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C C Land agrees to £800M credit facility; P3 splashes €243M on Spanish logistics

* C C Land Holdings Ltd. agreed to an £800 million revolving credit facility as a preventive measure against foreign exchange risk from the British pound, CoStar U.K. reported. The Hong Kong-based company entered into the facility scheme in light of its recent property investments worth £1.44 billion in London, according to the report.

* Logistics company P3 closed its largest Spanish buy to date after acquiring a 3.47 million-square-foot portfolio of 11 logistics and distribution warehouses from Gore Spain Holdings in a roughly €243.4 million deal, Property Week reported.

The portfolio includes properties around Madrid, Zaragoza, Toledo and Guadalajara, as well as in Valencia and Biscay. The acquisition boosted P3's logistics holdings in Spain to 4.3 million square feet from 753,473 square feet.

UK and Ireland

* Capital & Counties Properties Plc completed the sale of its exhibition business, Venues, to a group of German institutional investors for £296 million in cash. The buyer group includes Bayerische Versorgungskammer as the single-largest shareholder, along with the Versicherungskammer Bayern Group and DFI European Value Add Fund.

Chinese conglomerate HNA Group and Bugsby Property LLC were previously reported to have placed a more than £300 million bid for the Olympia exhibition center in West London.

* U.S.-based Kildare Partners is understood to be in search of buyers for its two shopping centers in Northern Ireland, in a deal that values the assets at more than £150 million, CoStar U.K. reported. The company appointed Eastdil Secured and Lambert Smith Hampton earlier in the year to offload the 353,706-square-foot Forestside in south Belfast and the 317,649-square-foot Foyleside in Londonderry.

* Hong Kong-based private equity firm Joint Treasure is said to be under offer to buy the 3 St. James' Square office building in London from the West End of London Property Unit Trust, or WELPUT, for about the £133 million asking price, PW reported. The bid represents a yield of less than 4%.

* Developer Essential Living gained approval for a built-to-rent scheme comprising 221 new homes in Brentford, West London, PW reported. The retail-to-residential conversion of the existing Morrisons supermarket will consist of two apartment blocks.

* According to Halifax's latest survey, average house prices in the U.K. remained mostly unchanged with a 0.1% rise in the first quarter to £219,755, London's Financial Times reported. House prices in March increased 3.8% on the year, recording the slowest growth in nearly four years, the report added.

Germany and Austria

* Asset manager Amundi, on behalf of Amundi Immobilier, purchased the 28,200-square-meter Rocket Tower asset in Berlin from JP Morgan Asset Management for an unknown price, Property Investor Europe reported.

* Private equity fund ECP European Healthcare Real Estate made its first investment after acquiring a portfolio of seven senior nursing homes in and around Graz, Austria, for €50 million, PIE reported. The fund, which is backed by private equity firm Emerge Capital, plans to build up a €500 million healthcare portfolio in Germany, Belgium, Luxembourg, Switzerland and Austria, the report added.

Southern Europe

* CBRE Global Investors, in an off-market deal, acquired the historic Piazza Duomo 25 property in Milan, Italy, from Gruppo Statuto for an undisclosed amount, PIE reported. The property, formerly a hotel, offers 4,888 square meters of office area and 4,200 square meters of retail space. CBRE is looking to renovate the vacant office element of the property.

* MSCI's IPD Spain Annual Property Index showed that commercial property investment in Spain delivered a total return of 13.3% in 2016, which is the second strongest year of performance for Spanish property investment over the last 10 years.


* Finland-based Technopolis Plc paid €32 million to purchase a 13,800-square-meter office scheme and an adjacent land plot with an expansion potential of 20,000 square meters in Vilnius from local developer ICOR Group, PIE reported. The company plans to further expand in the capital city.

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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.