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Owner considers £1.2B London tower sale; Shurgard initial global offering closes


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Owner considers £1.2B London tower sale; Shurgard initial global offering closes

* Middle Eastern-backed private equity group AGC Equity Partners Ltd. is planning to divest the Citigroup Inc. headquarters at 25 Canada Square in London's Canary Wharf district for more than £1.2 billion. AGC acquired the roughly 1.2 million-square-foot skyscraper for £1 billion in 2013 and refinanced the asset in the summer of 2018 through French lender Societe Generale SA.

* European self-storage provider Shurgard Self Storage wrapped up its initial global offering of new ordinary shares at a final offer price of €23 apiece. The offering reflected an implied market capitalization of €2.04 billion, representing 88.9 million total outstanding shares. Shurgard is an affiliate of U.S. self-storage real estate investment trust Public Storage.


* British multinational advertising and public relations company WPP is believed to be in advanced discussions for the purchase of the Financial Times' London headquarters at One Southwark Bridge in London for £93 million, according to Property Week. The asset was officially scheduled to enter the market this week, but has been delayed due to negotiations with WPP, the report added, citing a source close to the deal.

Pearson PLC had planned to market the property, with an asking price of £90 million.

* Quadrant Estates and Pirbright Holdings obtained consent to convert a 50,000-square-foot office building at 66 Hammersmith Rd. in London into a 223,000-square-foot, eight-story new speculative office building, with 9,000 square feet of retail space, PW reported.

* A portfolio of 32 industrial estates is being divested by its principal investors, Grosvenor and Quilvest, with a price tag north of £150 million, CoStar U.K. reported. The IO Investment 2 portfolio spans more than 2.1 million square feet across 354 units, and is managed by IO Asset Management.

* Scottish developer HFD Glasgow 3 Ltd. acquired a 101,879-square-foot office building at 100 Bothwell St. in central Glasgow from Oval Real Estate for roughly £30 million, according to CoStar U.K. The building is leased to the Student Loans Co. for a five-year term, the report added.

* Housing associations said they require £42 billion of funding from the British government to deliver social housing during the 2020s, much higher than the £2 billion pledged by Prime Minister Theresa May so far, London's Financial Times reported.

The National Housing Federation believes that the sector needs £40 billion for construction over the coming decade, while Paul Hackett, chair of the G15, estimated that the sector will require £35 billion to £42 billion of funds during the seven-year period from 2021, according to the report.

* Developers Great Portland Estates PLC, Landsec, TH Real Estate, Grosvenor Britain & Ireland, LGIM Real Assets, Lendlease Corp. Ltd. and The Crown Estate have committed to adopt the "Design for Performance" approach on at least one office project in their development pipelines. The initiative sets targets for operational energy use and verifies performance during full occupancy.

* The London Borough of Newham approved Barratt London Ltd. and East Ham Regeneration's plans for the transformation of the East Ham Market Hall into a 277-home development, PW reported. Plans for the project also involves 21,500 square feet of retail space and new public areas, with completion slated for June 2021, according to the report.

France and the Netherlands

* Henderson Park closed the €550 million purchase of the 428-room Westin Paris-Vendôme hotel in the French capital from Singapore's sovereign wealth fund GIC with the help of a senior financing package from Crédit Agricole Corporate and Investment Bank, PW reported.

* Tristan Capital Partners acquired a Dutch portfolio comprising 12 office buildings for roughly €118 million from U.S.-based hedge fund DW Partners and Belgian private property investor Whitewood Capital, Property Investor Europe reported. Tristan acquired the assets on behalf of its EPISO 4 opportunity fund, the report added.


* Austrian real estate investment company Signa Holding GmbH closed the acquisition of the Kika/Leiner property holding companies from South African retailer Steinhoff International Holdings NV.


* Klövern AB issued 500 million kronor of additional hybrid bonds at 100% of their nominal amount under its 1.50 billion-kronor hybrid bond loan framework, after previously issuing 800 million kronor of hybrid bonds under the program.

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Rollen Catorce contributed to this report.