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Real Estate News & Analysis: May Edition


IHG's FY'17 pretax profit up YOY; Hammerson to exit FTSE 100 amid Intu deal

* InterContinental Hotels Group Plc reported a 14.7% year over year rise in its pretax profit for the full-year 2017 at US$678.0 million, from $591.0 million.

The hospitality giant noted a 20.3% increase in adjusted EPS of 244.6 cents, compared to 203.3 cents logged during the 12-month term ended Dec. 31, 2016.

* Hammerson Plc could fall out of the FTSE 100 during an upcoming quarterly reshuffle due to its declining share price since it announced its £3.4 billion acquisition of Intu Properties Plc. Mounting concerns over Hammerson's overexposure to struggling shopping centers in the U.K. could trigger the exit.

* Dutch fintech firm DNGB initiated a €1 billion investment program targeting residential ground leases in the Netherlands. Several European pension funds are backing the investment concept, dubbed Duokoop.

* Unibail-Rodamco SE CEO Christophe Cuvillier told The Australian that the company's US$15.68 billion bid for Westfield Corp. "is a very good deal" for the target company's shareholders and that he sees no reason to change it.

UK

* PRS REIT plc raised £250 million from a placement of up to 250 million new ordinary shares priced at 102.5 pence apiece

* M&G Real Estate gathered £125 million worth of commitments at the initial close of its first U.K. value-add fund, the M&G UK Enhanced Value Fund. M&G expects to fully invest a total of £500 million by 2021.

* Developer Mace was picked by the Stevenage Borough Council to work on the first phase of the £350 million Stevenage town center regeneration, Construction Enquirer reported. The revamp will add new shops, homes, a library, health services and other facilities to the town.

* Samsung SRA Investment Management secured financing from TH Real Estate to fund its £315 million acquisition of the 200 Aldersgate asset in the City of London, Property Week reported. The 434,000-square-foot office building was sold by AshbyCapital earlier in February.

* Dar Group received approval from Camden Council for the construction of a 185,000-square-foot mixed-use, eco-friendly building at 150 Holborn in London, PW reported. The nine-story building will serve as the consultant's new headquarter building, the report added.

* The Liverpool City Council will move a step forward on its £700 million Festival Park redevelopment as it is set to start investigations on the site in preparation of the project, Construction Enquirer reported. The project consists of 2,500 new homes and up to 350,000 square feet of commercial and leisure space, among other amenities.

* Europa Capital and Ediston Real Estate have jointly disposed of the 65,000-square-foot Pinesgate office redevelopment site in Bath to Watkin Jones & Son for £26.5 million, PW reported. The development is on a 2.26-acre site and is leased to insurance provider Redde until 2025.

Luxembourg and France

* Grand City Properties SA launched an offer to purchase its outstanding €500.0 million worth of 2% notes due 2021 and €450.0 million of 0.25% convertible notes due 2022. The price for every €100,000 of convertible notes is set to be between €100,750 and €101,000, including any accrued interest.

* Gecina sold the approximately 16,000-square-meter Dock-en-Seine office building in the Paris region to a BNP Paribas REIM France-managed entity for roughly €130 million.

Germany

* Adler Real Estate AG entered a deal with Redzone Empire Holding Ltd. to pay 440 New Israeli shekels per share for a 41.04% stake in the Netherlands-based and Tel Aviv-listed property owner and manager Brack Capital Properties NV.

Additionally, Adler plans to launch a public tender offer to purchase a further 25.8% interest in the company to raise its total shareholding to up to 70%. The acquisition volume for the maximum number of shares tendered is estimated to amount to 2.38 billion shekels.

* German lender pbb Deutsche Pfandbriefbank loaned €58 million to Terragon AG for the development of an approximately 15,000-square-meter senior housing project in Berlin. The project includes about 200 serviced apartments and other facilities, with completion slated for 2020-end.

Other real estate news

* Blue Noble is raising capital for a new property fund to invest in the U.K. and western Europe, and plans to take the investment vehicle to roughly US$500 million. Swiss asset and wealth manager Woodman Group has invested US$100 million in the fund and has also given Blue Noble control of a US$450 million portfolio.

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 Feb. 19, US$1 was equivalent to about 3.51 New Israeli shekels.