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European Residential closes €232M deal; Madison invests in Capital & Counties

* European Residential Real Estate Investment Trust finalized its roughly €232 million acquisition of 26 properties in the Netherlands from Canadian Apartment Properties Real Estate Investment Trust. The portfolio comprises 1,257 residential suites in addition to commercial and parking space in 24 cities and towns across the country.

* Private equity group Madison International Realty LLC bought a 3.12% stake in Capital & Counties Properties PLC. Madison said it supports Capital & Counties' plan to split the Covent Garden estate and the Earls Court mixed-use scheme in London into separate entities, given their different investment profiles.

UK and Ireland

* Allied London Properties Ltd. and Vita Group partnered to build the initial phase of a residential project at Enterprise City in Manchester, U.K., Property Week reported. Site owner Vita said it is not yet confirmed whether the development adjacent to the Manchester Goods Yard building will contain private rented sector units or any other type of residential units.

* Developer Panattoni is looking to deliver industrial units ranging from 35,000 square feet to 130,000 square feet on a 17-acre site it bought from Sainsbury's at Borehamwood in Hertfordshire, U.K., PW reported. The company could choose to construct a single unit of up to 335,000 square feet if it manages to secure a pre-lease, the report added.

* House prices in the U.K. fell 0.2% in May from April amid subdued consumer confidence, The (U.K.) Guardian reported, citing Nationwide. Price growth was up 0.6% year on year but was down from 0.9% in April, the report added.

* Ireland's National Asset Management Agency is searching for partners to build 3,500 homes on a 15-hectare site at Poolbeg West in Dublin, The Irish Times reported. An Bord Pleanála gave permission to the development proposal, which also features offices, shops, schools and other amenities, according to the report.


* Inc. tapped Goodman Group to deliver a roughly 12,500-square-meter logistics center on a 38,000-square-meter site at the Bremen freight village in Bremen, Europe Real Estate reported. The project is slated for completion in autumn.

Middle East

* Real estate transactions in the Sharjah emirate in the United Arab Emirates totaled 5.2 billion dirhams in the first quarter across 13,195 transactions, including 1,131 sales spanning 10 million square feet, Arabian Business reported, citing Sharjah Real Estate Registration Directorate.

Other real estate news

* BNP Paribas Real Estate Investment Management plans to launch a new logistics investment platform following its Eurozone Logistics Fund, for which a logistics park near Leipzig was acquired from developer Goodman, REFI Europe reported. BNP has raised more than €200 million for the existing fund, with a final close of €300 million scheduled for June, the report added.

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