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Corestate buys Stam Europe; Northern & Shell's £1B London project approved

* Luxembourg-based real estate investment manager Corestate Capital Holding SA closed the acquisition of its French peer Stam Europe following French regulatory authority AMF's approval. The deal increases Corestate's assets under management by about €2 billion to €28 billion. The acquired assets will be integrated into Corestate Capital in the first quarter. The acquisition marks Corestate's entry in France and is part of its strategy to expand its Europe footprint.

* Northern & Shell PLC secured planning consent to develop a mixed-use property in east London's Isle of Dogs for £1 billion, The (U.K.) Times reported. The company will develop 1,500 homes with shops, offices, restaurants and a new secondary school on the 15-acre Westferry Printworks site.

* Mubadala Investment Co. PJSC subsidiary Masdar unveiled the first green real estate investment trust in the United Arab Emirates, with an initial valuation in the range of 950 million UAE dirhams to 1 billion dirhams, Emirates News Agency reported. The private, sustainable REIT will be launched as a qualified investor fund and will initially own four commercial properties totaling 57,493 square meters within Masdar City in Abu Dhabi.

* Electricity Supply Board's ESB Commercial Properties Ltd. placed an office property development in Ireland on the market with a guide price of €168 million. The eight-story Fitzwilliam 28 building in Dublin will span 12,599.2 square meters net internal area of grade A office space with 50 car parking spaces. Slack Technologies Inc. took a long-term lease for the entire building for a rent roll of above €7.7 million per year and an approximate initial yield of 4.2%.

* Bouygues (UK) Ltd.'s property development company Linkcity partnered with Canterbury City Council, Harrison Street and the Hyde Group to develop a mixed-use property in Canterbury, U.K., for an overall gross development value of £115 million. The Riverside project will consist of 50,000 square feet of retail, leisure and restaurant space, 491 student residences and 189 affordable homes on an 8.4-acre lot. The scheme's student residences will be 80% owned by Harrison Street and 20% owned by Linkcity's Uliving brand. Linkcity will develop the retail and leisure component of the project for £70 million, while the housing units will be delivered in partnership with the Hyde Group.

The student residences and commercial area will be ready in the autumn of 2021, while the affordable homes will be delivered in 2022.

UK and Ireland

* Persimmon PLC's group revenues slipped 2.4% to £3.65 billion in 2019 from £3.74 billion a year ago, as it prioritizes improvements on quality and customer service. Revenues from new housing declined 3.5% to £3.42 billion from £3.55 billion, while the volume of new home legal completion was down to 15,855 from 2018's 16,449, according to the British homebuilder's trading update.

* Whitbread PLC acquired Snow Hill Police Station from the City of London Corp. on a 151-year lease. The property in London's Farringdon district will be converted into a hotel, subject to planning permission. The Police will continue to occupy the station potentially until December 2020.

* Walduck family's investment firm Imperial London Assets bought the Holiday Inn hotel in Bloomsbury, U.K., from Luxembourg-based real estate company Vivion Investments for roughly £90 million, according to Property Week.

* Property developer Opus North and fund Fiera Real Estate acquired a seven-story office property in central Leeds, U.K., PW reported. The duo plans to redevelop the 1989-built asset into grade A offices, which are expected to be ready for occupancy in 2021. The purchase marks the close of Fiera Real Estate Opportunity Fund V UK, according to the report.

* Corum Asset Management bought two office buildings in Dublin from a joint venture led by Avestus Capital Partners for a total of €60 million, The Irish Times reported. The French asset management company bought One Kilmainham Square for roughly €33 million and Classon House for €27 million in separate transactions, the newspaper reported.

* Iput PLC plans to sell four office assets in Dublin for a combined guide price of €50 million and a net initial yield of 6.55%, according to The Irish Times. The properties being sold are in EastPoint Business Park and Richview Office Park.


* LaSalle Investment Management Inc. bought on behalf of its LaSalle E-REGI fund an office building in Frankfurt's Westend from a partnership between Art-Invest Real Estate GmbH & Co. KG and Red Square GmbH, REP Europe Real Estate reported. The Morrow building spans 7,000 square meters of lettable space across 11 floors with six terraces. The purchase agreement and the refurbishment of the property will be completed in July.

* IC Immobilien Holding AG sold the BSU Gewerbepark property near Stuttgart to BRE Gewerbepark Lichtenstein GmbH on behalf of the owner. The business park at Wilhelmstrasse 162 in Lichtenstein spans roughly 28,000 square meters and is occupied by businesses in the fulfillment, logistics and textile sectors.


* Prologis Inc. sold a 36,000-square-meter logistics property in Northern Italy's Veneto region for €24 million, IPE Real Assets reported. M&G Real Estate, on behalf of the M&G European Property Fund, bought the asset, which is pre-leased for 15 years to logistics firm Geodis, according to the publication.

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