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Castellum, InterContinental, Accor log results; Hotel Income IPO delayed

* Castellum AB logged a net after-tax income of roughly 3.64 billion Swedish kronor, or 13.31 kronor per share, for the first nine months of 2019, compared to 5.05 billion kronor, or 18.49 kronor per share in the year-ago period.

* InterContinental Hotels Group PLC's revenue per available room was down 0.8% year over year in the third quarter, owing to unfavorable trading conditions in the U.S. and China, as well as ongoing unrest in Hong Kong. RevPAR remained flat in the first nine months of 2019.

* AccorHotels consolidated third-quarter revenue amounted to approximately €1.05 billion, representing an increase of 10.9% year over year and 4.1% on a like-for-like basis.

* Icade's third-quarter consolidated revenue amounted to €1.02 billion, a 13.5% decrease from the year-ago figure of €1.18 billion.

* U.K.-based Shiva Hotels Ltd. delayed the £150 million initial public offering of its subsidiary Hotel Income REIT PLC due to Brexit uncertainty, Property Week reported. The hotel group was supposed to publish its IPO prospectus on Sept. 24 and was looking to float in early October.

* Danish commercial pension fund PFA Pension Forsikrings A/S plans to invest more in real estate, mostly outside Denmark, Bloomberg News reported. PFA Pension said it will look into European, Asian and U.S. property markets, as it sees the importance of rethinking its asset management strategy amid changes in financial markets.

About 55% of its real estate portfolio is already outside Denmark, the news outlet noted, citing a statement from the pension fund.

* Catella Residential Investment Management GmbH received €40 million in commitment from Primonial Real Estate Investment Management for its pan-European fund, according to IPE Real Assets.

Catella European Student Housing Fund II is expected to invest up to €250 million in student accommodation assets across European markets, primarily in Germany, France, Denmark, Belgium and the Netherlands, in the next two years. It received €100 million at its first close in September.

UK and Ireland

* South Africa-listed Growthpoint Properties Ltd. plans to buy a roughly 51.2% stake in the U.K.-based retail real estate investment trust Capital & Regional PLC.

Growthpoint agreed to offer 33 pence in cash per share to acquire 219,786,924 shares of Capital & Regional, representing approximately 30.3% of Capital & Regional's issued share capital. The offer values Capital & Regional's issued share capital at about £239.7 million. It will also subscribe to acquire 311,451,258 new shares of Capital & Regional at 25 pence apiece to raise about £77.9 million.

* Bartra Capital received the green light from the authorities to construct a high-rise office building in Dublin's Docklands, The Irish Times reported. An Bord Pleanála upheld Dublin City Council's decision to grant Bartra Capital planning permission for a 200,000-square-foot office project spanning 10 stories at the Boston Sidings site.

* U.K. hotel operator Whitbread PLC will construct a new Premier Inn hotel in Cork, Ireland. The new hotel will feature 183 bedrooms at Morrisons Quay on the banks of the River Lee.


* French property giant Gecina sold the 15,000-square-meter Pointe Métro 2 building in Gennevilliers, France, for €58.2 million. The buyer was Paris Office Partnership, a joint venture owned by PGGM and Fonciere Atland.

The property, which includes 13,000 square meters of offices, is occupied primarily by a PSA Peugeot Citroën Group unit.

* KanAm Grund Group acquired a fully-let office and retail building in Paris' 9th arrondissement for an institutional investor for an undisclosed price. The 3,750-square-meter interconnected property comprises nine stories on the Rue de Mogador and five levels on Rue de la Chaussée d'Antin. All office units at the property are fully let.


* ASR Real Estate Development acquired the Oldelft Ultrasound headquarters development in Delft from Cepezedprojects BV for an undisclosed sum. The new head office on the TU Delft campus will have a lettable floor area of 3,840 square meters and is expected to be delivered in November 2020.

Middle East

* Research conducted by Luxhabitat based on data by Property Monitor shows the average price per square foot in Dubai's secondary market grew 2.5% in the third quarter, Arabian Business reported. The volume of transactions in the secondary market went down to 10.8 billion United Arab Emirates dirhams in the third quarter from 13.4 billion dirhams in the previous quarter.

More than 2,280 villas and 6,963 apartments were bought and sold in the city in the third quarter.

* Damac Properties Dubai Co. PJSC Chairman Hussain Sajwani said property developers should refrain from launching new residential projects in Dubai for at least a year to allow the market to recover from a sharp decline in prices, Reuters reported. Sajwani told the news outlet that the market could begin to recover in two years if no new projects were launched, but things could worsen if no action is taken.

Housing oversupply in the city has driven prices down at least a quarter since 2014, the news outlet noted.

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