S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week.
Cross-country deals
* U.S. healthcare real estate investment trust Medical Properties Trust Inc. formed a partnership with French asset manager Primonial Group for the sale of a half-stake in a portfolio of 71 post-acute hospitals in Germany for around €1.14 billion in expected proceeds. The REIT will retain a 50% stake in the portfolio through the joint venture.
The deal is expected to close in the third quarter.
* Singapore's Elite Capital Partners is set for a U.K. debut through the £280 million purchase of a portfolio of offices let to the U.K. government from Telereal Trillium, Property Week reported. The price for the 2.6 million-square-foot Hayhill Portfolio reflects a net initial yield of 7.81% and a capital value per square foot of £109.
Checking in
* Minor International PCL, a Bangkok-based hospitality company, is set to acquire a 25.2% stake in Spanish hotelier NH Hotel Group SA for €619 million from Chinese conglomerate HNA Group Co. Ltd. The deal, which will boost Minor's ownership in NH Hotel to 34.7% from 9.5%, will pave the way for a full takeover offer, which requires a shareholding of at least 30%.
Thats's a wrap
* Paris-based Unibail-Rodamco SE completed its US$15.68 billion takeover of Australian mall giant Westfield Corp., creating Unibail-Rodamco-Westfield with a portfolio valued at €62 billion. The combined entity's portfolio comprises retail properties, including 102 shopping centers across 13 countries, as well as offices and convention and exhibition venues.
* U.S. private equity group Starwood Capital Group completed its takeover offer for Victoria Park AB, securing 24.4% of all shares and 32.1% of voting rights in the Swedish residential property company.
Splurging in London
* Property tycoon brothers Simon and David Reuben bought the Burlington Arcade in Mayfair, London, for £300 million from Thor Equities LLC and private equity firm Meyer Bergman, City A.M. reported. The luxury shopping arcade comprises about 37,000 square feet of retail accommodation.
* The eight-level 5 Strand building in Trafalgar Square also changed hands in the British capital, selling to BlackRock Inc., The Economic Times of India reported. Pune, India-based Abil Group bought the commercial building for nearly £100 million and plans to redevelop it into a five-star hotel with as many as 250 rooms.
No-go
* London-listed Lone Star Funds dropped plans to bid for flexible office space provider IWG PLC. IWG was recently reported to have rejected an offer approach from California's Prime Opportunities Investment Group LLC.
Meanwhile, Starwood Capital Group and TDR Capital LLP, which had also expressed interest in the Swiss company, were given an extended deadline of June 29 to make a firm takeover offer or walk away. The original deadline was June 8.
* The shareholders of Austrian companies CA Immobilien Anlagen AG and Immofinanz AG rejected respective voluntary public tender offers launched by SOF-11 Starlight 10 EUR SARL, an affiliate of Starwood Capital Group.
The affiliate was offering €27.50 per share and €2.10 per share for up to 26% and 5% of the overall issued bearer shares of CA Immobilien and Immofinanz, respectively.
Amisha Mehta contributed to this report.
