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Arax JV sells Berlin office for €200M; Tristan offers £140M for UK property

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Arax JV sells Berlin office for €200M; Tristan offers £140M for UK property

* Arax Properties and Partners Group Holding AG sold the City Campus office complex in the Charlottenburg district of Berlin for about €200 million, Europe Real Estate reported. The property on Saatwinkler Damm contains 55,640 square meters of rental area and 479 parking spaces across six buildings. The asset is almost fully occupied by blue-chip tenants, mainly government tenants.

* Tristan Capital Partners LLP is offering to buy the Reading International Business Park in the U.K. for around £140 million at a 5.8% yield from DWS Group, according to Radius Data Exchange. The 406,000-square-foot business park was put up for sale for £130 million. Hines, AXA Investment Management - Real Assets and Kennedy Wilson also placed bids for the property but did not agree to the offer.

* Safestore Holdings PLC acquired Omb Self Storage SL for about €17.3 million on a debt-free and cash-free basis, marking the U.K.-based company's entrance into the Spanish self-storage market. OMB Self Storage, trading as OhMyBox, operates four leasehold properties in Barcelona and one option to acquire the freehold for €4.2 million. The company was 30%-owned by its current management, who will remain with the business, and 70% by a Spanish family office.

Safestore also said in its latest earnings release that it bought Fort Box Self Storage Ltd. for £14.3 million. Fort Box consists of two London stores encompassing 35,000 square feet in total in St John's Wood and Chelsea, with occupancy standing at 79% and 69%, respectively.

UK and Ireland

* Cala Group Ltd. unit Cala Homes received planning approval to develop a flagship 280-home residential scheme in the Beckenham town in Bromley, U.K., Property Week reported.

* CLS Holdings PLC said it agreed to buy the Twenty office building on Kingston Road in Staines-upon-Thames, U.K., for £19.0 million, with the acquisition scheduled to complete Feb. 3. The property totals 44,230 square feet.

CLS also completed the sale of Quayside Lodge in Fulham, London, for £19.0 million to a private developer.

* Cairn Homes PLC appointed Shane Doherty CFO, effective in April. Doherty served as CFO at Morgan McKinley. He succeeds Tim Kenny in the role.

Germany

* Tritax EuroBox PLC leased the second vacant unit at its property in Bochum, Germany, to Recht Logistik GmbH. The logistics and transportation company will occupy 8,335 square meters of space for five years starting Feb. 1 with a headline rent higher than the previous rental guarantee and the neighboring units' current passing rent. Tritax acquired the Bochum property in November 2018 with two leases in place and two vacant space. It leased the first vacant unit to Gruber Logistics GmbH in March 2019.

Netherlands

* Orange Investment Managers bought three parking garages in three Dutch cities in the second half of 2019 for approximately €70 million. The properties in Heerlen, Utrecht and Eindhoven were bought for the investor's various managed funds. The parking space in Eindhoven is still under construction and is expected to complete in the summer.

France

* Savills Investment Management Inc. acquired a new distribution center near Paris from Barings for €83.8 million, IPE Real Assets reported. The grade A asset in Réau spans roughly 67,000 square meters and is fully leased to two logistics companies on long-term agreements. Savills bought the property for its open-ended European Logistics Fund 3 vehicle, which raised €122 million at its first close in 2019.

Spain

* Inversora de Carso, the investment arm of Mexican billionaire Carlos Slim, bought a 3% stake in Spanish housing developer Quabit Inmobiliaria SA, Reuters reported. Citing market regulator CNMV, the news outlet reported that the investment company bought the stake Jan. 2. The Spanish property company had a market value of €162 million as of Jan. 6, according to the report.

Middle East

* The newly formed Dubai Council said the roles of chief executive and chairman in state-owned and semi-government companies will be split as part of a corporate overhaul, Reuters reported. The council, which was formed by the Dubai government to oversee economic and social governance in the emirate, also instructed the boards of state-backed companies to form committees to assess investment and risk management.

The Dubai government and Dubai Holding, its ruler Sheikh Muhammad Mohammed bin Rashid al-Maktoum's investment vehicle, own a number of unlisted companies in the real estate, hospitality and aviation sectors, the news outlet reported.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.