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FdR, Emaar Properties, Carmila log FY'17 results; BUWOG endorses Vonovia's offer


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FdR, Emaar Properties, Carmila log FY'17 results; BUWOG endorses Vonovia's offer

* Foncière des Régions's recurring net income for the full year 2017 rose 10% year over year to €391.2 million from €356.2 million in 2016. Looking ahead, the company projects a 2.3% dividend increase to €4.50 per share.

* Emaar Properties PJSC posted unaudited net profit for the full year 2017 of 5.70 billion United Arab Emirates dirhams, registering a 9% increase from 5.23 billion dirhams in 2016. The company's revenue for the year came to 18.81 billion dirhams, up 21% year over year.

* Carmila SA's recurring earnings for the full year 2017 rose 6.2% year over year to €182.9 million, exceeding its target of between €175 million and €180 million. The French company's EPS for the year stood at €2.63, a drop of 7.7% from €2.85 in 2016.

* The management and supervisory boards of BUWOG AG have recommended shareholders to accept Vonovia SE's tender offer for the company's outstanding shares and convertible bonds, after examining the voluntary public takeover offer.

Vonovia is offering €29.05 for each share, representing a 16.8% premium to the company's undiluted European Public Real Estate Association net asset value as of Oct. 31, 2017.

The tender period is scheduled to close March 12, with the settlement for the first offer period expected at the end of March.

UK and Ireland

* The offer of two Blackstone Group LP vehicles, Wren Bidco Ltd. and Canary Bidco Ltd., to buy Taliesin Property Fund Ltd. was approved, with the scheme expected to become effective Feb. 26 and implemented May 31. The two entities offered €51 for each Taliesin share in December 2017.

* Commercial property manager Telereal Trillium is selling the £280 million The Hayhill Portfolio comprising 98 regional offices leased to the U.K. Government, Property Week reported. The 2.6 million-square-foot portfolio produces roughly £23.4 million in annual rent, reflecting a net initial yield of 7.81%.

* Tech giant Google has agreed to terms with Savills Ireland for the acquisition of the entire Boland's Quay scheme in Dublin, according to the Irish Independent. BAM Ireland is working on the project, which includes a 53-meter tower, a 15-story apartment building and a 13-floor office block, the report noted.

Google is also in talks to purchase the Treasury Building on Dublin's Grand Canal Street for a price understood to be upward of €120 million, the publication added.

* NFU Mutual sold a 14,000-square-foot grade II flagship retail store at 24 Old Bond St. in London to the owners of Italian fashion label Max Mara for £141 million, at a yield of 2.46%.

* NewRiver REIT completed the £26.5 million purchase of two U.K. retail parks, reflecting an initial yield of 8.9%. The deal comprises the 68,400-square-foot Rishworth Centre and adjoining 23,700-square-foot Railway Street Retail Park in Dewsbury, worth £14.3 million, as well as the 93,600-square-foot Valegate Retail Park in Cardiff, valued at £12.2 million. The acquisition reflects a per-square-foot capital value of £141.

* The Birmingham City Council will use its compulsory purchase powers to unlock a regeneration site at Axis Square, where London and Continental Railways is set to develop 1 million square feet of prime office space, PW reported.

* Berkeley Group's unit St George is seeking planning approval from the planning committee of Brent for the construction of 2,900 new homes on the 21-acre former Northfields Industrial Estate site in the northwest London, which it acquired from SEGRO Plc in April 2017, PW reported. The units are planned to be delivered across several buildings, rising up to 29 floors in height.


* ILG Capital received a €400 million mandate from Helaba Invest to invest in German retail big box centers anchored by food suppliers, Property Investor Europe reported. Helaba will commit €250 million of equity to the mandate, becoming the fund's sole investor.


* In its earnings report for 2017, Vastned Retail NV said it sold the roughly 4,800-square-meter rue Saint-Jean 44-45 in Nancy for €34.2 million, inclusive of sales costs. The property is 96.4% leased to office and retail tenants that include H&M, Desigual and Calzedonia.

* On behalf of its funds, CBRE Global Investors bought the Marché Saint Honoré building in Paris from an undisclosed seller for an unknown sum. The building encompasses 15,000 square meters of office space and 1,800 square meters of retail space, and it is mostly let to BNP Paribas Bank, the report added.

Other real estate news

* Chile-based Parque Arauco SA sold its entire stake in Inmobiliaria San Silvestre SA and Administradora Camino Real SAC, along with the rights in five co-owned land assets in Lima, Peru, to Inversiones Centenario SAA for roughly US$78 million.

* InterContinental Hotels Group Plc plans to open the InterContinental Jerusalem hotel on King George Street under an estimated US$130 million development scheme, Globes reported. The project comprises a 229-room hotel inside a 17-story building and a luxury apartment building, with completion expected in two and a half years, the report added.

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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. 14, US$1 was equivalent to 3.67 United Arab Emirates dirhams.