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Standard Life closes £20M sale; Deutsche Wohnen signs Berlin project deal

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Standard Life closes £20M sale; Deutsche Wohnen signs Berlin project deal

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK

* Standard Life Investments Property Income Trust Ltd. has closed the £20 million sale of its largest asset, the Elstree Tower office property in Borehamwood. Proceeds from the sale will fund the company's new investments.

* Fashion brands Zara and River Island are expanding their current stores at Intu Properties PLC's intu Lakeside shopping center in Essex, which will be refurbished extensively starting in the summer. River Island is doubling the size of its outlet to 21,000 square feet, while Zara will triple its space to 35,000 square feet.

Ghana

* Grit Real Estate Income Group agreed to acquire the 5th Avenue Corporate Offices commercial building in the Ghanaian capital Accra, as well as the rental enterprise on the building for roughly US$14.4 million in cash. A property development and asset management company based in Accra sold the 5,070-square-meter asset.

Germany

* Deutsche Wohnen SE signed an urban development deal with the borough of Charlottenburg-Wilmersdorf in Berlin for the construction of approximately 580 new flats, a school and commercial units in Westend — near the Olympic Stadium, the Waldbühne amphitheatre and the Grunewald area. The new development will replace around 200 existing flats in the area, with construction work expected to begin in 2019.

Sweden and Norway

* Castellum AB will invest 307 million Swedish kronor to transform the Sabbatsberg 24 asset in central Stockholm into a modern work space. Castellum acquired the 11,500-square-meter building in 2017.

Work on the roughly 9,000-square-meter first phase of the project, which will commence in the spring, is expected to be completed during the third quarter of 2019, according to a release.

* Entra ASA agreed to purchase the roughly 3,150-square-meter Nils Hansens vei 20 property in Bryn, Oslo, for 50 million Norwegian kroner. The property is 81% leased and has a development potential, Entra said in a release. The deal is expected to close April 3.

Brazil

* São Carlos Empreendimentos SA unit Top Center Empreendimentos e Participações Ltda. sold its 63% stake in the Edifício Morumbi Park in São Paulo for 137.4 million Brazilian reais.

The subsidiary had signed an agreement in November 2017 to sell a 37% stake in the 22,200-square-meter building to FII Renda Corporativa for 74.3 million reais.

Additional coverage

Oxley nears deal for 300-year building lease in €835M Dublin project

Report: Lendlease, partner to buy development rights for London mixed-use scheme

Report: Meyer Bergman sells Polish retail asset to Malaysian fund for €300M

Unibail-Rodamco looking to sell 4 shopping malls in Spain

Lendlease becomes construction partner on £1B St John's scheme in Manchester, UK

Joyce Guevarra contributed to this report.

As of March 20, US$1 was equivalent to 8.21 Swedish kronor, 7.73 Norwegian kroner and 3.30 Brazilian reais.