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Vonovia reports H1 results; Chinese regulations delay HNA-Rezidor deal

* Vonovia SE's first-half funds from operations 1, or FFO1, rose 18% year over year to €457.7 million from €387.8 million. The German company logged a 15.7% increase in FFO 1 per share to 96 cents from 83 cents in the year-ago period.

* HNA Group's bid to take over hotel group Rezidor Hotel Group AB is reportedly delayed by Mainland China's regulations for local companies doing business abroad. The Chinese company's Swedish subsidiary HNA Sweden Hospitality Management AB is awaiting a regulatory and government clearance to advance the deal.

* Private equity group Bridgepoint is nearing a deal to acquire British housebuilder Miller Homes for approximately £655 million. The purchase price represents 5.1x expected earnings before interest and taxes estimated for 2017, and represents 1.3x the value of Miller Homes' assets, which amount to roughly £500 million at present.


* Dragon Capital Investments Ltd. closed its mandatory cash offer for Dragon-Ukrainian Properties & Development PLC and amassed a total of 66,273,967 shares, or about 60.6% of Dragon-Ukrainian's issued share capital.

* TH Real Estate raised £300 million for a debt fund focusing on commercial properties in the U.K., with a target to generate annual returns in the mid-5% range. Investors in the fund include the Korean Teachers' Credit Union and TH Real Estate's parent, TIAA.

* Sir Robert McAlpine landed a more than £91 million contract to undertake the £150 million refurbishment of Intu Properties Plc's intu Broadmarsh shopping center in Nottingham, Construction News reported. The project, which will add approximately 100,000 square feet of space to the asset, is anticipated to begin in December, with a completion slated for late 2019 or early 2020.

* LXI REIT plc has fully invested the £138 million net proceeds raised from its initial public offering in February. The company will also use its £55 million loan facility from Scottish Widows to finance additional acquisitions.

* The U.K. government formed the £54 million Land and Release Fund to support local councils to unlock land and boost housebuilding, Property Week reported. The fund was launched in line with the government's target of adding at least 160,000 homes to the market by 2020.


* Rockspring Property Investment Managers collected €87 million in commitments for its German Retail Box Fund LP, exceeding its initial fundraising target. Along with the available bank financing, the capital will be used for the fund's redevelopment program over the next three to five years.


* La Française Real Estate Managers purchased a 15,000-square-meter new office asset in Paris from Standard Life Investments for an undisclosed sum, Property Investor Europe reported. The nine-story HUB office building was completed in May and was acquired on behalf of the SCPI Epargne Foncière, LF Europimmo, Multimobilier 2, Sélectinvest 1, La Française Pierre, Eurofoncière 2 and Pierre Privilege funds.


* The Wall Street Journal, citing Savills, carried a report on the rise in Spanish commercial property investment almost a decade after the property bubble, as the first-half investment volumes in the country's real estate sector jumped to €5 billion from €2.9 billion in the year-ago period.


* Tower Property Fund Ltd. lowered its 2017 distribution by 16% year over year, logging a dividend of 77.1 South African cents per share.

Other Real Estate News

* PATRIZIA Immobilien AG established a Japanese residential property fund for German institutional investors in partnership with Kenzo Japan Real Estate GmBH and Kenzo Capital Corp. as the asset manager. The fund has a target volume of €480 million to €550 million.

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.