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Pandox confirms UK hotel portfolio deal reports; TLG places €400M bond


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Pandox confirms UK hotel portfolio deal reports; TLG places €400M bond

* Pandox confirmed earlier reports and said it has begun negotiations for the potential acquisition of a hotel portfolio centered on larger cities in Great Britain and the Republic of Ireland. The company was considering a bid for Lone Star's portfolio of 36 Jurys Inn hotels in a deal worth approximately US$1 billion, Reuters reported in October, citing sources familiar with the matter.

Lone Star placed the portfolio on the market in May along with six Hilton hotels.

* TLG IMMOBILIEN AG placed unsecured, fixed-rate stand-alone notes due Nov. 27, 2024, with a €400 million nominal amount. The notes bear an interest of 1.375% per year and were issued at a price of 99.735% with a total annual yield of 1.415%. Net proceeds from the issue will be used to refinance roughly €300 million in certain land-charge secured loans, for future purchases and for general business purposes.

France and Luxembourg

* Hammerson Plc agreed to sell its 64.5% share in Place des Halles shopping center in Strasbourg, France. Hammerson and its co-owner will sell the property to LaSalle Investment Management for a total net vendor price of €291 million.

* Foncière des Régions unveiled a €166 million project to convert the former EDF tower in Lyon, France, into a 30,900-square-meter, two-building complex. The Silex2 project in the Lyon Part-Dieu business district will include flexible office and co-working spaces, as well as living and commercial areas, with work scheduled to commence by 2017-end and a delivery expected in late 2020.

* Aroundtown SA deferred the delisting of its shares from Euronext Paris to a later date from the original date of after Dec. 4 due to a more lengthy technical procedure in the delisting process.


* London Mayor Sadiq Khan gave Guildhouse Rosepride the go-ahead for its plans to construct a 794-unit residential tower in Croydon, London, a building which is poised to be one of the U.K.'s tallest, Property Week reported. The development will be carried out through a joint venture with China Building Technique Group Co., and will comprise a 68-story and a 41-story tower joined by an 11-floor podium structure.

* Union Investment paid roughly €245 million to acquire the nine-story office building at 160 Aldersgate St. in London for its open-ended real estate fund Unilmmo Deutschland. The property contains 19,300 square meters of rental space and is 100% leased by international law firm DLA Piper for 20 years.

* Two major EU agencies, the European Banking Authority and the European Medicines Agency, are set to leave their Canary Wharf, London, hubs to relocate to Paris and Amsterdam, respectively, according to PW.

* Derwent London Plc received planning consent from the City of Westminster for a total of 443,000 square feet worth of developments in London, PW reported. The plans include a mixed-use project at 19-35 Baker St. and a retail-led scheme at Holden House on Oxford Street.

* Hermes Investment Management, on behalf of its Hermes Property Unit Trust, paid an unknown sum to acquire the One City Place property in Chester from Muse Developments, PW reported. The building offers 70,000 square feet of grade A office space in the city's new Central Business Quarter.

* The Royal Bank of Scotland sold the Premier Place building in Devonshire Square, London, to Greycoat and an affiliate of a real estate fund advised by Morgan Stanley Real Estate Investing for an undisclosed amount, PW reported. The 230,000-square-foot office and retail building will be acquired vacant in January 2018.

* Clearbell acquired a 300,000-square-foot logistics facility and a 620,000-square-foot DHL-leased logistics asset in the U.K., in a transaction which reflects an aggregate net initial yield of 9% and a capital value of £23 per square foot, PW reported. The assets will be injected into Clearbell's Taurus platform, the report added.


* NH Hotel Group acknowledged an offer to merge with rival Spanish hotel operator Barceló in a deal that values the former at roughly €2.2 billion. Barceló could potentially offer €7.08 for every NH Hotel share to gain 60% of the combined company and create Spain's largest hotel group with revenues estimated at roughly €3.7 billion.


* Technopolis Plc signed a deal to sell a portfolio of office assets in Jyväskylä, Finland, for €104.5 million to Brunswick Real Estate AB's property arm Kielo and a group of international investors. The properties offer a total rentable area of about 49,000 square meters. The company will repay financial lease liabilities of €16.5 million on the assets.

Middle East

* Emaar Properties PJSC's development arm debuted on the Dubai Financial Market Nov. 22.

Its shares opened at 5.61 dirhams apiece, compared to its IPO per-share price of 6.03 dirhams.

The board of directors of Emaar Development PJSC also appointed Mohamed Ali Alabbar as chairman and elected Jamal Bin Theniyah as vice chairman.

* InterContinental Hotels Group Plc, in a partnership with Al Badr For Investments and Commercial Spaces Co., agreed to open Crowne Plaza Cairo Sheikh Zayed City in Egypt, in a bid to expand its Crowne Plaza brand across the Middle East and North Africa region. The 187-room hotel is slated for completion in 2021 and forms part of the second phase of the Arkan Plaza mixed-used development in Sheikh Zayed City.

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The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Anusha Iyer contributed to this report.