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Deutsche Wohnen in €685M German buy; Patrizia lands approval for UK project

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Deutsche Wohnen in €685M German buy; Patrizia lands approval for UK project

* Deutsche Wohnen SE entered into a €685 million deal to purchase a German residential portfolio from Sweden-based Akelius. The portfolio contains 2,850 residential units and 100 commercial units across Frankfurt, Cologne and Düsseldorf.

* Patrizia Immobilien AG obtained planning approval for its Edgbaston Residences build-to-rent project in Birmingham, which has a gross development value of £85 million, Property Week reported. The project site, acquired in 2017, is adjacent to the Edgbaston Cricket Stadium and due for completion in 2022.

UK

* The University of Birmingham is looking for four partner contractors to deliver a £700 million pipeline of projects over the next 10 years, Construction Enquirer reported. The university is on track to complete the £350 million first phase of its £1 billion, 10-year planning and delivery program in 2021 and plans to invest a further £600 million to revamp its campus between 2022 and 2026.

* Meanwhile, the South Tyneside Council is searching for a development partner in a new £200 million riverside mixed-use development at Holborn in South Shields, Construction Enquirer reported. A housing contractor will be appointed to build over 400 homes on the 10.5-hectare site, which will also include office space and cultural area.

* Maloneview secured Trafford Council's consent for its £70 million regeneration of The Square Shopping center at Sale in Manchester, PW reported. Plans for the mixed-use project encompass 36,597 square feet of retail and leisure space, a six-screen cinema and up to 202 new residential units.

* British Land Co. PLC is seeking approval for a 60,000-square-foot landscaped park at its Broadgate estate in the City of London, PW reported. The new park will also feature a new restaurant and event space.

* PW also reported that British insurance company Rothesay Life signed a deal to pre-lease 50,000 square feet of space at Brockton Capital LLP and Oxford Properties Group's newly revamped Post Building in London. The 320,000-square-foot refurbishment of the former Royal Mail sorting office is expected to be completed in the first quarter.

* A joint venture between developer Project Etopia and construction system producer 4wall opened a 50,000-square-foot new modular housing factory at Ellesmere Port in Cheshire, Development Finance Today reported. The facility has the capacity to produce 2,000 homes a year.

* On behalf of its Triton Property Fund, UBS Asset Management paid £15 million to buy the 46,835-square-foot, three-unit Seven Hills Business Park in Edinburgh from Peveril Securities, PW reported. A new 76,000-square-foot development, expected to complete in autumn, sits adjacent to the existing units and will add a further 11 units to the park.

* The £4.2 billion Teesside Pension Fund tapped CBRE to help with its plan to boost its direct portfolio by roughly £50 million to about £350 million, Real Estate Investment & Finance reported. CBRE-recommended strategies include a significant focus on long-income funds in the future.

* European investors have invested £16.9 billion into the U.K. commercial property market between 2016 and 2018 as they remain attracted to the sector despite Brexit concerns and related uncertainties, Real Estate Investment & Finance reported, citing a Savills research. The two-year period was the strongest for European investment in the U.K. since the 2006-2007 period, the report added.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce contributed to this report.