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Logistrial targets €650M Frankfurt IPO; CA Ventures eyes UK student housing

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Logistrial targets €650M Frankfurt IPO; CA Ventures eyes UK student housing

* Logistrial Real Estate AG is preparing to float its shares on the Frankfurt Stock Exchange and is aiming to generate gross proceeds of €550 million to €650 million from the IPO. The company will use the proceeds mainly to purchase a secured portfolio of 20 diversified properties spanning about 619,500 square meters with a projected gross asset value of €768 million. The acquisition will also be financed with a debt component of about €215 million to €250 million.

Logistrial, which is externally managed by Garbe Industrial Real Estate GmbH, also intends to expand its logistics portfolio primarily in Germany, France, the Netherlands and Austria, as well as other surrounding European Public Real Estate Association countries.

* U.S.-based CA Ventures is planning to invest £500 million a year in purpose-built student accommodation in the U.K. and Ireland, IPE Real Assets reported. The boutique investment firm intends to invest the amount on a yearly basis by 2021 and is also lining up investments in other European markets, with commitments in its development pipeline of £300 million a year in the Netherlands, Spain, Portugal and Italy.

CA Ventures, which is targeting £1.3 billion in ground-up development starts in Europe over the next three years, also unveiled three U.K. purpose-built student accommodations in Glasgow, Edinburgh and Sheffield, totaling 888 beds.

U.K. and Ireland

* Gravis Capital Management Ltd. will target investments in primarily U.K. real estate investment trusts with its newly launched VT Gravis U.K. Listed Property Fund, IPE Real Assets reported. The fund will also invest in property-related closed-ended investment companies, corporate bonds and equities.

* The rise of online home-sharing platform Airbnb Inc. is being blamed for a lack of affordable housing in cities such as Edinburgh, Scotland, and a rising number of Airbnb landlords are now looking toward more traditional long-term tenancies instead of short-term lettings as the home-sharing sector is expected to come under increased scrutiny and tougher regulations, The (UK) Times reported.

Estate agents representing both sectors reported that property owners in Edinburgh's most tourist-friendly locations are now looking for permanent tenants, the publication said.

* Brick By Brick submitted plans for a five-building mixed-use development that will see the creation of 421 new homes atop flexible office, retail and leisure space in Croydon town center in London, Property Week reported. The proposed properties, which range in height from seven to 29 floors, will be built at the 0.8-hectare Fairfield Homes site, which lies adjacent to the Fairfield Halls venue.

The proposed development will provide homes consisting of studios as well as three-bed units, along with about 16,000 square feet of commercial space.

* European real estate manager Palm Capital acquired a £150 million sub-performing U.K. loan book, dubbed Project Falcon, which is secured against a portfolio of 80 British commercial real estate assets, IPE Real Assets reported. The sub-performing loan book was acquired from Lone Star.

Project Falcon's underlying portfolio consists of 49% high street retail and long-let retail warehouses, 12% leisure, 15% logistics and 21% offices. It has an average maturity of more than eight years.

France and Germany

* Barings, on behalf of a BNP Paribas REIM-managed French real estate investment trust, acquired three grade A courier assets in the French cities of Paris, Lyon and Poitiers, Europe Real Estate reported. The assets, which offer a total of 71,000 square meters of space, are fully let to Poste Immo.

The Paris property offers 23,000 square meters of space, while the Lyon and Poitiers assets span 28,000 square meters and 21,000 square meters, respectively.

* Primonial Real Estate Investment Management bought a portfolio of seven mixed-use assets on Rue de la République in Lyon, France, from a wholly owned subsidiary of Abu Dhabi Investment Authority for roughly €85 million, Property Funds World reported. The portfolio has a total surface area of 14,350 square meters comprising 67 housing units, 25 shops and 23 office spaces. It has an occupancy rate of 96%.

Primonial REIM acted on behalf of a club deal, bringing together one of its funds and Crédit agricole Centre-est Immobilier SAS' real estate subsidiary Compagnie Foncière Lyonnaise.

* Tritax Eurobox PLC acquired two logistics facilities in GVZ Freight Village in Bremen, Germany, for €60.3 million. The two facilities, built in 2013 and 2019, respectively, have a combined gross internal area of 57,537 square meters.

The newer property is exclusively let to Kieserling Spedition + Logistik on a 10-year lease that started in February, while the facility built in 2013 is let to Kieserling Spedition + Logistik, THIMM Packaging Systems and Bremer Spirituosen on shorter leases.

Portugal, Sweden and Poland

*M7 Real Estate Ltd., on behalf of its M7 Portuguese Active Fund, acquired seven light industrial and logistics assets in the Portuguese cities of Lisbon, Porto and Évora for €35 million, IPE Real Assets reported. The properties, which were acquired in four separate transactions, comprise a total floor area of 75,232 square meters of predominantly light industrial and logistics space.

* Diös, under its newly established green financing framework, issued its first green commercial papers totaling 300 million Swedish kronor. The papers carry a maturity of four months.

* Hines Global Income Trust Inc. purchased a 32,237-square-meter logistics park in the Polish town of Pruszcz Gdański from SEGRO European Logistics Partnership. The property, which will be managed by Hines Polska, features two warehouse buildings and is fully leased to Polish convenience store chain Zabka Polska Sp zoo and German logistics services provider DB Schenker.

Middle East

* Dubai Land Department Director General Sultan Butti bin Mejren said the state agency saw a 134% increase in real estate transactions following the establishment of the Higher Committee of Real Estate on Sept. 2, Arabian Business reported.

The new committee, comprising senior officials from major property developers, aims to avoid project duplication in the sector and strike the right balance between supply and demand.

In 2019 to date, DLD saw more than 56 billion United Arab Emirates dirhams poured into the economy across 31,000 investments by 23,000 investors, the report noted, citing Majida Ali Rashid, CEO of the promotion & real estate investment management sector at DLD.

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