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Lendlease picked for £1.5B UK project; Banimmo, Patronale Life finalize merger

* Australia's LendLease Group won a contract from the Birmingham City Council to help deliver the £1.5 billion Birmingham Smithfield redevelopment project in Birmingham, U.K. The council and the property developer will partner to transform the 17-hectare site into more than 2,000 homes, a family destination, a new site for the city's Bull Ring retail markets and other facilities.

Work on the project is estimated to commence in 2022.

* Belgian insurance company Patronale Life NV wrapped up the purchase of a 60.13% stake in Belgian real estate company Banimmo from French real estate investment trust Affine. The shares were acquired for €3.30 apiece.

UK and Ireland

* The Spelthorne Borough Council is in advanced talks to pick up the £160 million One Embassy Gardens office project at Nine Elms in the British capital from developer Ballymore, Property Week reported. Part of the 1,750-home Embassy Gardens project, the 156,000-square-foot building is nearly 80% preleased to publishing company Penguin Random House.

* PW also reported that the Spelthorne Council is buying the 100,000-square-foot 100 Cheapside office property in the City of London that was placed on the market by Aberdeen Standard Investments in 2018 for £136 million. The deal, if it goes through, will mark the council's first buy in the City of London property market.

* Hines acquired the 423,000-square-foot Cribbs Causeway Distribution Centre in Bristol, U.K., on behalf of the Hines European Value Fund from M&G Real Estate. Financial details of the off-market logistics deal were not disclosed.

* Ireland's Marlet Property Group lodged plans for the initial phase of the Belgard Gardens residential and student housing development at Tallaght in County Dublin, The Irish Times reported. The company intends to deliver 438 apartments and 403 student beds, among other facilities, as part of the first stage of the project.

Germany and Austria

* Consus Real Estate AG divested the No. 1 office and hotel development in Mannheim, Germany, under an approximately €100 million forward-sale agreement to an undisclosed buyer. Plans for the project comprise six floors and a high-rise building named Lindenhofplatz, totaling 20,000 square meters of leasable area.

* South Korea-based Inmark Asset Management's fund acquired the Office Provider complex in Vienna's Favoriten district for €68.8 million from UBM Development AG. The seven-story office asset contains 18,500 square meters of leasable space that is fully occupied, with one floor serving as UBM's headquarters, according to a release.

* Asset manager AEW paid an unknown sum to purchase the 14-story Quadra office property in Frankfurt's Niederrad district for its AEW City Office Germany Fund, IPE Real Assets reported. The 10,000-square-meter building was sold by Deka Immobilien and was held under its Deka Immobilien Europa retail property fund, the report added.


* Swedish developer Skanska AB sold for €90 million a 357-room hotel building near the Copenhagen airport to Pareto Securities' City Danmark A/S unit. The 25,200-square-meter hotel is scheduled to be completed in December 2020 and is expected to change hands in the first quarter of 2021.


* BNP Paribas REIM purchased the D38 office asset in Barcelona for an unknown sum on behalf of its Next Estate Income Fund III. The roughly 20,000-square-meter property in the Zona Franca district is fully occupied by three tenants.


* Sweden-based Bonava AB's Bonava Latvija unit is planning to spend €40 million on the development of 16 apartment buildings that will become part of the Dreilina Majas housing project near the capital city of Riga. The residential project will offer 700 apartments by its expected completion in 2023.

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