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Radisson committee rejects increased offer; Ei selling UK portfolio for £348M

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Radisson committee rejects increased offer; Ei selling UK portfolio for £348M

* Belgium-based Radisson Hospitality AB's independent committee recommended to shareholders that they reject the increased mandatory public offer made by a Jin Jiang International (Holdings) Co. Ltd.-led consortium.

Radisson previously rejected an initial mandatory public offer of 40 Swedish kronor per share, following which the consortium revised its offer to 42.50 kronor per share. The revised offer, which will expire Feb. 4., was deemed "not fair from a financial point of view" by the committee.

* British pub company Ei Group PLC signed an agreement to sell a 370-commercial property portfolio to Tavern Propco Ltd. for a total of £348 million. The properties form part of the Ei Commercial Properties division, which held 412 properties as at 2018.

Ei Group hired Rothschild in July 2018 to evaluate the sale of some or all of its commercial real estate portfolio, among other options.

UK and Ireland

* Irish developer Johnny Ronan is thinking of bidding for the Chrysler Building in Manhattan, N.Y., after the asset was placed on the market by its owners, Abu Dhabi Investment Council and Tishman Speyer Properties LP, earlier in January, according to the Irish Independent, citing an unnamed source close to the businessman.

The Abu Dhabi fund had purchased a 90% stake in the 77-story tower for US$800 million in 2008.

* Sweden-based Fastighets AB Balder entered the London market with the £75 million purchase of the more than 9,000-square-meter 8 Fenchurch Place property. The asset is mainly occupied by insurance and consulting companies and generates rents of £4.4 million.

* Kier Property divested the Headrow Court office buildings in Leeds, U.K., to Strathearn Glasgow for an unknown sum, Property Week reported. The property offers 45,693 square feet of office space that is entirely leased to NatWest Bank.

* Rettie & Co. spent an undisclosed amount on the purchase of a 100-home portfolio in central Edinburgh from Crichton-Stuart Management, PW reported. The transaction takes the Scottish developer's residential assets under management to about £1 billion.

Germany

* On behalf of its Encore+ Pan European Fund, LaSalle Investment Management Inc. acquired the ElseBella office portfolio in Munich from Axa Investment Managers - Real Assets for €169 million. The deal involves the two-building Else property and the seven-story Bella building.

Finland

* CapMan Real Estate bought a portfolio of 37 residential properties and 1,740 apartments, with a combined area of about 100,000 square meters, on behalf of German pension fund BVK for an unknown sum. The properties, mainly in the Helsinki metropolitan area, make up the Icecapital Housing Fund III portfolio. The purchase boosted CapMan's mandate from BVK to roughly €820 million.

Middle East

* Emaar Properties PJSC revealed plans for the five-star waterfront residential development Palace Residences at Dubai Creek Harbour in the emirate, Arabian Business reported. According to the company's website, the units will be serviced on demand by the Address Hotels + Resorts luxury brand. The development will also include a 900,000-square-meter retail district.

Other real estate news

* German property developer Trei Real Estate GmbH intends to spend €58.3 million on developing a 359-apartment community in a suburb of Charlotte, N.C. The six-building development with 32,670 leasable square meters is the company's first residential project in the U.S.

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.