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Plans approved for £17M distribution unit; Altarea Cogedim sells future Paris HQ

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Plans approved for £17M distribution unit; Altarea Cogedim sells future Paris HQ

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK

* Buccleuch Property Fund and partner Argon Properties obtained approval to deliver a new 157,000-square-foot manufacturing and distribution unit, dubbed Velocity 194, on a 10-acre site at Armstrong Way in Washington. The £17 million property is expected to be ready for use as early as the third quarter of 2019.

* In its latest property sales program update, Local Shopping REIT PLC said it has sold or agreed to sell 36 properties for a total of £5.8 million, marking a premium of 1.1% to the carrying value before sales costs. The company plans to market a further 32 assets, collectively valued at £10.5 million, as individual properties and small portfolios.

* Circle Property PLC wrapped up the £3.5 million sale of a petrol station and convenience store at the Solstice Park in Amesbury, Wiltshire, at an 18.6% premium to the asset's book value. Proceeds from the noncore asset sale will be channeled to Circle Property's renovation and purchase pipeline.

France

* Altarea Cogedim divested its future headquarters building in central Paris in an off-plan transaction with insurance company CNP Assurances for an undisclosed amount. Work on the redevelopment of the over 33,000-square-meter rue de Richelieu building, which served as the former French headquarters of Allianz, is slated for completion in 2019-end. The company plans to secure HQE Exceptional, BREEAM Excellent, BBC-Effinergie Rénovation and WELL silver environmental certificates for the building.

Germany

* Leitner Beteiligung GmbH bought a commercial building in Trier from Coreo AG's Hydra portfolio for an undisclosed sum.

Additional coverage

Report: Turkish conglomerate Doğuş to sell southern Europe luxury hotels

Vonovia to buy 10% stake in 4,000-unit French residential portfolio

Report: Evans Randall close to signing £200M deal for central London portfolio

Ballymore seeking £160M for office development in London's Nine Elms district

Report: M&G could place Surrey, UK, business park up for sale for £150M

Joyce Guevarra contributed to this report.