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