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Property investments on rise in Romania; JV buys 2 Dutch offices for €100M

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Property investments on rise in Romania; JV buys 2 Dutch offices for €100M

* JLL forecasts Romania's investment volume in the real estate market to surpass €1.1 billion by the end of 2019, Property Magazine International reported. There is a high demand for office space in Bucharest, with the country anticipated to become the second-largest central and eastern Europe economy by 2020-end, as per JLL research.

* British investment firm 90 North Real Estate Partners LLP and Dubai-based Audacia Capital jointly purchased the headquarters of ASICS EMEA and Danone in Hoofddorp in the Netherlands for a total sum of €100 million, IPE Real Assets reported. The two newly built office assets were contracted by 90 North and Audacia before the start of construction.

The four-story ASICS EMEA building spans 11,619 square meters and the five-story Danone building spans 8,356 square meters.

* U.K.-based RDI REIT PLC completed the final stage of its £75.0 million refinancing of its London serviced office portfolio. The seven-year facility, provided by Aberdeen Standard Investments, refinances two existing facilities that were due to mature in December 2019 and August 2022, according to a release. The portfolio, which had an occupancy rate of 94.5% as of Feb. 28, comprises four assets in central London.

UK

* Union leaders demanded an urgent meeting with CK Asset Holdings Ltd. to seek reassurances on behalf of their members that the Hong Kong-listed property firm's proposed acquisition of British pub retailer Greene King PLC will not result in jobs cuts, The Times reported. British trade union Unite said that the deal could have "major ramifications" for the group.

The London Evening Standard reported that the deal has prompted other investors to seek similar targets. Bar owner Mitchells & Butlers PLC shares rose 15%, and Canaccord Genuity analyst Nigel Parson considers the listed company a strong takeover target, according to the publication.

* U.K. homebuilder Persimmon PLC is investing more than £150 million to address a surge in complaints from customers about the quality of its houses. It is pumping an additional £140 million on quality control measures during its construction process and about £15 million on customer care, following the announcement in April of an independent review of the company's customer care procedures.

Persimmon Group CEO David Jenkinson said Aug. 20 that the firm's international suppliers have plans in place to ditch the port in Dover and transport goods through other coastal cities such as Hull and Newcastle to avoid Brexit-related disruptions, the London Evening Standard reported. The majority of the company's imported items come in through Calais, France, to Dover, the publication said.

* CBRE and Cushman & Wakefield made a trio of lettings at Corner Block, a Grade A building in Manchester, Property Week reported. Recruitment consultancy firm Search took 14,000 square feet on the first and second floors of the building, consultancy Robert Half took 3,200 square feet on the second floor and an unnamed insurance firm took 5,000 square feet on the third floor.

* Dutch hotel chain CitizenM Operations Holding BV is set to open a 226-room, 10-story hotel in Victoria, London, in 2021 following the demolition of the former Press Association offices, The Caterer reported. The demolition of Denison House will begin in November, while the construction of the new building is due to commence in May 2020.

* Property adviser Christie & Co., on behalf of Wadworth, completed the sale of a portfolio of 18 pubs to Red Oak Taverns, Europe Real Estate reported. The purchase price was not disclosed. The deal brings Red Oak Taverns' estate to 179 pubs across the U.K.

* Developers Royalton and Frogmore unveiled plans for a new neighborhood at Salford Quays in Greater Manchester including two skyscrapers with 1,500 luxury flats, floating gardens and open-air baths, The Business Desk reported. The new area, which will be called Cotton Quay, will also include two hotels. The towers will be 48 and 37 stories tall.

Spain and Portugal

* U.S. firm Cerberus Capital Management LP agreed to purchase a 92.88% stake in Barcelona-based residential specialist Optimum Re Spain that values the latter at €70.2 million, PropertyEU reported.

* PropertyEU reported that Germany-based investment firm Aquila Capital will develop logistics properties spanning 115,000 square meters in Azambuja, located 35 kilometers north of Lisbon, Portugal, marking its debut in the country.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.