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Finland's Sponda names new biggest shareholder; Castellum plans business consolidation

Commercial Real Estate: 2020 Review

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


Finland's Sponda names new biggest shareholder; Castellum plans business consolidation

* Forum Fastighets has amasseda 28.07% stake in Sponda Plc,making it the Finnish property developer's biggest shareholder, Property Investor Europe reported.

Spondasaid in a news releasethat Forum subscribed for new shares during Sponda's recently completed €220.8million rights offeringand also acquired the entire capital stock of Oy Palsk Ab, Sponda's largestshareholder prior to the offering.

*Castellum AB saidthat it plans to consolidate all group companies under a single brand, as wellas to establish a new structure for its operations. The Sweden-listed developeradded that it will launch "several" programs to developnext-generation cities.

* Ireland's NAMA has formallylaunched the sales process of two loan portfolios,Project Ruby and Project Emerald, that have a combined par value of €4.7billion secured against commercial and residential properties, CoStar U.K. reported.Cushman & Wakefield has been appointed to market the portfolios, with thefirst phase of non-binding bids due by April 20, the news outlet said.

Themajority of the properties in the portfolio are in Ireland, with the otherslocated in Germany, Great Britain and other parts of Europe.

* Italian property firmCOIMA RES SpAextended the offerperiod for its IPO tountil April 8 from the scheduled April 1 closing.

Thecompany originally intended the IPO to run between March 18 and April 1, withthe institutional placement between March 17 and April 1. It planned to offerat least 30 million new shares at €10 apiece, with proceeds slated to be usedfor the acquisition of Vodafone Village complex in Milan, as reportedpreviously.

U.K. and Ireland

* Beleaguered store chain BHShas sold the long leasehold of its flagship Oxford Street store in London toOxford & City Holdings for around £55 million, Property Week reported.The buyer already owns the freehold of the property, and plans to redevelop theblock.
The store chain recently landed an agreementto slash rents acrossa number of its stores, to stave off going into administration, as reportedearlier.

* The "stamp-dutystampede" to finalize second home deals ahead of the 3% surchargeimplemented from April 1 led to £17 billion worth of house sales across theU.K. in the last two weeks, the LondonEvening Standard reported.Some £5.4 billion of the sales were in London, the report said.

* According to Savills,commercial real estate investments in Scotland are expected to reach £662.6million in the first quarter, reflecting a 33% increase compared to £498million during the same period in 2015, PWreported.

* Dublin's city council hasapproved plans for The Exo, a 224,500-square-foot office building, PW reported.At 73 meters tall, the £63 million project is slated to be the tallest officebuilding in the city, according to the magazine.

* Chartered Land, CanadaPension Plan Investment Board and Blackstone are understood to have proceededto the second round of bidding for The Blanchardstown Centre in Dublin, the Irish Independent reported.The asset, expectedto fetch around €1 billion, is the largest shopping center in Ireland.

Germany

WealthCaphas inked a sale and lease back deal for 94.9% of the BayWa headquarters inMunich, PIE reported.The asset, currently undergoing renovation and refurbishment works, will have54,000 square meters of gross lettable area. The deal is believed to be worthclose to €280 million, and is set to close in December 2017, according to thenews outlet.

France

Privatebank Edmond de Rothschild has inked an agreement to acquire French real estateinvestment firm Cleaveland for an undisclosed price, PIE reported.The firm manages more than €2.5 billion worth of assets, comprising more than200 properties, the report said.

Spain

TheSpanish and Portuguese property finance arm of Dutch bank ING has provided a€72.5 million loan to London-based GreenOak Real Estate, PIE reported.The loan is meant to refinance a seven-asset portfolio of Spanish logisticsassets, according to the report.

Hungary

U.S.-basedZeus Capital Management has snapped up the Váci Corner Offices in Budapest fromSlovakia-based developer HB Reavis for an undisclosed price, PIE reported.The acquired asset comprises 21,150 square meters of space and is almost fullylet.

Turkey

Accordingto data from the Turkish Statistical Institute, home sales increased 7% inFebruary, driven by foreign interest in Istanbul, PIE reported.Sales to foreign investors increased 15.8% during the month, compared to thesame period in 2015.

Iran

Spain-based MeliáHotels International SA saidit will open its first hotel in Iran, and is working on the project with alocal developer. The Gran Meliá Ghoo is slated to become the firstinternational five-star hotel in the Middle Eastern country.

Other real estate news

is "notactively engaged" in talks to acquire a controlling stake in Brazilianmall operator BR MallsParticipações SA, Reuters reportedApril 3, citing an emailed statement from the private equity firm.

Braziliannewspaper O Globo carried an uncitedreport on the same day that Blackstone is considering an acquisition of BRMalls, as it hired JP Morgan Chase & Co. for the purchase of a controllingstake worth around 12 billion Brazilian reais, which would have made it thelargest property deal in the South American country.

Now featured

:The April 1 edition of European property news recap also reports on themarketing of a London asset by a joint venture between Land Securities andDelancey, and Pandox's sale of Swedish hotels for 850 million Swedish kronor.

: The April 1edition of the weekly news roundup of the European real estate space also looksat foreign interest in European property markets.

:Our real estate editors' picks for the best stories of the week ending April 1.

:The 10 most read real estate articles for the week ending April 1.

The Daily Dose Europe, RealEstate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.