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UAE developer secures 1B-dirham loan; Burlington closes Prelios stake buy

Editor's Note: The next edition of The Daily Dose Europe Real Estate will be published Jan. 2, 2018, in observance of New Year's Day.

* ARADA secured a loan of 1 billion United Arab Emirates dirhams from Abu Dhabi Commercial Bank and Dubai Islamic Bank to fund the development of Aljada, the largest mixed-use megaproject in the emirate of Sharjah.

The 24-billion-dirham development is scheduled to begin in the first quarter of 2018, with an expected completion by 2025.

* Davidson Kempner Capital Management LP's Burlington Loan Management DAC closed the €71 million purchase of 611,910,548 Prelios SpA shares, which were sold by Pirelli & C. SpA, Intesa Sanpaolo SpA, UniCredit SpA and Fenice Srl at 11.6 cents apiece.

Following the purchase, Burlington is obligated to launch a bid for the remainder of the company's ordinary shares.

The Netherlands

* NH Hotel Group is selling a real estate property in Amsterdam, which includes the 274-room NH Collection Barbizon Palace hotel, to German asset manager Deka Immobilien in a €155.5 million sale-and-leaseback deal. The deal is scheduled to close by the end of January 2018, and NH Hotel will continue to operate the hotel for an initial period of 20 years.

Romania and Estonia

* Revetas Capital Advisors LLP and Cerberus Capital Management LP bought the Project Nemo hotel complex, which features 697 Rezidor Hotel Group AB-operated guest rooms in Bucharest, Romania, for an undisclosed sum.

* Baltic Horizon Fund signed an agreement to pay about €34.4 million to purchase the Postimaja Shopping Centre at Narva Rd. 1 in Tallinn, Estonia, from Osaühing Letona Properties. The acquisition yield for the total purchase price is expected to be about 5.4%.


* Banks in the U.K. approved 39,507 mortgages in November, lower than the 40,417 figure recorded in October and down 5% year over year due to a rise in interest rates, Reuters reported, citing UK Finance.


* Aedes SIIQ S.p.A. closed the purchase of two buildings in Milan with a gross leasable area of over 15,000 square meters. The Torre C3 and Torre E5 properties will be entirely refurbished for roughly €35 million.

Middle East

* Taleem REIT Fund signed a memorandum of understanding with Al Rajhi United to acquire an educational property in the Al Nuzha district of Riyadh. The fund will issue 22.5 million of its new units to the seller to carry out the deal.

The building, which features an area of 30,000 square meters and a built-up area of 48,281 square meters, is leased for a 30-year term, with a remaining contract value of 498.14 million Saudi riyal to 553.49 million riyal, according to a release.

* Dubai apartment rents in the third quarter dropped 9% year over year and fell by 3.5% from the second quarter, Arabian Business reported, citing Land Sterling.

Other real estate news

* The Brazilian unit of Gazit-Globe Ltd. signed a binding agreement to buy a 70% stake in the Internacional Shopping mall in São Paulo for 937 million reais, excluding closing costs. Gazit Brasil will control and manage the 77,000-square-meter property, which has building rights for nearly 200,000 square meters of additional space.

The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Anusha Iyer contributed to this report.

As of Dec. 28, US$1 was equivalent to 3.67 UAE dirhams, 3.75 Saudi Arabian riyal and 3.30 Brazilian reais.