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Conservative Party loses majority in UK elections; Stenprop mulls London listing

* The U.K.'s governing Conservative Party lost its parliamentary majority in elections June 8, but will remain the largest force, leaving the identity of the next government in doubt just as negotiations on the country's departure from the European Union are about to commence.

The pound plummeted against the dollar as Prime Minister Theresa May's gamble on asking voters for a mandate to tackle Brexit talks backfired in spectacular fashion.

* Johannesburg- and Bermuda-listed Stenprop Ltd. is exploring the option of converting into a real estate investment trust and changing its reporting currency to sterling from euro, reflecting the relatively larger weighting of its U.K. portfolio. The company is also eyeing a listing on the London Stock Exchange.

* C C Land Holdings Ltd. secured financing from Bank of China, HSBC and ING for its £1.15 billion purchase of The Leadenhall Building in London, Property Investor Europe reported. The details of the funding were not disclosed, the report noted.

C C Land closed the acquisition of the building, dubbed the Cheesegrater, in May.


* A Middle Eastern financier purchased a regional U.K. retail warehouse through Palmer Capital for £86.4 million, at a net initial yield of 5.8%. The property spans 736,708 square feet and is fully leased to U.K. retailer Debenhams, with 12 years remaining on its lease.

* On behalf of a consortium of Korean institutional investors, Knight Frank Investment Management purchased a manufacturing warehouse in Crewe from Crew Assets for £56 million, PIE reported.

* Scottish football club Celtic is seeking approval for a hotel and museum complex in Glasgow, next to the club's stadium, Construction Enquirer reported. The five-story building will offer roughly 200 rooms. Previous plans featuring a £44 million hotel project on the site were withdrawn in 2013, according to the report.

* Property companies in the U.K. are urging the new government to make "radical" changes to its policies in order to support the offsite construction industry and the build-to-rent sector following the general election, Property Week reported.

The Netherlands

* PATRIZIA Immobilien AG acquired the Oranjekwartier residential scheme in Amsterdam's Koningin Wilhelminaplein area from Bouwconsulting Beheer BV for €66 million. The 13-story, fully let asset was bought on behalf of two institutional investors in a buy-and-hold strategy.


* Sirius Real Estate acquired the Plusculus office building in Cologne from WealthCap for an undisclosed amount, PIE reported. The 20,000-square-meter asset is almost fully occupied and produces an annual rental income of €2 million.


* German lender pbb loaned 410 million Swedish kronor to Logistea to finance the purchase of a 42,000-square-meter logistics and office property in Landskrona, PIE reported.

Middle East and Africa

* Emaar Properties PJSC Chairman Mohamed Alabbar told Al Arabiya TV that the company's real estate development business is set to go public in Dubai by November. The company expects to offer up to 30% of its development business and the proceeds are intended to be paid out as dividends to its shareholders.

* Vincitore Real Estate Development will develop its second project in Dubai at Al Barsha South's Arjan district to deliver 216 apartments over a 173,337-square-foot development, Arabian Business reported. The project will also include 30 boutique retail outlets, the report added.

* Investec Property Fund Ltd. is participating in the launch of the Izandla Property Fund Pte. Ltd. with the sale of properties worth approximately 580 million South African rand to the new establishment.

Investec will have a 35% holding in Izandla's issued share capital, while the remainder will be held by the Entrepreneurship Development Trust.

Other Real Estate News

* Deka Immobilien is selling a 16-story office asset, Berkeley Building, in Manhattan, N.Y. for approximately US$200 million, The Real Deal reported. The German investment manager has appointed Colliers International to market the 293,000-square-foot asset, which it acquired in 2010 for US$123.2 million, the report noted.

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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.

Anusha Iyer contributed to this report.