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Palmer Capital pays £37.5M for retail park; M7 Real Estate in £24M UK buys

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

UK

* Palmer Capital picked up the Beck Retail Park in Wakefield for £37.5 million from Aberdeen Standard, marking a yield of 6.3%, Property Week reported. The property is anchored by a 66,000-square-foot Sainsbury's store, with other tenants including B&M Bargains, Home Bargains, Matalan and The Range.

* M7 Real Estate LLP paid £22.4 million to buy a 1 million-square-foot portfolio comprising six office and logistics assets in the U.K., marking a net initial yield of 10.6%, PW reported. The properties were bought for the M7 Real Estate Investment Partners VI fund, the publication added.

In a separate release, M7 Real Estate said it acquired a 58,747-square-foot industrial unit at Newton Aycliffe in County Durham for nearly £1.4 million at a net initial yield of 7%.

* Retailer Mothercare is selling its 100,000-square-foot U.K. head office building in Watford for about £13.5 million as it looks to cut costs as part of its company voluntary arrangement with its creditors in July 2018, PW reported. The company signed a 10-year lease for the asset with the unnamed buyer, the report added.

Germany

* Equinix Inc. wrapped up the US$11 million purchase of a commercial building at Vierenkamp 1 in Hamburg from Aspen REG 1 Management GmbH. The company is planning to spend an additional US$25 million to redevelop the asset and rename it to Equinix HH1 International Business Exchange data center. The facility is slated to be opened in the third quarter, according to a release.

* Catella Real Estate AG bought the 8,100-square-meter Focus 21 office complex at Presselstrasse 10 in Stuttgart from insurance firm Württembergische Lebensversicherung, Property Investor Europe reported. The almost fully leased asset was purchased on behalf of the Sarasin Sustainable Properties – European Cities special fund.

Norway

* Madison International Realty LLC is close to buying 38,000 square meters of ground-level commercial properties in the six-stage Bjørvika urban development in central Oslo, Property Funds World reported.

Other geographies

* London-listed Aseana Properties Ltd. revised the divestment dates for two Malaysian properties and one asset in Vietnam, which were initially scheduled to be sold in the fourth quarter of 2018.

The company now expects to sell the City International Hospital in Ho Chi Minh City during the second quarter, while Seafront Resort and Residential Development and Harbour Mall Sandakan in Malaysia are anticipated to be disposed of in the fourth and third quarters, respectively.

Additional coverage

UK council to buy £296M of London office properties

Signa Real Estate buys mixed-use development site in Hamburg for €120M

Consus Real Estate signs €100M forward-sale deal for Mannheim, Germany, building

UBM Development sells Vienna office complex for €69M

Stenprop to sell London office building for £44M

Saadoon Minhas contributed to this report.