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Picton buys UK office building for £23M; NorthStar Realty sheds Spanish asset

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


* Picton Property Income Ltd. wrapped up the purchase of the Tower Wharf office building in Bristol city center for approximately £23.2 million, at a net initial yield of 3.6%. The office offers 70,664 square feet of grade A office space across six floors and has an average unexpired lease term of 5.2 years. Picton funded the acquisition using existing cash resources and £12.5 million from a revolving credit facility.

* Palace Capital Plc acquired the freeholds of the 1, 2 & 3 St James Gate mixed-use properties and the 274-room Jury's Inn hotel, both in Newcastle-upon-Tyne, by purchasing the entire issued share capital of the owner, SM Newcastle OB Ltd., for £20.0 million. The properties generate a total net income of around £1.8 million per year, marking a net initial yield of 8.6%.

* NorthStar Realty Europe Corp. sold a noncore property in Spain for US$9 million subsequent to the second quarter. Along with two other noncore assets off-loaded for US$11.7 million during the quarter, the three properties raised approximately US$14 million in net equity, the company said in its latest business update.

* Standard Life Investments Property Income Trust Ltd. closed the acquisition of a 46,800-square-foot industrial unit in Birmingham for nearly £4.6 million, at an initial yield of 5.75%. Additionally, the company off-loaded a 25,600-square-foot office property at York Science Park for about £4.4 million, a little over the June valuation figure of £4.3 million, according to a release.

* Empiric Student Property Plc paid approximately £8.1 million, excluding costs, to purchase the freehold of the former St Mary's Hospital site in Bristol. The company plans to develop the site into a premium student accommodation with more than 100 beds, with work expected to begin in the third quarter of 2018.

* LXi REIT plc acquired a portfolio of regulated long-let supported living properties in Yorkshire for £4.5 million. The properties are immediately income-producing and have been let on a new 25-year lease, with no tenant break, to a specialist registered provider of social housing.


* Plaza Centers NV agreed to sell an approximately 32,000-square-meter plot in Timisoara for about €7.3 million, in line with the asset's book value. Additionally, the company finalized the sale of a roughly 30,000-square-meter plot in Constanta for €1.3 million.

The company plans to distribute to bondholders 75% of the net cash proceeds from both transactions.

Middle East

* ENBD REIT (CEIC) Ltd. marked its first investment in the education real estate sector with the purchase of the South View School in Dubai's Remraam Community. The company plans to build Interstar Education's fifth Dubai campus on the site at an estimated development cost of 55 million United Arab Emirates dirham. The project is estimated to deliver an initial rental yield of 9% on project costs.

Additional coverage

Abu Dhabi sovereign wealth fund to shed €700M Paris office scheme: The 58,000-square-meter office building was picked up by AGC Equity Partners, according to a report by Property Investor Europe, citing Bloomberg News.

Prelios buys 2 assets in Italy: The properties purchased raised the company's assets under management by almost €100 million.

KanAm sets up €500M RE fund, eyes investments in southern Germany: The fund has already completed acquisitions in Frankfurt and Stuttgart, Property Investor Europe reported.

Hamborner REIT acquires German office property for €34M: Meanwhile, the company upgraded its forecast for full-year 2017 funds from operations.

LondonMetric pays £28M for retail park in southwest London: The property has a weighted average unexpired lease term of 14.4 years.