trending Market Intelligence /marketintelligence/en/news-insights/trending/fOjKfJxphZvLhcm6GfDPTA2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Blackstone's Logicor receives €12B bid; fund to pay €264M for intu mall stake

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition

Blog

Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective


Blackstone's Logicor receives €12B bid; fund to pay €264M for intu mall stake

* China Investment Corp. is buying Blackstone Group LP's European logistics business Logicor for over €12 billion, the Estates Gazette reported, citing sources familiar with the deal. The Chinese sovereign fund is understood to be in pole position to purchase the 146.4 million-square-foot warehouse business, beating Mapletree Investments with Temasek Holdings and Global Logistic Properties Ltd.

* Intu Properties Plc formed a joint venture with TH Real Estate to jointly own the Madrid Xanadú shopping center in Spain, with the latter paying €264.4 million to own a 50% stake in the asset.

UK and Ireland

* St. Modwen Properties Plc named Jenefer Greenwood nonexecutive director, effective June 1.

* Rents per square foot in London's largest residential development area fell more than 5.2% on the year in the first quarter due to the addition of more luxury properties in the market, London's Financial Times reported, citing LonRes. Developers are planning to deliver more than 20,000 new homes the Nine Elms district, in addition to existing blocks along the Thames.

* Green REIT Plc agreed to lease a 14,701-square-meter office building at Central Park in Dublin to Allied Irish Banks plc on a 20-year lease from May. The lease has a tenant break option after 12 years, and the bank will pay €4.8 million in annual rent for the building, or €291 per square meter.

* An Bord Pleanála rejected Genvest's planning application for the construction of three office blocks near the Dublin Airport, on the grounds that construction could negatively impact traffic flow in the area. The planned buildings formed the first phase of a 13-building business campus that was estimated to cost approximately €250 million.

Germany

* Local property investment manager Arbireo Capital signed a "two-digit-million-euro" agreement to purchase an 11-story office building in Frankfurt and plans to convert the asset into a residential building, Property Investor Europe reported. The asset in the Niederrad district offers 14,900 square meters of office and retail space.

* Czech logistics developer VGP acquired three plots in Germany for the development of 148,000 square meters of commercial and logistics assets, PIE reported. The company plans to build a 72,000-square-meter logistics park on a 13.5-hectare site in Wustermark, a 40,000-square-meter commercial and logistics park on an 8-hectare site in Göttingen and 36,600-square-meter warehouse space on a 6.7-hectare plot in Wetzlar, according to the report.

Poland

* Skanska is planning to invest €46 million to build a 15-floor building offering about 27,500 square meters of gross leasable area in Lódz, Poland. It will be first phase of the Brama Miasta development, which will consist of two office buildings spanning 40,000 square meters, including retail units on the ground floors, restaurants and other amenities.

Construction on the initial phase is scheduled to start in May for a second-quarter 2019 completion, according to a release.

Sweden

* Residential developer Bonava appointed NCC to build 124 apartments across five buildings in Stockholm's Tollare area. Construction work on the 339 million-Swedish-kronor project is expected to begin August, with delivery anticipated in the first half of 2020.

* Goldman Sachs predicts that there would be a 35% to 40% chance Sweden will experience a more than 5% decline in home prices in the next five to eight quarters, PIE reported. The probability is regarded as the highest among Europe's largest economies, the report added.

Bulgaria

* Germany-based Kronberg International acquired a shopping mall in Varna from Austrian Raiffeisen Bank International for an undisclosed amount, PIE reported. The 5-story Mall Varna spans 32,000 square meters to offer office space and 150 retail units.

Spain

* According to Engel & Völkers, prices of new homes in Barcelona's prime locations grew 14% to as much as €12,000 per square meter in 2016, with approximately 9% growth expected in 2017 as high demand from investors continue to boost prices, PIE reported.

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.

Cam Nones contributed to this report.