trending Market Intelligence /marketintelligence/en/news-insights/trending/HCJMh_sVr_GwCn26CjNBuw2 content esgSubNav
In This List

JPMorgan plans new UK project; German fund nears €130M Dublin hotel deal

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


JPMorgan plans new UK project; German fund nears €130M Dublin hotel deal

* JPMorgan Chase & Co. plans to develop a new 13-story, 270,000-square-foot building on Argyle Street in Glasgow, Scotland, Construction Enquirer reported. Work is expected to commence in early 2020 with completion expected in 2022.

Property Week reported that the bank plans to consolidate its 2,700 employees that work in two other offices in the city. Osborne+Co will develop the project.

* Deka Immobilien GmbH is said to be close to buying the Marker Hotel in Dublin for about €130 million, The Irish Times reported. The five-star hotel is owned by Midwest Holding AG and an investor group led by Brehon Capital Partners. The owners have fielded a number of offers for the asset in recent years, the report noted.

The 187-room hotel at Grand Canal Dock features a number of amenities.

* RDI REIT PLC agreed to sell the Bahnhof Center in Altona, Hamburg, for €91.0 million to Volksbank eG Braunschweig Wolfsburg in line with its strategic decision of exiting its German retail portfolio.

The deal for the 15,000-square-meter retail center reflects a net initial yield of 4.6% and a premium of 9.6% to the property's market value as of Feb. 28. The sale is expected to be completed in December, subject to certain conditions. The property is financed with a €45.0 million loan that is expected to be repaid with the sale completion.

UK and Ireland

* City Property Glasgow, a wholly owned subsidiary of Glasgow City Council, received a £166 million loan from Canada Life Investments secured against three properties that are backed by 30-year leases to the council, PW reported. The properties are the Emirates Arena and Sir Chris Hoy Velodrome, the Scotstoun Stadium and Leisure Campus, and the Bellahouston Leisure Centre.

The loan is meant to partly finance the more than £500 million payments to be made to council workers after the settlement of an equal pay dispute, the report noted.

* Big Yellow is teaming up with Lesingham for a £40 million industrial project located next to a Big Yellow center in Harrow, U.K., that will offer 78,000 square feet of self-storage space and roughly 112,000 square feet of warehouse space, PW reported.

* M&G Real Estate filed plans to convert the King Edward House office building on New Street in Birmingham, U.K., into a 259-room hotel while retaining the ground-floor retail space, PW reported.

* Tristan Capital Partners and SW3 Capital are looking to sell a 382-apartment portfolio in south Dublin for more than €200 million, The Irish Times reported. Tristan assembled the Vert portfolio, comprising two high-end developments, for €141 million. CBRE is reportedly seeking offers from institutional investors in a confidential sale process.

* U.S.-based Hines is among the parties in the running to acquire a total 62.4% stake in Dublin's St Stephen's Green Shopping Centre, The Irish Times reported. The majority stake was offered for sale in June with a guide price of €130 million, and the first-round offers were said to be below the guide price, according to the report.

The stake up for sale comprises a 35.4% interest held by U.S.-based Madison International Realty and a 27% shareholding by businessman Pierce Molony. Irish Life's 37.6% stake is not part of the sale, which is being handled by HWBC.

The property has more than 90 shops across three levels and spans a total floor area of 29,728 square meters. Other interested parties include a fund managed by Davy Real Estate and a private investor acting in partnership with developer Eamon Duignan.

France and the Netherlands

* France's logistics real estate sector is expected to see a record €4 billion worth of investments from institutional investors in 2019, REFI Europe reported, citing BNP Paribas Real Estate's France Logistique 2025 report. BNP Paribas real estate director of logistics and supply chain consulting Mike Haziza noted the rapid evolution of logistics and transport service providers in response to e-commerce, particularly in automation of platforms and using machine learning to optimize flows.

* Clarion Gramercy paid €100 million for nine Dutch assets in three separate deals, IPE Real Assets reported. The first deal was for a portfolio of three logistics facilities totaling 78,523 square meters. Two of the properties are in Tilburg and the third is in Rotterdam.

The second deal comprised 44,000 square meters across five warehouses. The sale and leaseback deal was for three operating properties and two developments in Katwijk and Haps.

The third deal, also a sale and leaseback transaction, was for a 20,132-square-meter warehouse acquired from FM Tyres.

Middle East

* A new report by Dubai Land Department indicated that real estate deals in Dubai in the first five months of 2019 reached 106 billion UAE dirhams, marking a 12% rise compared to 95 billion dirhams in the year-ago period, Arabian Business reported. The report noted that 48 new projects were launched in the period, compared to 84 in the year-ago period.

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.