trending Market Intelligence /marketintelligence/en/news-insights/trending/mvzjg39_draij3e1zdbmyq2 content esgSubNav
In This List

AXA quits talks for UK retail asset stake buy; Deadline extended for IWG bids

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


AXA quits talks for UK retail asset stake buy; Deadline extended for IWG bids

* AXA Investment Managers suspended negotiations for the purchase of a 25% stake in Bluewater Shopping Centre in Kent, U.K., after failing to agree on a price with its seller Lendlease Corp. Ltd. It was reported earlier that the Australia-listed company was seeking £510 million for its ownership in the retail asset.

* The U.K. panel on takeovers and mergers gave a deadline of June 29 to private equity firms Starwood Capital Group and TDR Capital LLP to make a firm offer or withdraw from their respective takeover bids for serviced office group IWG PLC. The deadline was extended from its original date of June 8 upon IWG board's request.

UK

* As part of its conversion into a U.K. real estate investment trust, Johannesburg-listed Stenprop Ltd. filed a prospectus to list 291,718,476 ordinary shares on the London stock exchange. The euro-denominated shares are expected to be admitted to trading on the specialist fund segment of the London bourse on June 15.

* Following its November 2016 IPO, which made it the U.K.'s first pure-play social housing real estate investment trust to be listed, Civitas Social Housing PLC has injected north of £500 million into the social housing sector in England and Wales.

According to a statement, these investments have led to the trust housing almost 3,000 individuals spanning 122 authorities in the U.K.

* Healthcare-focused REIT MedicX Fund Ltd. bought a portfolio comprising 12 primary care medical centers in the U.K. for £63.8 million. The off-market deal has expanded the company's total portfolio to 166 properties.

* Developer Mount Property Group closed the acquisition of the National Express station site in Liverpool, where it plans to construct a £45 million student housing project, Construction Enquirer reported. Plans include two 16-story and 10-floor towers, offering a total of 566 student units. The company is expected to shortlist contractors for the project by July-end, the publication reported.

* Cording Real Estate Group privately purchased a portfolio of mixed-use assets in the U.K. from a private family trust for £38.4 million, at a net initial yield of 7.68%. The 408,060-square-foot portfolio comprises 70% of industrial assets and 30% of office and retail properties, the company noted in a release.

* Brick by Brick, a company owned by Croydon Council, received planning approval to deliver a 25-story mixed-use building comprising 128 homes, flexible office space, and retail and leisure area in central Croydon, Property Week reported.

* Orchard Street Investment Management purchased the 3 Arlington Square prime office building in Bracknell from Arlington for nearly £22.7 million, marking a net initial yield of 6.25%. The 67,862-square-foot office asset was acquired for St. James's Place Property Unit Trust, according to a release.

* Leftfield Properties paid roughly £21.2 million to purchase Caledonian Retail Park near Glasgow from DTZ Investors, PW reported. The park generates £1.8 million in rent per year and has a weighted average unexpired lease term of 7.5 years, the publication added.

Denmark and Sweden

* PensionDanmark is spending 2 billion Danish kroner on the development of a city quarter in Aarhus, Denmark. The pension fund bought a 36,000-square-meter plot from Ferguson Nordic Holdings Aps for the project, which will include 70,000 square meters of new homes and commercial buildings.

* Klövern AB plans to issue up to 1.00 billion Swedish kronor worth of hybrid bonds, depending on market conditions.

Spain

* In connection with the early redemption of €250.0 million of its 4.0% convertible bonds, NH Hotel Group SA has agreed to issue 18,946,932 ordinary shares in discharge of the voluntary conversion notices received in respect of €93.2 million principal amount of the bonds.

The Netherlands

* Globalworth Poland Real Estate NV is looking to raise at least €450 million via a private placement of new ordinary shares to fund its acquisition of new properties, to repay loans and for general corporate purposes. The company's majority shareholder, Globalworth Real Estate Investments Ltd., will subscribe for at least €300 million worth of shares in the offering.

Other real estate news

* Amsterdam-based The Student Hotel acquired five European assets as part of its goal to increase its portfolio to 65 properties across the continent in five years, IPE Real Assets reported. The deal involves sites in Paris; Lisbon and Porto, Portugal; Barcelona; and Florence, Italy, the report added.

Now featured on S&P Global Market Intelligence

Conference Chatter: Store openings by digitally native brands picking up, Macerich exec says

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Anusha Iyer contributed to this report.

As of June 8, US$1 was equivalent to 8.72 Swedish kronor and 6.33 Danish kroner.