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Sixth of October to buy up to 51% of peer Madinet; Pandox in £115M UK hotel deal


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Sixth of October to buy up to 51% of peer Madinet; Pandox in £115M UK hotel deal

* Egyptian property developer Sixth of October Development and Investment Co. is planning to submit an offer to purchase an over 51% stake in local peer Madinet Nasr for Housing & Development via a share swap deal.

According to the deal's terms, Sixth of October will exchange one share for two shares of its target, with the two parties continuing to operate as separate entities and retaining their respective listings on the Egyptian stock exchange.

* Pandox is buying the Midland Hotel in Manchester, U.K., from property investment firm Aprirose in a deal that values the property at £115 million, The Times (U.K.) reported. According to the report, the 115-year old hotel was the place where the founders of luxury car company Rolls-Royce met.

UK and Ireland

* Sports Direct will buy the heritable interest in the Frasers building in Glasgow from the Glasgow City Council for £95 million. The U.K. sports and leisure clothing retailer said it will keep the building's operation under the bankrupt department store chain House of Fraser Group Ltd. brand, which it purchased for £90 million from administrators in August.

* Developer Moda Living signed deals for the financing of seven build-to-rent projects containing a combined 7,000 flats, Construction Enquirer reported. The financing agreement will also establish a new joint venture between Moda backers Apache Capital and Harrison Street, with further investment from the National Farmers Union Mutual, the report added.

* A building currently being developed in Dublin that is set to be completed in January 2019 has hit the market with a €25.5 million price tag, reflecting an approximately 5% net initial yield. According to The Irish Times, the Lennox building is pre-let to Iconic offices and will contain 3,060 square meters of space spread across five floors, with parking areas for eight cars and 48 bicycles.

* A mall in Maidenhead, Berkshire, U.K., was placed under the receivership of BDO after its failure to meet its financial obligations, Property Week reported. CBRE was appointed by BDO to divest the Nicholsons Centre, which was bought by Cheyne Capital and Vixcroft in 2015 for £37 million.

* Palm Capital bought an office asset in Liverpool, U.K., from the TH Real Estate-advised Warburg-HIH Invest Real Estate for an undisclosed amount, Property Magazine International reported. The property has a gross lettable area of 12,500 square meters with the HM Passport Office Liverpool as its primary tenant.

* CEG lodged a £79 million plan to redevelop an office block in Manchester into a 22-story tower containing 361 units. According to PW, the project will also house 12,238 square feet of retail and leisure facilities.

* McLaren Construction is believed to have secured a contract for the development of a £120 million training complex in Leicester City, U.K., Construction Enquirer reported. The Charnwood Borough Council has granted approval for the plan that will feature 12 full-size pitches and other smaller pitches, among other features.

* U.S.-based flexible office operator Knotel signed three new leases in central London as it looks to broaden its footprint in U.K. and Europe, PW reported. The company is set to occupy 7,480 square feet of space on Great Titchfield Street, an 8,395-square-foot level at Tottenham Court Road and 9,051 square feet of space at 300 St John St.


* Shurgard Self Storage Europe Ltd. priced its IPO for 88.94 million outstanding shares at €23 apiece for a €2.04 billion implied market capitalization. A total of €575 million worth of new shares will be issued in a private placement, while up to €75 million of shares will be part of an overallotment option.


* London-based property manager Tristan Capital Partners' CCP 5 LL long-life fund, in partnership with Aquila Asset Management, acquired a 13,000-square-meter office property in Lyon from Amundi Immobilier for €43 million.


* Purplebricks Group PLC teamed up with German publishing company Axel Springer SE for a 50/50 joint venture that will jointly acquire a stake in online estate agent Homeday GmbH. The stake acquisition will give the partnership a 25.9% shareholding in Homeday, including an existing 4% stake brought in by Axel Springer.

Purplebricks will have an effective 12.9% shareholding in the target, with initial investment amounting to €12.7 million, to be funded by existing cash resources.

* Commerz Real Kapitalverwaltungsgesellschaft, on behalf of its Commerz Real Institutional Hotel Fund, bought the Dorint hotel An der Messe in Cologne from Messehotel Koln for an undisclosed amount, Europe Real Estate reported. The six-story hotel spans almost 20,000 square meters and contains 313 rooms, a restaurant, bar and other amenities.


* Kildare Nordic Acquisitions Sàrl now owns roughly 92.18% of Technopolis PLC's shares and on its way to complete its €729.7 million takeover bid. The final results are expected Oct. 15, and Kildare will offer to purchase the remaining shares in Technopolis at €4.65 per share if the deal closes on the said date.

Middle East

* Binghatti Developers acquired two residential properties in Dubai for 200 million United Arab Emirates dirhams, marking its first deal with the Bank Muscat-managed Izdihar Real Estate Fund, Arabian Business reported. Binghatti Vista comprises 118 residential units, while Binghatti Sapphires has 60 studios, 29 one-bedroom and 39 two-bedroom apartments plus a three-bedroom apartment.

* Real estate deals in Dubai during the first nine months of 2018 totaled 162 billion dirhams, down 20% from the same period in 2017, Arabian Business reported, citing the Dubai Land Department's Department of Real Estates Studies & Research. However, the report noted that the total transactions for the period increased by 2,000 year over year to 39,802 deals.

Other real estate news

* Doğuş Holding AŞ plans to sell a number of luxury hotels across southern Europe as part of its debt restructuring. The Villa Dubrovnik hotel in Croatia, Hotel Villa Magna in Madrid, the Aldrovandi Villa Borghese Hotel in Rome, the Capri Palace hotel in Capri, Italy, and the Grand Hyatt hotel in Istanbul are expected to be sold separately rather than combined into one portfolio.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Celestyn Wong contributed to this report.