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Hammerson reports FY'17 results; Blackstone funds' JV buying £320M UK portfolio

* Hammerson PLC said its full-year 2017 profit before tax amounted to £413.4 million, marking a gain of 28.1% from £322.8 million in the year-ago period.

Adjusted profit increased 6.8% year over year to £246.3 million, or £31.10 per share, from £230.7 million, or £29.20 per share.

The company also said it will hold an extraordinary general meeting in April for shareholders to vote on its proposed £3.4 billion deal to acquire retail real estate investment trust intu Properties.

* Real estate funds managed by Blackstone Group LP and M7 Real Estate partnered up on an agreement to acquire a £320 million portfolio of 40 U.K. light industrial assets from InfraRed Capital Partners. The 4.5 million-square-foot portfolio is being sold on behalf of Active Real Estate Fund III.

UK and Ireland

* Persimmon PLC's board of directors amended its 2012 long-term incentive plan to reduce entitlements for CEO Jeff Fairburn, CFO Mike Killoran and Group Managing Director Dave Jenkinson. According to The (U.K.) Guardian, the homebuilder slashed bonus payments by £51 million for the three executives, including a £25 million cut for Fairburn.

* Housing developer Anthology is receiving a £47 million, 2.5-year loan facility from the Lloyds Bank Commercial Real Estate to fund the development of a 276-unit residential scheme in Deptford, southeast London, Property Week reported. The project also includes 32,000 square feet of creative employment area, the report noted.

* Leisure activities provider Social Entertainment Ventures is looking to expand in the U.K. and U.S. by opening about 75 new sites over the next five years, PW reported. Under its Bounce and Puttshack brands, the company plans to open 37 sites in the U.K. targeting cities like Manchester, Birmingham, Leeds, Liverpool and Oxford, among others.

* U.K.-based Crosslane Group's Crosslane Student Developments received conditional planning approval for the construction of a purpose-built student housing scheme featuring 207 beds in the Dublin city center, the Irish Independent reported. The project, which is poised to be the company's first student development in Ireland, is scheduled to be completed in time for the 2019-2020 academic year, according to the report.


* Allianz Real Estate signed a €190 million forward-funding deal with Art-Invest Real Estate GmbH & Co. KG for the purchase of the ATLAS office building in Munich. The 14-story tower, spanning 26,000 square meters, is undergoing extensive renovations, with completion scheduled in the second quarter of 2019.

* Over €1 billion worth of care home real estate properties in Germany were acquired in 2017, 33% more than the long-term average since 2005, PropertyEU reported, citing CBRE.


* Family office and private equity-backed investment company Wigan Acquisitions closed the purchase of the Austria House office building in central Budapest, taking its total deployed capital to €135 million, PropertyEU reported. The multi-let asset encompasses 3,400 square meters of gross leasable area above ground and 41 underground parking spaces.

Middle East

* UAE-based developer Azizi Developments will be delivering its Azizi Plaza Serviced Apartments in Dubai ahead of its scheduled completion date, Arabian Business reported. The project in the Al Furjan district, worth 430 million United Arab Emirates dirhams, will deliver 434 fully serviced and furnished apartments and 9,400 square feet of retail space by June-end, the report noted.

* Dubai Land Department recorded the completion of 90 real estate projects in Dubai in 2017 and registration of 150 projects worth 82 billion dirhams, Arabian Business reported.

* Average residential real estate prices in Dubai slipped 0.14% month over month and 3.67% year over year in January, Arabian Business reported, citing the UAE Residential Property Price Indices. Meanwhile, Abu Dhabi registered a decrease of 0.40% from the prior month and an 8.04% decline year over year during the month, the report added, citing the Abu Dhabi Residential Property Sales Price Index.

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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.

As of Feb. 23, US$1 was equivalent to 3.67 United Arab Emirates dirhams.