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China's HNA shrinks European footprint; IWG goes it alone

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week.

Selling spree

* HNA Group Co. Ltd.'s HNA Hotel Group (Hong Kong) Co. Ltd. and HNA Sweden Hospitality Management AB are selling all the shares of Radisson Hospitality Inc. to a group of investors led by Chinese state-owned hospitality group Jin Jiang International (Holdings) Co. Ltd.

First, the Jin Jiang-led consortium will buy a 51.15% stake in Brussels-based Radisson Hospitality AB from Radisson Hospitality Inc., and a further 18.50% stake in Radisson Hospitality AB from HNA Sweden.

The value of the transactions was not disclosed, but according to an earlier report, at least US$2 billion could be raised from the divestment by the debt-laden Chinese conglomerate.

* HNA Group is also poised to divest a stake in Spanish hospitality company NH Hotel Group SA to Thai hotelier Minor International PCL for €619 million, which would bring Minor's stake in the target to 44.0%. Minor garnered shareholder support for its plan to formally launch a takeover offer for NH Hotel.

The takeover is expected to be finalized by October.

To and fro

* Swiss flexible workspace provider IWG PLC plans to remain an independent public company after ending discussions of possible takeover offers by its three suitors — Starwood Capital Group, Terra Firma Investments Ltd. and TDR Capital LLP — on the basis that "none of the interested parties is currently capable of delivering an executable transaction at a recommendable price."

* Summit Germany Ltd. is set to pay about €45 million for an approximately 72% stake in fellow German commercial real estate company GxP German Properties AG from developer Consus Real Estate AG and other minority holders.

Entries and exits

* Aldar Properties PJSC closed the acquisition of a 3.6 billion-United-Arab-Emirates-dirham portfolio, including residential projects on Saadiyat Island off the coast of Abu Dhabi, from Tourism Development & Investment Co.

* Blackstone Group LP closed the sale of the Adelphi building in Covent Garden, London, to Zara founder Amancio Ortega, in an approximately £550 million deal, representing the largest building sale in the city's West End in 2018 so far, Property Week reported. The 330,000-square-foot office building at 1-11 John Adam St. was placed on the market in April.

Fundraising

* British Land Co. PLC filed a base prospectus for an at least £1.00 billion euro medium-term note program valid for 12 months, starting Aug. 7. British Land plans to use the proceeds from the offering or offerings for general corporate purposes.

A mixed bag

* InterContinental Hotels Group PLC reported a 15.1% year-over-year slide in pretax profit to $303 million in the first half of 2018. EPS rose 28.1% to $1.46.

* LEG Immobilien AG's funds from operations I for the first half came to €156.4 million, or €2.48 per share, up from €148.8 million, or €2.36 per share, in the year-ago period.

Featured this week on S&P Global Market Intelligence

Swiss Prime Site CEO welcomes rethink on foreign investment restrictions

As of Aug. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.