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Emaar Malls goes up against Amazon for e-retailer; Madrid rejects €2.2B project

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Real Estate News & Analysis: May Edition


Emaar Malls goes up against Amazon for e-retailer; Madrid rejects €2.2B project

* Emaar Malls PJSC submitted a US$800 million bid for Dubai e-retailer Souq.com, which included a US$500 million convertible deposit, according to a DealStreetAsia report.

The Emaar Properties PJSC unit's bid for the e-retailer stands against an existing bid made by e-commerce giant Amazon.com Inc., which has an exclusivity clause in its takeover negotiations for Souq.com, the media outlet indicated, citing sources with knowledge of the matter.

* According to a report from Reuters, the city of Madrid has refused U.S. developer Cordish Companies' proposed €2.2 billion investment program for an entertainment complex outside the city. Plans for the 134-hectare Live! Resorts Madrid were turned down due to the uncertain economic viability of the project, which would require €340 million worth of public money for the building of necessary infrastructure around the development.

UK and Ireland

* Hammerson Plc plans to break ground on a £50 million expansion project in May for the Orchard Centre in Didcot, U.K. The company will start the expansion of the retail center after completing necessary enabling works which commenced in January. M&S Food Hall, H&M, River Island, TK Maxx, Costa Coffee and Starbucks are among the future tenants that have already signed up for space at the 95,000-square-foot expansion.

* Private equity firm Henley acquired a portfolio of three student housing properties in the U.K. from Liberty Living for £50 million, IPE Real Estate reported. The portfolio includes 1,519 student rooms across properties in Preston, Sheffield and Stoke.

* Qataris are now among London's biggest real estate owners, with around 22 million square feet of Canary Wharf Group real estate owned and another 1.8 million square feet elsewhere in the British capital, Geo News reported, citing Datscha.

* According to a recent Murphy Mulhall report, Dublin ranked as the third-most expensive city for prime office space in Europe, driven by a maturing office market and an increasingly international developer, investor and occupier base, the Irish Independent reported.

Belgium and the Netherlands

* In its public offering of 3,595,164 new shares, which closed March 23 with priority allocation rights, Aedifica SA said that 3,093,595 shares were subscribed to, representing 86% of the shares offered.

* Zurich Insurance Group signed a €200 million deal to purchase a retail complex in Amsterdam, which is let to Canadian department store group Hudson's Bay Co., PropertyEU reported.

* Provast will undertake the development of two residential buildings in The Hague in the Netherlands, on a site rezoned for residential use in the wake of rising housing demand in the city, Property Investor Europe reported. The 120-meter Grotius I and 100-meter Grotius II towers will provide more than 500 apartments, including 120 social housing units.

Sweden and Norway

* Atrium Ljungberg AB is doubling its property portfolio in Gothenburg, Sweden, with the acquisition of an office property from real estate funds managed by Blackstone Group LP and Areim for 1.26 billion Swedish kronor. Lindholmen 30:1, which encompasses about 37,000 square meters of lettable area, is 100% let to Ericsson.

* Norwegian property group Samhällsbyggnadsbolaget acquired the headquarters of DNB Bank in Oslo for 4.5 billion kronor, PIE reported. The 49,000-square-meter building produces a total annual rent of 187 million kronor, with over 10 years left on the lease.

Spain

* Developer Pavasal and Invesco launched a speculative development to establish a 532,813-square-foot logistics platform near Barcelona, Property Week reported. The platform will be developed on land held by Pavasal and will be leased to third parties before being sold to Invesco, the report added.

Middle East and Africa

* Founder and chairman of Danube Group Rizwan Sajan revealed the 300 million-United-Arab-Emirates-dirham Resortz residential scheme in Dubai's Arjaan neighborhood, Arabian Business reported. The four-acre development will deliver 419 apartments and retail units.

* Redefine Properties Ltd. plans to issue senior unsecured floating-rate notes under a domestic medium-term note program worth 10.00 billion South African rand. On March 27, the company will issue 284.0 million rand in 8.873% notes due March 27, 2020, and 216.0 million rand in 9.083% bonds that will mature March 27, 2022.

Other Geographies

* Rezidor Hotel Group AB plans to have up to 170 hotels in India under operation and development by 2020, the Press Trust of India reported, citing Raj Rana, the company's CEO for South Asia. The company currently has 84 hotels in operation, Rana said.

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The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Celestyn Wong contributed to this report.