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Great Portland posts full-year profit; Battersea phase 2 buyers seek £1.5B loan

* Great Portland Estates PLC's adjusted pretax profit after a revaluation surplus amounted to £76.7 million for the full year ended March 31, compared to a loss of £140.2 million in the previous year.

Basic EPS for the year came in at 21.5 pence as opposed to a per-share loss of 40.8 pence in the prior year, while diluted EPRA EPS rose during the reporting period to 20.4 pence from 17.3 pence in 2017.

* Buyers of the second phase of London's Battersea Power Station project are looking to secure bank loans worth £1.5 billion for debt refinancing and for the settlement of their roughly £1.61 billion acquisition deal. The Employees Provident Fund Board and Malaysia's Permodalan Nasional Bhd. are buying the assets from an associate of SP Setia Bhd.

UK

* A joint venture between Places for People Group Ltd. and Universities Superannuation Scheme plans to invest £330 million in the U.K. private rented sector. The partnership will pay PfP about £150 million for the acquisition of a seed portfolio of residential assets and purchase similar properties worth about £10 million.

* John Sisk signed a £96 million contract with developer Bruntwood to begin work on the second phase of the Circle Square development in Manchester, Construction Enquirer reported. The master plan for the three-phase Circle Square includes 1.2 million square feet of commercial office space, 1,700 new homes and 100,000 square feet of retail and leisure space, with over two-thirds of the project slated to be completed by 2020, the report added.

* Galliford Try Partnerships has kicked off the £47 million development of the Solihull Retirement Village for ExtraCare Charitable Trust, Construction Enquirer reported. The project in Solihull will comprise 261 apartments across 12 levels and is scheduled to be completed in 30 months.

* Event rental services company Arena Events Group Ltd. bought Ice House Rentals Ltd., which has more than 200 cold rooms across the U.K. Ice House Rentals will be integrated into Arena's furniture and tableware division.

* Construction group Dandara is aiming to deliver 340 new built-to-rent homes at the Bedminster town in central Bristol, subject to the approval of Bristol City Council, Construction Enquirer reported.

* First-time buyers in London have to pay twice as much to purchase a house in the capital compared to the rest of the U.K., as the average price of a house bought by a first-time buyer reached £420,132 in London, in contrast to £210,515 in other parts of the country, The (U.K.) Guardian reported. Citing data from Lloyds Bank, the publication noted that the disparity is because of a 40% jump in the average property price in London to £610,701 in 2018 from £435,712 in 2013.

Germany

* Peakside Capital sold The Forum Landsberger Allee mixed-use asset in Berlin to Patrizia Immobilien AG for €100 million. The asset features 35,000 square meters of office and retail space, including an 870-bed Generator Hostel and a 155-room Park Plaza hotel.

Italy

* COIMA RES SpA SIIQ agreed to pay €45.0 million, excluding transfer tax and due diligence costs, for the purchase of the Pavilion complex in the Porta Nuova district of Milan from UniCredit SpA. The property has a total gross surface area of about 3,000 square meters and is used as an exhibition center, and for hosting events and conferences.

France

* Tristan Capital Partners' fund, European Property Investors Special Opportunities IV, and STAM Europe jointly bought a development site at Val-de-Fontenay in Paris for the construction of a five-story office building, with 14,500 square meters of prime office space. Work on the development is expected to be completed in the second quarter of 2021, according to a release.

Sweden

* Genesta purchased office assets in Stockholm on behalf of its Nordic Real Estate Fund II, from local property company AFA Fastigheter. The Svea Artilleri 10 & 11 properties encompass a total of 12,800 square meters of space, the publication added.

Other real estate news

* HANSAINVEST Real Assets is earmarking €200 million to €300 million of funds for the expansion of its logistics property portfolio by 2019-end, PIE reported. The company will target the German, Benelux and U.K. core markets, and also invest in select deals in France, the Nordic countries, Spain and Poland.

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Anusha Iyer contributed to this report.