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Essential IR Insights Newsletter - February 2023

Evans Randall nears £200M London deal; Tritax buys Italian warehouse for €118M

* Evans Randall Investors Ltd. is said to be nearing a deal for an up to £200 million acquisition of a seven-property portfolio in central London. The Clerkenwell Collection, which primarily includes office assets, was placed on the block earlier in 2018, with Lewis & Partners marketing it for north of £210 million, reflecting a yield of 4.08%.

* Segro PLC entered a deal to sell a 158,000-square-meter warehouse in in Passo Corese, near Rome, for €118 million to Tritax Eurobox PLC. The facility has a gross internal area of roughly 158,000 square meters across three floors and is leased to an online retail company on a 15-year term.

UK and Ireland

* Great Portland Estates PLC obtained a £450 million unsecured revolving credit facility from NatWest, Santander Corporate & Investment Banking, Wells Fargo, Lloyds Bank PLC, Crédit Agricole CIB and the Bank of China. The facility has a headline margin of 92.5 basis points over the London interbank offered rate.

* LXI REIT PLC raised gross proceeds of £175 million via an issuance of 155,433,165 ordinary shares at 112.75 pence apiece. The shares are expected to be admitted to trading on the London Stock Exchange's main market Oct. 16, the company said in a release.

* South Korean multinational conglomerate Samsung is negotiating for joint ventures with British modular housing manufacturers to build smart homes after signing a deal earlier in 2018 to provide exclusive home appliances for 3,000 build-to-rent homes at Quintain's Wembley Park project in London, Property Week reported. The tech giant is looking to integrate its products into the new homes during the construction process, according to the report.

* Ballymore Group is planning to dispose of its 156,000-square-foot One Embassy Gardens office building development in London's Nine Elms district for approximately £160 million, PW reported. The building is nearly 80% pre-leased to publishing company Penguin Random House.

* M&G Real Estate is also looking to divest its Heights Brooklands business park in the town of Weybridge in Surrey, U.K., for approximately £150 million, at a yield of 6.25%. Knight Frank was reportedly appointed to market the five-building asset in the upcoming weeks.

* Hong Kong developer Chinese Estates Holdings Ltd. is inviting redevelopment proposals for Goldman Sachs Group Inc.'s London headquarters as the bank is set to relocate from the property in 2019. The 430,000-square-foot River Court building in London's financial district has received proposals for an approximately 15% extension from some developers.

* Apache Capital established a new partnership with Harrison Street Real Estate Capital to finance the development of up to seven premium build-to-rent development in England and Scotland. The new platform, which will also receive more investment from National Farmers Union Mutual Insurance Society Ltd., has already begun work on the first of the projects in Liverpool.

Apache has created a £2 billion investment pipeline of upwards of 6,000 rental homes in the U.K. with its partner Moda, according to a release.

* Community retail real estate investment trust Capital & Regional PLC plans to build more homes above its shopping malls after gaining permission for a 500-unit development at The Mall Walthamstow in London and a 214-unit project at The Exchange in Ilford, U.K., PW reported. The company's new direction could increase the size of its residential portfolio by a maximum of 40%, according to the report.

* Developer Forth Ports obtained approval from the City of Edinburgh Council for its revised plans for a new 1,600-home project at Western Harbour in Leith, Scotland, PW reported. New plans for the development also include a board walk promenade, a park and a new school.

* The pre-leased Lennox building spanning 3,060 square meters in Dublin has been placed on the market with a price tag of €25.5 million through Knight Frank, reflecting a net initial yield of roughly 5%, The Irish Times reported. Paddy McKillen Jr and Derek McGrath are developing the five-story office building, which will also include 48 bicycle spaces and eight car parking spots.

* Tritax Big Box REIT PLC agreed to a £89.3 million deal to forward fund a new distribution center at the Midlands Logistics Park in Corby, U.K., subject to planning permission. The asset will contain a gross internal area of about 945,375 square feet and is set to be BSH Home Appliances Ltd.'s largest distribution facility in the U.K.

Sweden and Finland

* Swedish real estate group Klövern AB issued an offer document for its planned cash buyout of fellow Swedish property company A Group Of Retail Assets Sweden AB, or Agora. Klövern subsidiary Dagon Sverige AB is offering 30.00 kronor apiece for ordinary class A and class B shares it does not already own in Agora, and 275.00 kronor for each outstanding preference share.

* BlackRock Real Assets marked its second acquisition in the Finnish office sector with the purchase of a 9,632-square-meter vacant building in Helsinki's central business district for an unknown amount, IPE Real Assets reported. The investment manager entered the market in September with the acquisition of an office building in the capital's Ruoholahti area, according to the report.


* CA Immobilien Anlagen AG CFO Hans Volkert Volckens resigned from the group's management board, with effect from Oct. 10, following shareholder Immofinanz AG's roughly €757.9 million stake sale in the Austrian commercial real estate company to a Luxembourg-based fund managed by Starwood Capital Group. CA Immobilien's supervisory board will meet to discuss Volckens' replacement within the next few weeks.


* French fund manager Mata Capital bought a 35,000-square-meter office campus in Paris' Massy suburb from a UBS Immobilier-managed fund, growing its assets under management to €450 million, PIE reported.

Other real estate news

* A consortium comprising Vonovia SE, Ampère Gestion, Swiss Life, French pension scheme ERAFP and retirement fund IRCANTEC is acquiring an 80% stake in the 4,000-unit Foncière Vesta residential portfolio owned by a unit of French railway company SNCF Group.

The deal will give Vonovia a 10% stake in the portfolio for a higher double-digit million euro amount, according to a release.

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Celestyn Wong contributed to this report.