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Spain becoming property hotspot again; Intu in talks to sell 2 Spanish malls

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Spain becoming property hotspot again; Intu in talks to sell 2 Spanish malls

* Spain is becoming a property hotspot again as investors return to its major cities of Barcelona and Madrid, which stand among the most affordable cities in the world, The (U.K.) Times reported. Shaftesbury Asset Management CEO Philippe Camus noted that Barcelona is an attractive option for foreign investors, according to the publication.

The news comes amid Luxembourg-based Shaftesbury's acquisition of a 20,000-square-meter plot in the Diagonal Mar district of Barcelona, where it is building its residential scheme, Antares. The scheme, which consists of 80 flats, will have an indoor pool, a gym and a cinema, among other amenities.

* Intu Properties PLC is in final talks with ECE and Generali to sell two of its flagship malls, Intu Asturias and Intu Puerto Venecia, in Spain, for more than 400 million, PropertyEU reported.

UK and Ireland

* British pub operator The City Pub Group PLC's Clive Watson wants to assess what the market looks like after the U.K.'s planned exit from the EU on Oct. 31 before making a decision on any new acquisitions, the London Evening Standard reported. There is a possibility that a no-deal Brexit could push property prices down, providing The City Pub opportunities to make acquisitions at "big discounts," Watson said.

Meanwhile, the AIM-listed firm will continue to focus on its existing 47 sites and the four developments it has already committed to, the publication reported.

* Manchester City Council approved property group Capital & Centric Ltd.'s plans to develop a new 275-bed, 110,000-square-foot hotel, dubbed the Leonardo Hotel, in Piccadilly East in Manchester, U.K., TheBusinessDesk.com reported. The hotel, due to open in 2021, will be the first development to come forward in the Portugal Street East Strategic Regeneration Framework area.

* Barwood Capital said it raised £48 million of equity for its latest U.K. real estate fund, dubbed Regional Property Growth Fund IV, IPE Real Assets reported. The fund, which is backed by investors such as Merseyside Pension Fund, is on track to achieve its target of £100 million, with a hard cap at £150 million. Further fund raises are expected to be closed in the fourth quarter of 2019 and the first quarter of 2020, Barwood added.

* According to Property Week, Knight Dragon axed plans for a 500,000-square foot film studio at Greenwich Peninsula in London for more housing and office space. The move to develop more housing and office space comes under a new £8.4 billion regeneration project masterplan.

* Westridge Real Estate acquired a whole loan from Fairfield Real Estate Finance to finance its €140 million acquisition of a Dublin development site, PW reported. The senior tranche of the loan has been syndicated to Bentall GreenOak.

* A residential-led scheme in north London has been provided planning permission, PW reported. The scheme, which is in Wood Green, will span 125,000 square feet.

Germany

* According to PropertyEU, real estate investment manager Corestate Capital Holding SA gathered €250 million of equity for a new German opportunity fund, dubbed Corestate Opportunity Deutschland I.

Portugal

* Commerz Real AG offloaded a retail shopping center, dubbed Montijo Retail Park, near Lisbon to CA Património Crescente, an open-ended real estate fund managed by Square Asset Management, Property Magazine International reported. The property comprises 17,700 square meters of retail space and 803 car parking spaces. The sale price was not disclosed.

The fully leased property is in the town of Montijo and counts Conforma, the DIY, Leroy Merlin, Sports Direct and Espaço Casa as its main tenants.

The Netherlands

* Germany-based Deutsche Pfandbriefbank AG and Dutch lender ING granted €150 million in equal shares to Korean investors Hana Financial Investment Co. Ltd. and NH Investment & Securities Co. Ltd. for the acquisition of an office building in the Amsterdam business park Sloterdijk, Europe Real Estate reported. The property is being renovated and redesigned and has electricity network operator Alliander as its largest tenant, along with APG Group and Intertrust Netherlands.

Completion of the main building, which spans 47,700 square meters of rental space, is scheduled for the first quarter of 2021, while the adjacent 5,500-square-meter building is expected to be completed by mid-2022.

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