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British Land makes £191M retail divestment; AccorHotels to launch new brand


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British Land makes £191M retail divestment; AccorHotels to launch new brand

* British LandCo. Plc sold three of its retail properties in the north of Englandto BMO Real Estate Partners, for £191.0 million, Property Week reported.

The transaction covers the leasehold for the Debenhams storein Manchester, as well as the freehold of both the Clifton Moor in York and theWestgate shop in Wakefield.

* AccorHotels is introducinga brand targeted at millennials called Jo&Joe that will blend privaterental, hostel and hotel formats. According to a release, the company isplanning to open 50 venues by 2020 in locations such as Paris and Bordeaux, France;Warsaw; Budapest; and São Paulo, Brazil.

* According to STR's data for August, hotels in Europerecorded mostly negative results in the three key performance metrics whenreported in euro constant currency.

Compared with the year-ago period, Europe reported a 1.5%drop in occupancy to 75.8%. ADR was flat at €115.94 and RevPAR decreased by1.5% to €87.88.

* M7 Real Estate raised more than €175 million frominvestors in its first close of its latest European investment fund, M7European Real Estate Investment Partners IV. The fund attracted internationalinvestors from locations such as Hong Kong and the Middle East.

The fund raising provides M7 European Real Estate InvestmentPartners IV with an investment capacity of more than €400 million and will helpit to target value-add multilet commercial real estate opportunities inGermany, the Netherlands, France and Scandinavia.


* KennedyWilson Europe Real Estate saidit launched a program to buy back up to £100 million of shares on the Londonbourse as part of its ongoing balance sheet management and capital efficiencystrategy.

* Legal & General Investment Management is looking topurchase a £600 million pipeline of seven build-to-rent projects in the U.K.,which could yield 2,200 homes, Dan Batterton, Legal & General IM RealAssets build-to-rent fund manager, told PropertyWeek in an interview.

The sites are in London, Brighton, Oxford, Cambridge andLeeds, the biggest of which is a 600-unit development in north London.

* Newlon Housing Trust is seeking builders for a £200million housing project in the U.K., ConstructionEnquirer reported.The housing association intends to deliver 2,000 homes by 2022.

* An Oxford Properties and Richemont joint venture purchaseda 48,000-square-foot property for £198 million, in a deal that could have beenderailed by Brexit, PW reported.

* Skanska is set to begin construction on phase two ofHelical Plc'sThe Bower scheme onOld Street in the City of London, accordingto Construction Enquirer. The secondphase is known as The Tower and will offer 170,000 square feet of office space,and 7,300 square feet of retail and restaurant space.

The company will invest about £70 million in the secondphase, which is expected to complete in the second quarter of 2018.

* According to a joint research by Savills and , 44% of GenerationZ consumers, or those roughly in their teens, in the U.K. intend to increasetheir spending on fashion over the next 12 months. This compares with 22% forbaby boomers aged 65 to 74.

The results also found that 58% of Generation Z will shoponline if they face difficulty in finding what they want.

Intu's regional director, Kate Grant, said young peopleenjoy shopping as a social activity and offering a leisure component to mallshelps in attracting customers.

* After Canada's Vancouver, London was the second globalcity on UBS Wealth Management's 2016 list of cities facing the risk of a realestate bubble, The Wall Street Journal reported.Low interest rates have caused housing markets to overheat in recent years,according to the report.

Meanwhile, London's property market may experience asubstantial decline in prices if the continued economic uncertainty followingthe Brexit vote prevails, Bloomberg News reported,also citing UBS Group.   

Germany and Austria

* CAImmobilien Anlagen AG named Hans Volkert Volckens CFO, effective Sept. 27.Volckens replaces Florian Nowotny, whose resignation will become effectiveSept. 30.

* PATRIZIAImmobilien AG purchasednewly built properties and soon-to-be refurbished properties offering more than90 residential units in Düsseldorf.

* Germany-based commercial real estate investor VIB placed a€70 million bonded loan, which exceeded an initial €60 million target, PropertyInvestor Europe reported.The proceeds from the loan will be used to fund current and future projects.

* WCM Beteiligungs- undGrundbesitz-AG acquired a retail portfolio with assets across Germany for€66.5 million, accordingto Property Magazine International.


* Foncière Atland, Belgian property firm AG Real Estate andBelgian investment advisor CETIM are planning to create an OPCI fund focusingon public transport real estate, PIE reported.The Transimmo OPCI fund for institutional investors will initially have aportfolio of approximately €100 million.

Nordic Countries

* CapMan Oyj is preparing to launch a second Nordicvalue-add real estate fund, IPE RealEstate reported.The new fund will invest in office, retail and residential properties in majorNordic cities.

* The property market in Sweden is enjoying good days,thanks to low interest rates as well as political and economic stability inSweden, Bloomberg reported.The country is attracting investors following the Brexit vote.


* A Rockspring fund, in a partnership with StageEntertainment, has acquired two theaters on Madrid's Gran Via for €58 million.

The Daily Dose Europe, Real Estate edition, is updated asof 6:30 a.m. London time. Some links require a subscription. Articles and linksare correct as of publication time.