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Icade eyes Rabobank unit; new InterContinental brand launches

* Icade, Altarea Cogedim, Norbert Dentressangle, Les Nouveaux Constructeurs and Promogim are said to be in the race to acquire BPD Marignan Immobilier SAS, the French property development arm of Rabobank. The Dutch bank has hired Rothschild & Co. to find a buyer for the unit in a deal that could fetch "several hundred million euros" for the company.

* InterContinental Hotels Group PLC launched voco, a new upscale hotel brand, that will seek conversion opportunities among high quality individual and locally branded hotels. The hospitality company plans to open more than 200 hotels under the new brand in the next 10 years across Europe, the Middle East, Asia and Africa.

UK and Ireland

* A decision made at a Croydon Council cabinet meeting supports the use of compulsory purchase order powers that will allow Hammerson PLC's joint venture between the merged Unibail-Rodamco SE and Westfield Corp. to purchase the remaining land and interests needed to deliver their £1.4 billion redevelopment of the Croydon town center in London.

Construction on Whitgift Centre is expected to take place in 2019, with opening slated for 2023.

* WeWork Cos. obtained planning permission for the refurbishment of the 120 Moorgate office building for its use, Property Week reported. The flexible office space provider is overhauling the 133,494-square-foot building as part of its plans to double the size of its U.K. business in one year.

* Gatwick Airport Ltd. in the U.K. is looking to make an additional investment of £1.1 billion over the next five years to enhance its airport, taking its total investment in the airport to more than £3 billion since it changed ownership in December 2009, Construction Enquirer reported.

* Crest Nicholson Holdings PLC is focusing on the southeast region of the U.K., which it will implement by closing its central London office and opening a new office in Kent. The British homebuilder added that it will be "less likely" to add to its London land bank over the next 18 months, London's Financial Times reported.

* Schroder Real Estate Investment Trust Ltd. signed up two tenants at its U.K. properties for a total space of 54,845 square feet. BUPA Insurance Services Ltd. is taking 45,545 square feet at Victory House in Brighton and Talent Works International Ltd. is leasing a 9,300-square-foot space at The Lakes in Northampton.

* In Belfast, Northern Ireland, Causeway Asset Management signed up the Northern Island Civil Service to lease 150,000 square feet of grade A office space over six floors at Nine Lanyon Place, CoStar U.K. reported.


* Aroundtown SA is in discussions with certain bondholders for the possible conversion of €300 million of its 1.5% bonds due 2021 into ordinary shares.


* Corpus Sireo, the German asset management unit of Swiss Life, acquired an office building in Helsinki for about €28 million, marking its entry in Finland, PropertyEU reported. The property was sold by an institutional investor.


* Real I.S. is launching BGV VIII Europe, an investment platform with an initial target volume of about €1 billion. The fund will look for investment opportunities in office real estate, with a secondary focus on retail, logistics and hotel properties.

* Berlin-based FAP Group has plans to set up a €250 million mezzanine debt fund with a focus on German real estate, Property Investor Europe reported. The property financing company's real estate financing vehicle is anticipated to be launched later in June.

Cam Nones contributed to this report.