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Union Investment garners €620M for RE fund; Paris office asset sells for €170M


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Essential IR Insights Newsletter - February 2023

Union Investment garners €620M for RE fund; Paris office asset sells for €170M

* Union Investment raised €620 million in the initial subscription phase of its first residential fund, UniImmo Wohnen ZBIm, which is billed as Germany's biggest open-ended residential fund.

The fund was launched earlier in 2017 by Union Investment and ZBI Zentral Boden Immobilien to target German properties that "offer affordable living space for the wider population, with medium to high amenity value," according to a report.

* Partners Group AG, on behalf of its clients, agreed to acquire the 28-story CB16 Tower office building in Paris for €170 million. The building in the city's La Défense business district covers a floor area of 30,000 square meters, according to a company release.

UK and Ireland

* Hotel Properties Ltd.'s unit HPL Properties (West) Pte Ltd. and Olympia Partners Pte. Ltd. jointly purchased the freehold Hilton London Olympia hotel in London for £114.9 million. The 405-room hotel is at 380 Kensington High St., near the Olympia Exhibition Centre at the western end of Kensington High Street.

* Supermarket Income REIT plc made its first purchase following its IPO in July, with a £43.2 million deal with M&G Real Estate, reflecting a net initial yield of 5.35%. The company bought the 78,000-square-foot Tesco superstore in Thetford, Norfolk, U.K., using the net proceeds raised through the offering.

* SEGRO Plc appointed JLL and Cushman & Wakefield as agents to co-market all the unoccupied industrial warehouses across the Slough Trading Estate and Link 225 in Slough, U.K., CoStar News reported. There are four new speculative units under construction at the 5.5 million-square-foot Slough Trading Estate. The units will offer 11,300 square feet, 14,360 square feet, 34,600 square feet and 50,865 square feet of warehouse space upon completion.

* According to Property Week, HC-One care home operator is close to acquiring a portfolio comprising 5,842 beds across 76 care homes in the U.K. from Bupa for a price understood to be about £250 million. Bupa has received offers for the remaining 74 homes in its portfolio, the report noted.

* Leonardo Hotels bought a Scottish portfolio comprising five Portland Hotels, expanding its presence in the region by 536 bedrooms, Property Week reported.

* Triuva Kapitalverwaltungsgesellschaft mbH off-loaded the 43 Brook Green office building in Hammersmith, London, through a share deal to Neo Capital. According to a Property Investor Europe report, a Middle Eastern investor previously offered £67.5 million for the 8,000-square-meter building at a net initial yield of 4%.

Triuva purchased the asset in 2015 for £54.9 million, on behalf of its special mandates, the publication added.

* Green REIT Plc agreed to lease 3,437 square meters of office space to Barclays Bank Ireland plc for a 20-year term at its One Molesworth St. development in Dublin. The bank will take up space over two and a half floors at the building upon its completion, as it looks to relocate following Brexit.


* Peakside Capital fully invested PREF II, its second fund, with a project volume totaling more than €600 million. The fund targets value-add and opportunistic real estate assets in Germany.

* Europa Capital and P.B.G GmbH Frankfurt jointly sold the Cubus office building in Düsseldorf's Seestern office market to property investment manager PGIM Real Estate for an unknown amount, PIE reported. The 16,800-square-meter building is 100% occupied, the report added.


* Deka Immobilien's WestInvest TargetSelect Shopping fund marked its debut investment in the French property sector with the purchase of a retail complex in Strasbourg from Altarea Cogedim for an undisclosed sum, PIE reported. The asset offers 5,700 square meters of retail area and approximately 2,800 square meters of hotel space and is let fully let to 10 occupiers.

Middle East

* The Egyptian government is negotiating with Emaar Properties PJSC over the development of several projects in the country following a meeting between the company chairman, Mohamed Alabbar, and Egyptian Minister of investment and international cooperation Sahar Nasr July 31.

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Data Dispatch: NAV monitor: US REITs trading at 2.5% median discount to NAV as of Aug. 1: Of the top 10 companies trading at the greatest discounts to net asset value as of Aug. 1, eight were from the retail sector.

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.