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PATRIZIA buys asset manager; CapCo reportedly in talks for £500M London sale

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PATRIZIA buys asset manager; CapCo reportedly in talks for £500M London sale

* PATRIZIA Immobilien AG expanded its assets under management to about €40 billion with the takeover of Rockspring Property Investment Managers LLP. The deal, terms of which were not disclosed, provides Rockspring with a London-based fund management hub.

* Capital & Counties Properties Plc is understood to be in talks with Saudi Arabia-based The Olayan Group for a £500 million sale of the two residential estate sites at its £12 billion Earls Court redevelopment in London, Property Week reported, citing Keith Drew, chairman of the West Ken Gibbs Green Community Homes action group. The publication reported that while CapCo and Olayan declined to comment, the residents of the sites are protesting against the alleged sale.


* St. Modwen Properties Plc agreed to a new £475 million unsecured revolving credit facility to replace £488 million of current bilateral secured debt facilities. The new facility has an initial maturity of five years that can be extended to a maximum of seven years, subject to consent from the lender.

* Civitas Social Housing PLC closed the purchase of 405 units across 57 supported living and mental health properties for a sum of £116.6 million. The properties are in England and Wales and are let to a regulated housing association under long-term indexed leases.

The company said it additionally agreed to acquire four assets with 22 tenancies for a total of £4.9 million.

* Supermarket Income REIT plc spent £50 million on the purchase of a Tesco Extra supermarket in Cumbernauld, Scotland, from Legal and General, at a net initial yield of 5.5%. The asset is on a 9.5-acre site and includes a 117,000-square-foot Tesco Extra store.

* Regional REIT Ltd. estimates to raise gross proceeds of £73.0 million in its proposed capital raise comprising a firm placing, an open offer, a placing and an offer for subscription. Commitments were received for 72,277,228 of its new ordinary shares at 101 pence per share.

* Shaftesbury PLC bought a portfolio of six buildings in Seven Dials, London, for £24.6 million, including costs. The assets offer six shops and residential space and generate £600,000 yearly in contracted income.

* Eastern European Property Fund Ltd.'s board will advance with proposals to delist the company in "due course." A formal proposal for the delisting will be submitted in 2018. The company's ordinary shares are traded on the London Stock Exchange's Alternative Investment Market.

* A joint venture between Oxenwood Real Estate and a Canadian institutional investor has closed the sale of a 267,730-square-foot logistics unit in Kent for €33.5 million, and simultaneously reinvested the proceeds to acquire a 246,250-square-foot facility, also in Kent, for €31.2 million, Europe Real Estate reported.

* The Swiss AFIAA Foundation for International Real Estate Investments purchased the grade A 12 Golden Square office building in London's West End. The six-floor building offers a total lettable space of 27,090 square feet and is let to several tenants.

* According to the Royal Institution of Chartered Surveyors, the overall growth of house prices in the U.K. is expected to stall in 2018, with a decline predicted in the number of transactions, Bloomberg News reported. Meanwhile, according to Rightmove, prices in London could possibly decrease 2% in 2018, the report noted.

Germany and Austria

* S&P Global Ratings affirmed its long- and short-term corporate credit ratings on Vonovia SE at BBB+/A-2 and its long-term corporate credit rating on BUWOG AG at BBB+ following the duo's roughly €5.2 billion merger deal.


* Carlyle Group LP bought four logistics assets in Northern Italy from Prologis Inc. and another logistics asset in the region from an undisclosed European investment fund for an unknown sum. The five properties comprise a 210,000-square-meter portfolio on behalf of investment funds.


* Skanska sold an office building, forming the first phase of the Nowy Rynek mixed-use project in Poznan, for €73 million, to an undisclosed buyer, Reuters reported. Construction on the initial phase, along with the deal, is scheduled to be finalized in the second quarter of 2019.


* LaSalle Investment Management Inc. paid an undisclosed sum to purchase a 4,656-square-meter office building in the 9th arrondissement of Paris for its open-ended pan-European real estate fund E-REGI, IPE Real Assets reported. The deal increased E-REGI's gross asset value to €625 million, the report added, citing LaSalle.

Middle East

* Azizi Developments plans to carry out 9.1 billion United Arab Emirates dirhams worth of investments in the UAE in 2018, as it expects to see further business growth and development. The company expects to initiate community lifestyle projects to further develop the Dubai property market, the report noted.

* Rezidor Hotel Group AB's Radisson Blu brand has opened its first resort in Al Khobar, Saudi Arabia, to offer 137 rooms, suites and private chalets, as well as other amenities. Rezidor has 38 hotels in operation or under development across the country, according to a release.


* Sixth of October Dev. & Invt launched the first stage of its 655-acre SODIC East development project in East Cairo, Egypt, comprising 348 single-family apartments.

The development, which has garnered 1.5 billion Egyptian pounds in sales so far, is forecast to rake in a total of 57.8 billion pounds worth of sales in the next decade.

Other real estate news

* COIMA RES S.p.A. SIIQ, alstria office REIT-AG, Inmobiliaria Colonial SA, Gecina, Great Portland Estates Plc and NSI NV are teaming up to establish "a sustainability and innovation thinktank" by combining their best practices and research.

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 Dec. 19, US$1 was equivalent to 3.67 UAE dirhams and 17.85 Egyptian pounds.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.