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Dubai Holding shelves $20B project; Frankfurt office tower to sell for €800M


According to Market Intelligence, December 2022


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Dubai Holding shelves $20B project; Frankfurt office tower to sell for €800M

* Dubai Holding LLC has shelved plans for its $20 billion Jumeirah Central office, retail and residential project in Dubai to focus on the projects that need to be ready in time for the World Expo 2020 exhibition. The company is now looking to complete its 6.3 billion-United-Arab-Emirates-dirham, 4 million-square-foot Marsa Al Arab tourist resort in the city to attract tourists to the emirate.

* Deka Immobilien was selected as the buyer of Tower 185 in Frankfurt for a price of roughly €800 million in a deal marking one of Germany's largest-ever single-asset deals. CA Immobilien Anlagen AG holds a 33% stake in the office property, which is the fourth tallest in Germany, with the remaining stakes owned by two German pension funds.

* Eurocommercial Properties NV is in exclusive talks and due diligence to acquire the Woluwe shopping center in Brussels for a gross investment of about €468 million, reflecting an initial yield of just under 4%. The company expects to sign the purchase agreement for the 23,000-square-meter asset by November-end, with completion and payment expected in the 2018 first quarter.


* Apache Capital is teaming up with retirement housing company Audley to build a £125 million luxury retirement village in central London that will be the second of its kind in the city. Apache has received planning approval for the site in Clapham and expects Audley to start work early in 2018.

* Lidl UK signed an agreement to construct its largest regional warehouse in the U.K. so far on a 34-acre site in Peterborough, Construction Enquirer reported. The 754,000-square-foot facility will be the company's 15th in the U.K. and forms part of its £1.45 billion expansion plan in the region between 2017 and 2018, according to the report.

* Belinda Richards, Grainger Plc's nonexecutive director, will retire from her role, effective Feb. 7, 2018.

* Legal & General Capital sold the Two Central Square office development in Cardiff to Credit Suisse Asset Management for £56.5 million, Property Week reported. The deal represents a net initial yield of 6.25%. Rightacres is developing the 148,000-square-foot, grade A project, which is prelet to Cardiff University and law firm Hugh James, with a practical completion slated for September 2018, the report noted.

* Impact Healthcare REIT PLC plans to raise as much as approximately £32.6 million in gross proceeds through the issuance of up to 32,034,471 ordinary shares at 101.75 pence apiece. The net proceeds will be used to fund a portfolio that includes upward of 280 beds, as well as two deals for which the trust has agreed to heads of terms.

* The Crown Estate divested a 225-acre land plot in Bingham, Nottinghamshire, which has planning approval in place for 1,050 new homes and commercial area, PW reported. Barratt and David Wilson Homes were the buyers of the site.


* Banco Sabadell's subsidiary Solvia is understood to be carrying out the largest real estate deal in Spain in 2017 via the sale of three hospitals, PropertyEU reported. The deal involves the 58,000-square-meter Hospital Quirón Barcelona, the 19,000-square-meter Hospital Quirón Vizcaya and the 7,000-square-meter Hospital Quirón San Sebastián, all operated by Quironsalud.

The transaction is expected to be finalized by 2017-end, according to the report.


* Deutsche Wohnen SE changed its registered business address to Berlin from Frankfurt am Main. According to CEO Michael Zahn, the shift represents the company's focus on Berlin as the site of its core business.


* The French government will support economic activity in town and city centers by potentially giving local authorities the power to refuse new out-of-town shopping center development, Property Investor Europe reported, citing Territorial Cohesion Minister Jacques Mézard. The local authorities currently do not have the legal right to block business activities, the report added.


* Jamie Lowry was appointed to Grivalia Properties REIC's board, replacing nonexecutive member Apostolos Kazakos, who stepped down effective Oct. 13.

Middle East and Africa

* Invest AD and Brookfield Asset Management Inc. are establishing a joint venture focused on real estate products in the United Arab Emirates, including a real estate investment trust. Anuj Ranjan, managing partner at Brookfield Asset Management, said the REIT will allow investors "to access a diversified portfolio of premier properties."

* Dipula Income Fund Ltd. agreed to internalize its management by acquiring a 100% beneficial interest in Dipula Asset Management Trust from the beneficiaries for an aggregate purchase consideration of 142 million South African rand.

The move is in practical effect from Sept. 1.

* South African construction firm Group Five received an unsolicited offer of 1.6 billion South African rand for its European assets from Greenbay Properties.

Other real estate news

* Even Construtora e Inc. agreed to sell the Urbanity corporate tower development in São Paulo for 204.5 million Brazilian reais. The mixed-use project was launched in 2013, along with Yuny Inc., with an expected completion in December.

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The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Anusha Iyer contributed to this report.

As of Oct. 16, US$1 was equivalent to 3.67 United Arab Emirates dirhams, 3.16 Brazilian reais and 13.28 South African rand.