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Covivio, AB Sagax log results; Lone Star drops IPO plans for Irish unit


According to Market Intelligence, December 2022


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Covivio, AB Sagax log results; Lone Star drops IPO plans for Irish unit

* Covivio's revenue for the nine-month period ended Sept. 30 rose 10.8% year over year on a group-share basis to €511 million, due mainly to strong investment in 2018 and the company's merger with Beni Stabili.

* Swedish real estate company AB Sagax (publ) said its earnings per class A and B share for the nine-month period ended Sept. 30 amounted to 7.53 kronor, an increase of 7.1% from 7.03 kronor in the prior-year period.

* U.S. private equity firm Lone Star abandoned its plans with builder Durkan Residential to float its Irish development business on the stock market, the Irish Independent reported.

The IPO of Dres was expected to value the company at about €300 million. In 2018, the IPO was shelved following a global sell-off of equities, according to the report.

* Quintain Ltd. formed an Irish subsidiary to develop over 9,000 homes and 600,000 square feet of commercial space on 460 acres of land in Adamstown, Clonburris, Portmarnock and Cherrywood for a gross development value of £3.5 billion, according to PW.

The sites are all owned by Lone Star's affiliates and will be managed directly by the new company Quintain Ireland.

UK and Ireland

* New York-based private equity firm Apollo Global Management Inc. is in advanced discussions for a nearly 100,000-square-foot lease at Soho Place in London, the Evening Standard reported. The office space above the new Tottenham Court Road Crossrail station will serve as a new headquarters of the firm.

The building, which is scheduled to complete in 2022, is part of a £500 million redevelopment of the music venue Astoria by developer Derwent London PLC.

* The fall in the value of sterling since the Brexit referendum has made London luxury homes attractive to overseas buyers, according to the Financial Times. House prices in prime central London have fallen 14% since June 2016, the report added, citing Savills. According to the report, it would cost a U.S.-based buyer $9.18 million for a £6 million flat in October 2015; this month, the dollar value will now be at $7.8 million.

* U.K. state housing agency Homes England provided six local authorities £38.2 million in funding to expedite the construction of at least 2,072 homes across 13 sites. The deals are the latest to be awarded through the government's Local Authority Accelerated Construction program, which now amounts to £350 million.

* St. Francis Group Ltd. and its joint venture partner iSec received planning consent to develop five new warehouses on land along the M1. The brownfield site next to Markham Vale off junction 29A spans 824,000 square feet. Occupiers could move into the industrial and manufacturing space starting second quarter in 2021.

The companies also submitted a second application seeking outline consent for an additional 500,000 square feet in two units on adjoining land.

* Roca Investments was granted planning consent to redevelop a former BHS store in Slough, U.K., into a mixed-use property, Property Week reported.

The redevelopment consists of 87 flats including nine affordable units, 15,000 square feet of retail space and 3,500 square feet of offices for a gross development value of £40 million.

* Marlet Property Group Ltd. sold 56 high-end apartments it is developing in Dublin to U.K. fund Realis for around €45 million, The Irish Times reported. The seven-story above-basement property is at the corner of Cardiff Lane in the Irish capital's south docklands. Upon completion, the scheme will also include 181 square meters of retail space and on-site amenities for residents.


* Panattoni Europe is opening a new office in Munich to focus on the region as well as in Lower Bavaria, Ingolstadt, Ulm, Augsburg, Nuremberg and Würzburg. The industrial developer's new office will be the fourth, alongside its sites in Hamburg, Düsseldorf and Mannheim.

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