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Danish fund acquires over €1B of assets; Patrizia unit in €400M Frankfurt deal


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Danish fund acquires over €1B of assets; Patrizia unit in €400M Frankfurt deal

* PFA, Denmark's largest commercial pension fund, purchased more than €1 billion of German real estate assets from Industria Wohnen's first institutional Spezialfonds. Domicil Real Estate Group will manage the 247,278-square-meter Century portfolio, which comprises a commercial tower and 33 residential buildings located in 15 locations across the country.

* Patrizia Immobilien AG subsidiary Triuva is buying the Junghof Plaza in Frankfurt on behalf of a German pension fund from a joint venture between a PGIM Real Estate-managed fund and FGI Frankfurter Gewerbeimmobilien GmbH for approximately €400 million, Property Magazine International reported.

The sellers are planning to refurbish the 33,350-square-meter mixed-use asset to feature a modernized office space with courtyards, retail and dining areas, and a hotel.

UK and Ireland

* International workspace provider HB Reavis marked its fifth acquisition in the central London market with the purchase of the roughly 12,800-square-meter Crossrail Over-Site development at Farringdon West. The project contains office, retail and amenity features.

* Clients of Knight Frank Investment Management and Schroders purchased a portfolio of seven multi-let industrial estates in Bristol, Newmarket, Leamington Spa, Crawley, Didcot and St Albans in the U.K., Property Week reported. The portfolio, which spans 431,067 square feet and is let to 33 tenants, was disposed on behalf of CBRE's Multi-Let Industrial Property Unit Trust.

* Regional REIT Ltd. sold an 829,851-square-foot industrial estate in Wardpark, U.K., for £26.4 million, 21.1% higher than the property's December 2017 valuation.

* Valor Real Estate Partners signed a £21 million deal to buy a 160,000-square-foot logistics property in Thurrock, east London, that is leased to British logistics company Wincanton, PW and CoStar U.K. reported.

* Obel 68, a 52,000-square-foot office property in Belfast, Ireland, fully let to law firm Allen & Overy, was sold to Belfast Harbour for an amount higher than the £15 million asking price, Property Investor Europe reported, citing brokerage firm Lisney, which arranged the sale.

* Glenveagh Properties PLC shareholders approved the housebuilder's plan to raise more than €200 million through a share offering, The Irish Independent reported, citing CEO Justin Bickle, who added that the offering will be the company's last capital raising and they would be able to obtain the amount in six to nine months. The company intends to use the proceeds from the issuance to fund future land acquisitions.

* Plans for a £350 million warehouse and industrial park on a 300-acre site in Leicestershire, U.K., have been submitted by Midlands developer IM Properties, Construction Enquirer reported. Five zones are involved in the plans to deliver 3.6 million square feet of space, with construction expected to kick off in 2019 and be completed in 2021.

* The York Central Partnership applied for planning permission to develop one of the largest city center brownfield sites in the U.K. According to The Business Desk, the York Central project will see the development of a vacant spot in the city center into residential, cultural and business areas. Construction of the development is anticipated to commence in 2019.

* Henry Boot Developments disclosed its £60 million New Horizon masterplan to redevelop the former production site of Imperial Tobacco in Nottingham, U.K., in a project that would bring 500,000 square feet of new logistics buildings, PW reported. The developer plans to construct a 28-acre multi-use industrial estate and remodel the retained distribution warehouse that is still occupied by the tobacco company.

* Balfour Beatty commenced work on Brockton Capital's 32-apartment luxury residential project in the Mayfair area of London, with a plan to finish the scheme in 2020, Construction Enquirer reported.

* The BeeInspired Clothing brand signed a five-year lease for Clearbell Capital's Kinning Park warehouse at 211 Maclellan St. in Glasgow, occupying 66,000 square feet of space in the facility, CoStar U.K. reported. The warehouse is part of the fund's 16-property mixed-use Amber portfolio.

* AEW UK REIT PLC secured specialist cancer treatment company Genesis Care as a tenant for the next 25 years at its Orion House facility at East Point Business Park, CoStar U.K. reported. The healthcare company already occupies 14,500 square feet at the business park and added the new lease for 12,842 square feet of space toward the expansion of its Oxford Clinic.


* U.S. property investment company Hines and Henderson Park acquired a site in Barcelona where they plan to develop a 750-bed, 20,000-square-meter student housing project, PIE reported. The deal is the second investment in student accommodation made by the joint venture.

Middle East

* State-owned Saudi Real Estate Refinance Co. is planning to issue Islamic bonds to help finance the expansion of the kingdom's home mortgage market, Reuters reported, citing CEO Fabrice Susini. The company will start issuing sukuk to raise capital, initially denominated in Saudi riyals, but will eventually also offer bonds in foreign currencies to attract the interest of foreign investors.

Other real estate news

* German institutional investors Bayerische Versorgungskammer and Versicherungskammer Bayern Group are joining a consortium led by Deutsche Finance Group to invest in a tower known as the Gucci Building in New York, which has upward of 100,000 square feet of unoccupied office space, IPE Real Assets reported, citing a spokeswoman.

The building's upper levels used to house fashion label Gucci's headquarters in the city and were previously owned by Brookfield’s GGP and Thor Equities.

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.

Celestyn Wong contributed to this report.