project in the Beeston town center in Nottinghamshire, U.K., Construction Enquirer reported. The development marks the second stage of the wider Beeston Square regeneration project.
The council expects to choose a contractor by May 2019.
* The Tottenham Hotspur Football Club will see the completion of their home stadium pushed back until at least late January 2019 due to pivotal safety systems being repaired, according to a Construction Enquirer report.
* An upcoming aparthotel development in Dublin is experiencing a roadblock due to a construction proposal being rejected by the An Bord Pleanála, The Irish Independent reported.
The Flannery family was seeking planning consent to build a nine-floor aparthotel adjacent to the current Ashling Hotel in the city, which would have involved tearing down four partially derelict buildings to make way for 27 self-contained executive suites, the article added.
* WeWork is holding discussions with M&G Investments about leasing 45,000 square feet of space spread over two levels at the new 10 Fenchurch Ave. tower in the City of London, according to PW. One floor in the building has already been pre-let to Bermuda's Argo Group, the report noted.
* LCR's site in London's Waterloo district will count media company Time Out as a tenant, with the planned Time Out Market London - Waterloo dining development to be able to house approximately 500 seats once it is launched in 2021, PW reported.
* Pendergardens Developments PLC CEO Peter Diacono will vacate his post Dec. 31, after the upcoming completion of the building phase of the company's Pendergardens development in Malta.
* Vic Darvey will become the first group COO of Purplebricks Group PLC in January 2019.
* Commercial real estate company CeGeREAL closed its purchase of the 23,615-square-meter Passy Kennedy office tower in Paris' 16th arrondissement from AG2R La Mondiale for €218 million.
* The Tristan Capital Partners-advised CCP 5 Long-Life core-plus style fund purchased for approximately €92 million a three-asset office portfolio in the Rueil-Malmaison district in Paris from a Catalyst Capital-managed fund. According to a release, STAM Europe will manage the properties in the portfolio, which will take Tristan's assets under management in the country to €400 million.
* M&G Real Estate paid €34 million to acquire the ADN office building in Paris in an off-market deal with an undisclosed seller, PIE reported. The vacant property near the Arc de Triomphe and Champs-Élysées spans 1,800 square meters and was purchased on behalf of M&G's European Property Fund, the publication said.
* Deutsche Konsum REIT-AG picked up five retail assets through separate deals over the months of November and December for a collective €28.8 million, Property Magazine International reported. The malls span a total 35,900 square meters and bring in roughly €2.7 million in rent yearly.
The largest of these purchases was the 12,000-square-meter Coens-Galerie shopping mall in Grevenbroich, which Deutsche Konsum purchased from Gazit Germany, the report added.
* South Korea's Vestas Investment Management Co. Ltd. inked one of Europe's biggest logistics property deals in 2018 with its acquisition of an asset in northern Italy, according to a report by PropertyEU.
* Skanska AB is investing €66 million for the development of a 176-unit residential scheme in the Aveny Vest area of central Lillestrøm, PIE reported. The project would be the Swedish construction group's first BREEAM-certified housing project in Norway, according to the publication. All properties within the development are expected to be delivered by 2021.
Other real estate news
* TH Real Estate Ltd. and Norges Bank Real Estate Management are jointly off-loading an office asset in New York City to a joint venture established between SJP Properties and PGIM Real Estate, with the Norwegian bank's property unit to receive US$122 million for its 49.9% stake in the 301,178-square-foot property.
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