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Cording buys £245M London estate portion; bank to auction Al Jaber's UAE hotel

* Cording Real Estate Group Ltd. acquired around 250,000 square feet of the 465,000-square-foot Holborn Links Estate in London from Citwax Investments for £245 million, Property Week reported. Citwax, which is owned by Israeli billionaire Teddy Sagi, placed the mixed-use assets in the market in spring 2019 with a combined price tag of £275 million.

The estate consists of 34 office, retail and residential properties in Southampton Row, Southampton Place, Bloomsbury Square, Sicilian Avenue, Covent Garden, Soho and Oxford Street, and is let to 40 tenants, according to the report.

* First Abu Dhabi Bank is set to auction off Al Jaber Group LLC's Shangri-La hotel in Dubai with a starting price of 700 million United Arab Emirates dirhams, Reuters reported, citing two sources. The auction is the first action of Al Jaber's creditors to recoup funds from the indebted company following delays to a restructuring agreement for debt worth 5.9 billion dirhams in 2019, one of Reuters' sources said.

UK and Ireland

* Henley Investments bought a Tesco superstore in west London from funds managed by LaSalle Investment Management Inc. for £52 million, according to PW. The 100,000-square-foot retail asset in Hayes comprises 600 parking spaces, ground-floor trading, various concessions, a gas station and distribution center for online sales, according to the report.

* Great Portland Estates PLC agreed to sell its 24/25 Britton St. property in London to an unnamed overseas investor for £64.5 million, reflecting a net initial yield of 4.07%. The property contains a 49,900-square-foot office space let to retailer Kurt Geiger. The transaction is expected to close Jan. 22.

* Iput PLC agreed to pre-let the remaining portion of office space being developed at its Wilton Park project in Dublin to LinkedIn Corp., The Irish Times reported. The tenant is set to lease 39,950 square meters of additional space for 25 years with a term certain of 12 years at Two, Three and Four Wilton Park, which are targeted for delivery in 2023, according to the report.

The three office blocks will form part of LinkedIn's major European headquarter campus alongside the 13,935-square-meter One Wilton Park which was fully pre-let to the professional networking company in 2018 and is scheduled for completion at the end of 2020.


* Vonovia SE's offer to buy the shares it does not own in Hembla AB (publ) was accepted by shareholders owning 1,204,821 Hembla B-shares during the extended acceptance period which ended Jan. 8. The acquired shares of Vonovia's subsidiary HomeStar InvestCo AB corresponds to roughly 1.3% of the share capital and around 1.0% of the total voting rights in Hembla, bringing the buyer's share capital and voting rights to the target company at 95.4% and 96.3%, respectively.

Settlement for the shareholders who accepted the offer during the extended period will be Jan. 15. Vonovia will not extend the acceptance period any further.

* Clarion Gramercy bought a 20,000-square-meter logistics property south of Berlin on behalf of a co-mingled fund, Europe Real Estate reported. The asset in Großbeeren is let to convenience store wholesaler Lekkerland AG & Co.

* TLG Immobilien AG is developing an office property in Dresden after it obtained planning permission and construction contracts. The Annenhöfe project spans 20,000 square meters and is expected to complete in 2022.


* Commerz Real AG sold an office property near Paris to a fund managed by Credit Suisse Asset Management. The Cap Sud property in Montrogue has a leasable area of 12,500 square meters and was fully leased to 12 tenants as of July 2019. The asset has been part of Commerz Real's Hausinvest open-ended real estate fund and underwent extensive modernization and repositioning.


* Greystar Real Estate Partners LLC bought a mixed-use asset in The Hague on behalf of one of its clients, PropertyEU reported. According to the property's website, the seven-story MB275 asset comprises 234 apartments with amenities such as rooftop terrace, laundry, parking, garden and service desk. The apartments will be delivered in the first quarter of 2020.

Czech Republic

* Star Capital Investments SRO acquired a grade A office property in Prague from Deka Immobilien, according to REP Europe Real Estate. The Lighthouse Towers in Holesovice district consist of a 19-story building with almost 21,000 square meters of space and a smaller four-story property with 6,500 square meters of lettable space. The property is primarily let to ČD Cargo, Accenture, Pharmaceutical Research Associates, LMC and Pharma Swiss.


* Bain Capital Credit LP bought an office-led portfolio of 13 properties across Italy. The company acquired five office assets in secondary locations in Milan, Rome and Bologna totaling 65,000 square meters from Amundi SGR-managed funds. Bain Capital also acquired six offices in Milan and two retail properties in the Milan province and the Molise region from Covivio.

Middle East

* Emaar Properties PJSC launched its plan to develop a luxury residential tower in Dubai, Arabian Business reported. The 44-story Burj Crown along Sheikh Mohammed bin Rashid Boulevard will offer 440 apartments with direct views of Dubai Opera and Burj Khalifa as well as amenities such as a large outdoor area, playground, barbecue area and swimming pool, according to the report.

* Danube Group's Danube Properties completed its 300 million-dirham luxury resort-style property development in Dubai, according to Arabian Business. Launched in 2017, the Resortz project offers 444 residential and retail units and includes landscaped space, open swimming pool, outdoor catering, barbecue area and playground.

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