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BMO launches European retail fund; Panattoni Europe to invest €1.2B in logistics

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BMO launches European retail fund; Panattoni Europe to invest €1.2B in logistics

* Investment manager BMO Real Estate Partners has established its second Best Value Europe fund, with a €500 million gross asset value target for the short term and more than €1 billion in the medium term. Best Value Europe II will invest in selective, retail opportunities in shopping streets across major European cities.

* Panattoni's European division is looking to spend €1.2 billion over the next three years on the development of city logistics parks in Germany, the U.K. and the Czech Republic, Property Investor Europe reported. Panattoni Europe is on track to deliver around 150,000 square meters of such facilities in Poland by 2018-end, the report added, citing Panattoni Europe CEO Robert Dobrzycki.

UK

* Atrium European Real Estate Ltd. refinanced its €225 million unsecured revolving credit facility, raising it to €300 million and extending its maturity to 2023.

* Residential Secure Income PLC agreed to purchase a portfolio of 277 rental homes for roughly £31.2 million. The assets, concentrated in Southern England, are slated to change hands on or before May 30.

* Dublin-based Dalata Hotel Group plc entered into lease agreements for two new hotels in the U.K. The approximately 250-room Clayton Hotel on Broad Street in Bristol will open in the third quarter of 2020, while the roughly 330-room Maldron Hotel on Suffolk Street in Birmingham is slated for completion in the first quarter of 2021. Development of both hotels is subject to planning consent from the concerned city councils.

* Developer Wates signed an agreement to take on the £650 million renovation of the U.K. parliament buildings in Westminster, Construction Enquirer reported. Work on the project is set to commence in 2019.

* Kuwait-based developer Salhia has revived plans for the construction of Birmingham's tallest building, which forms part of the second and third phases of the Beorma Quarter mixed-use development in the city, Construction Enquirer reported. The two phases are estimated to cost upwards of £140 million, and include residential units, retail spaces, restaurants, a hotel and a piazza.

* Imperial Brands is seeking a buyer for two office properties at 121 and 123 Winterstoke Rd. in Bristol via JLL, at a combined asking price of approximately £70.5 million, Property Week reported. The assets provide 94,000 square feet and 50,000 square feet of space, each, and are expected to be sold in a sale-and-leaseback deal.

* CoStar U.K. reported, citing BNP Paribas Real Estate, that total investments in alternative properties in the U.K. during the first quarter were down 3% year over year to £12.7 billion. The hotel market under the sector, on the other hand, emerged on top during the three months after logging a 259% surge in investment volumes on an annual basis to £1.2 billion.

Sweden

* Construction group Skanska is pouring in approximately 560 million kronor into the development of the new 12,000-square-meter Sthlm 04 office building in Stockholm's Hammarby Sjöstad area. The eight-level building is expected to be ready by 2020-end, and is part of the 100,000-square-meter Sthlm New Creative Business Spaces in the city, the company noted in a release.

* Wallenstam AB is building 158 rental apartments across seven residential buildings in the Bandhagen region of Stockholm. The first units are anticipated to be ready for occupation in 2019.

* According to the Svensk Maklarstatistik association of real estate agents, apartment prices in Sweden declined 7% year over year in the February-to-April period amid a boost in construction and stricter mortgage regulations in the country, Reuters reported.

Germany

* Development company GerchGroup purchased a 4,300-square-meter site in Düsseldorf in a sale-and-leaseback deal with local cement industry federation VDZ, PIE reported. The company intends to invest €70 million to develop a prime office on the site, with an above-ground gross floor area of around 10,000 square meters.

Macedonia

* Orbis Hotel Group opened Macedonia's first Mercure Hotel in Tetovo under AccorHotels' Mercure brand. The 13-story hotel offers 101 rooms and other amenities, according to a release.

Other real estate news

* A €70 billion Dutch pension scheme for metalworkers and mechanical engineers is set to commit €100 million to Barings' open-ended European Core Property Fund. The platform holds retail, logistics and office assets across Europe.

* BR Malls Participações SA bought a noncontrolling stake in Delivery Center to build a partnership that aims to provide brick-and-mortar store owners with online capabilities. The local technology company will use shopping centers as distribution centers to provide its online customers access to products from malls, along with a same-day or same-hour delivery service.

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The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Cam Nones contributed to this report.

As of May 15, US$1 was equivalent to 8.72 kronor.