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Yew Grove to buy office assets for €16M; Orbis to build Polish hotel for Accor

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Yew Grove to buy office assets for €16M; Orbis to build Polish hotel for Accor

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

UK

* Yew Grove REIT PLC entered a deal to buy three office properties at the IDA Business Park in Letterkenny for €16 million, reflecting a net initial yield of 8.35%. Optum Operations (Ireland) Ltd. is leasing the property, with 90,548 square feet of net internal space, under a 10-year term, with nine years remaining.

* Civitas Social Housing PLC closed the roughly £1.6 million purchase of two regulated social housing properties and signed a £3.1 million deal for the acquisition of another regulated social housing property. The deal is scheduled to close in early January 2019.

Germany

* Peach Property Group AG is buying a 221-unit residential portfolio in Marl, which is 95.5% leased. The deal is expected to be finalized in early January 2019. The company also closed acquisitions including roughly 1,100 apartments in Heidenheim and a little under 400 units in North Rhine-Westphalia and Lower Saxony.

The Netherlands

* Property investor and manager Cromwell Property Group divested four Dutch office properties on behalf of Goldman Sachs Poland funds for an undisclosed sum. The assets collectively comprise 25,417 square meters of lettable space and were part of the Omikron, Zenith and Artemis portfolios.

Poland

* ORBIS Hotel Group is planning to invest more than 40 million zlotys to develop the ibis Styles Szczecin Stare Miasto in Szczecin for AccorHotels. The 161-room hotel is scheduled to open in 2020.

Finland

* YIT Oyj, HGR Property Partners and their joint venture, Regenero Oy, disposed of the Tietotie 6 property in Espoo to special investment fund eQ Care for an undisclosed amount. The modern office and school asset contains roughly 26,000 square meters of leasable area and is being revamped.

Greece

* Grivalia Properties REIC closed its €1.8 million purchase of a 49% stake in Value Touristiki SA, which was the selected bidder for a 14,427-square-meter office building in Attica. The building was owned by the now-bankrupt H.K. Tegopoulos SA.

Separately, the company said it sold 2,889.98 square meters of space inside a multistory office building in Athens for nearly €2.1 million.

Middle East and Africa

* Emirates REIT (CEIC) Ltd.'s manager, Equitativa (Dubai) Ltd., bought three floors inside the Index Tower in Dubai for 106.5 million dirhams, marking a net initial yield of 10%. The floors are fully leased, with a weighted unexpired lease term of three years.

* Orion Real Estate Ltd.'s Orion Property Holding Trust agreed to sell the 14,500 square-meter Promenade Shopping Centre in Nelspruit, South Africa, for 180 million rand to Prinia Asset Management Proprietary Ltd. The deal is subject to certain conditions precedent, according to a release.

Additional coverage

Victoria Park buying 2 Swedish residential portfolios for 4.7B kronor

Sonae Sierra JV to buy 3 Spanish shopping malls for €485M

GEG German Estate buys Frankfurt office tower for €250M

Report: Corpus Sireo, partners to buy Munich office complex for €390M

Globalworth Poland buys Warsaw office buildings for €190M

As of Dec. 20, US$1 was equivalent to 3.76 zlotys, 14.34 rand and 3.67 dirhams.

Joyce Guevarra contributed to this report.