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Unite Group pays £24M for UK site; Helical sheds 3 logistics assets for £20M

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Unite Group pays £24M for UK site; Helical sheds 3 logistics assets for £20M

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

UK

* Unite Group Plc's Unite Students Accommodation Fund added 331 beds to its portfolio with the £24 million purchase of 123 Fountainbridge in Edinburgh. The purchase of the student accommodation site, which is 100% occupied for the 2017/2018 academic year, reflects a 6% acquisition yield.

* Helical Plc sold three logistics assets, with an approximately £20.3 million price tag, to a fund managed by Clearbell Capital LLP, representing a combined 4% premium to the September 2017 book value. Two of the properties, dubbed Aspect Way and Sandal Stones Road and spanning 122,600 square feet and 153,500 square feet, respectively, are located in Doncaster, while the 127,600-square-foot Wyatt Way is located in Thetford.

* St. Modwen Properties Plc pocketed £16.1 million of net proceeds from the divestment of 11.88 acres of serviced residential land in Mill Hill, North London, that the developer owned in partnership with VINCI plc, Annington Property and the London Borough of Barnet. The property formed the last phase of The Inglis Consortium's Millbrook Park regeneration project, which has an overall outline planning consent for 2,240 new homes, primary school and some 14.8 acres of open spaces, among other things.

* Caledonian Trust Plc signed a contract to sell St Margaret's House on 151 London Road in Edinburgh to Drum Property Group Ltd. for £15.0 million in cash, reflecting an increase to the June 30, 2017, book value of £5.0 million. Caledonian has planning permission in principle to revamp the existing fully let 92,000-square-foot building into a 231,000-square-foot development, offering residential and/or student accommodation, a hotel, offices and other commercial space.

The deal will close after the buyer receives detailed planning permission and other consents for a mixed-used development of student and residential accommodation.

* Standard Life Investments Property Income Trust Ltd. paid £6.1 million for the Grand National Retail Park in Aintree, registering an initial yield of 6.85%. The park, comprising of four units, is occupied by Premier Inn, Pure Gym, Mitchells and Butler, and KFC.

* Triple Point Social Housing REIT Plc bought three supported housing properties for £3.6 million, encompassing six units each in Berkshire and County Durham and eight units in Lanacashire. The company signed tenants under new 20-year fully repairing and insuring leases at each of the properties, with an ability to extend the lease to 25 years.

* As part of a sale and leaseback transaction, LXI REIT plc purchased the freehold interest in the Stobart biomass storage and processing plant in Rotherham, Yorkshire, for £3.4 million. According to the deal, that garnered a 6.2% net initial yield, Stobart Biomass Products Ltd. will fully occupy the six-acre property under a new 20-year lease.

* Using its cash resources, Civitas Social Housing PLC completed the about £3.0 million acquisition of three specialist supported living properties in West Midlands and South East England. The assets, comprising 11 tenancies, are subject to 25-year leases with Falcon Housing Association and Westmoreland Supported Housing Ltd.

* Palace Capital Plc concluded the £1.2 million sale of the freeholds of three terraced houses at The Alders in Heston, that came with the £53.5 million purchase of RT Warren (Investments) Ltd. in October 2017. Apart from the sale, which is 14% above book value, the company has engaged agents to offload 60 other RT Warren residential properties as a single portfolio for upward of £20 million.

Greece

* Dolphin Capital Investors Ltd. agreed to shed its 100% interest in the Triopetra project, located on the southern side of Rethymno prefecture Crete, for €4.1 million in cash to Deniage Ltd.

* LAMDA Development SA unit LAMDA Estate Development SA sold its ownership interest in the Kronos Business Center office building in Maroussi for €6.5 million.

Turkey

* Vakif Gayrimenkul Yatirim Ortakligi AS paid approximately 14.7 million Turkish lira to acquire the 49% stake held by Obaköy Gayrimenkul Gelistirme Insaat Yatirim Taahhüt Sanayi ve Ticaret AS in a joint development project in Istanbul, increasing Vakif's stake to 99%. The partnership, valued at 30.7 million lira, is building a residential project on 15,264 square meters of land.

Additional coverage

Report: Blackstone close to selling Portuguese mall to MERLIN for €450M

Lar España buys Madrid retail park for €62M

Vesteda to buy 7,000-unit Dutch residential portfolio for €1.4B

Warehouse REIT to buy industrial portfolio for £116M from Hansteen

Report: Morgan Stanley closing in on €181M Russian mall acquisition

As of Feb. 6, US$1 was equivalent to 3.78 Turkish lira.