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Plans in for £3B London project; Covivio divesting €482M of assets


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Plans in for £3B London project; Covivio divesting €482M of assets

* Keystone London and GLA Land & Property are seeking approval for the £3 billion mixed-use redevelopment of a 40-acre site in Silvertown, London, Property Week reported. The Thameside West development will feature 5,000 homes, 200,000 square feet of industrial and office space, and 75,000 square feet of retail and leisure areas.

* Covivio agreed to €482 million worth of agreements to divest nonstrategic assets. The deals involve the €272 million sale of 59 B&B-branded hotels, the €108 million disposal of 23 Jardiland properties and the divestment of the Sunparks holiday village in De Haan, Belgium, for €102 million.

UK and Ireland

* Evans Randall Investors Ltd. terminated negotiations for the purchase of The Clerkenwell Collection in London for up to £200 million due to Brexit uncertainties, among other factors, PW reported. The 194,735-square-foot portfolio encompasses seven properties and is owned by the Sheinman family.

* According to PW, Valeo Groupe Europe is looking to spend between £600 million and £750 million in the U.K. student housing sector in the next four years. The Valeo Groupe unit will invest about £150 million a year and is believed to have already identified three or four development sites.

* Octopus Healthcare raised a further £133.5 million for its Octopus Healthcare Fund, boosting the investment vehicle's total equity to £320 million.

* Galliard Homes Ltd. acquired a 0.9-acre plot at Nine Elms Park in London to deliver a £130 million residential project, Construction Enquirer reported. The company will partner with construction group O'Shea to construct 262 apartments, a quarter of which are set to be affordable.

* A joint venture between Europa Capital and Atlas Residential entered a forward deal to purchase the 100 Greengate private rented sector project in Greater Manchester, U.K., from builder Renaker Build Ltd. The 44-story tower is expected to become the tallest building in Salford City, spanning 380,000 square feet across 349 units.

* Also in Manchester, Marcus Worthington Properties Ltd. walked away from an agreement to pre-lease 43,000 square feet of space at its 125 Deansgate project to WeWork Cos. Inc., PW reported, citing sources. The company cited the effect of the flexible office space provider's covenant on the potential investment value of the building as the reason for the withdrawal, the publication added.

* In Ireland, WeWork signed heads of terms to lease the entire 8,974 square meters of office space at the former Clerys department store on O'Connell Street in Dublin, the Irish Independent reported, citing sources familiar with the matter. The property's new owner, Europa Capital, is planning to revamp the site into a mixed-use asset, featuring offices, retail space and a boutique hotel, the report added.

* Sony Music Entertainment agreed to take 124,000 square feet across six floors at 4 Handyside St. in London for its U.K. headquarters, PW reported. The company will move to the new premises from its 97,000-square-foot head office at 9 Derry St. in west London, the report added.

* Plans for the 749-room Kensington Forum hotel in London will undergo a judicial review after Mayor Sadiq Khan overturned the Royal Borough of Kensington and Chelsea's refusal to grant consent to the project, PW reported. Queensgate Investments and Rockwell Property's plans for hotel also include 340 serviced apartments and 46 homes, which Khan believes will contribute toward the borough's housing targets, according to the report.


* Berkshire Hathaway Inc.'s Berkshire Hathaway HomeServices is expanding into Northern Italy and Rome by signing residential and commercial real estate operator Maggi Group Real Estate as its third global franchisee. Maggi Group will be operating as Berkshire Hathaway HomeServices Maggi Properties starting in late February.

Germany, Sweden and Poland

* On behalf of its €1 billion Catalyst Core Plus European Property Fund, Catalyst Capital LLP acquired €194 million of three retail assets in Germany, Sweden and Poland and a 6,700-square-meter Paris office project, Property Investor Europe reported.

The company purchased the 40,000-square-meter Center Syd shopping center in Malmo, Sweden, from Barings Real Estate; the 21,590-square-meter Rathaus Center Dietzenbach mall, close to Frankfurt, from Hahn Group, and the 25,000-square-meter Zielony Targówek retail park in Warsaw from Credit Suisse Asset Management, the report added.


* LaSalle Investment Management Inc.'s LaSalle's Encore+ Fund bought a site inside the Sénart logistics hub in Tigery to develop roughly 33,500-square-meter speculative logistics warehouse project. The project is slated for completion in the fourth quarter, according to a release.

Middle East

* Kuwaiti's Ministry of Housing and Public Works is on track to deliver a total of 6,000 new residential units by April, Trade Arabia reported.

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