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London skyscraper gets approval; Sirius to alter trading segments in 2 exchanges

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London skyscraper gets approval; Sirius to alter trading segments in 2 exchanges

* Brookfield Property Partners LP received planning permission for the 1 Leadenhall office tower in the City of London, Property Week reported. The building will provide 538,000 square feet of office space and 51,000 square feet of retail space. Brookfield is also undertaking the 100 Bishopsgate, London Wall Place and Principal Place projects in the capital city.

According to a report form the Construction Enquirer, the £400 million skyscraper will be 36 floors high, making it slightly taller than the Gherkin building. Work on 1 Leadenhall is scheduled to start around June 2018.

* Sirius Real Estate Ltd. expects to cease the trading of its ordinary shares on London's AIM and on the Johannesburg Stock Exchange's AltX on or around March 6. The company intends to file an application for the admission of its common stock on the premium segment of the official list of the U.K. Listing Authority and to the London Stock Exchange's Main Market.

Additionally, the company received approval to transfer its shares from AltX to trade on the Johannesburg bourse's Main Board for listed securities. The company will hold an extraordinary general meeting Feb. 23 to solicit approval from shareholders for the plan.

UK and Ireland

* Hermes Real Estate is selling its 7.5% stake in the 1.6 million-square-foot Bluewater shopping center for approximately £167 million, PW reported. The company pursued a sale of its stake in 2010, but the deal fell through.

Prudential, M&G Real Estate, Land Securities Group Plc and the Lend Lease Retail Partnership are also stake owners in the retail asset.

* Calthorpe Estates and U and I Group PLC are seeking planning consent from the Birmingham city council for the £300 million New Garden Square mixed-use scheme in Edgbaston, Construction Enquirer reported. The project will deliver 600,000 square feet of offices, 400 apartments, shops and restaurants on an 11-acre commercial site.

A 12-month demolition program on the site has begun and the first phase of the project is expected to be completed in early 2020, the report noted.

* Catalyst Capital acquired a mixed-use portfolio of 23 properties in the U.K. for £51.5 million, at a net initial yield of around 9%, CoStar U.K. reported. The Meteor portfolio, purchased from Columbia Threadneedle, offers 794,000 square feet of space and generates a gross annual rental income of £5.44 million, according to the report.

* Custodian REIT Plc issued 7,000,000 new ordinary shares of 1 pence each priced at 106.33 pence apiece, with the issuance raising £7.4 million, excluding costs and expenses. The shares will be admitted to the premium segment of the official list of the UK Listing Authority and to trading on the London Stock Exchange's main market on Feb. 1.

* Britain's housing white paper, due to be published in January, is delayed for the second time due to it requiring a few more weeks of work, PW reported, citing sources familiar with the matter. The document, which will lay out the government's housing strategy for the next few years, was initially supposed to be published before 2016-end before a postponement to January.

* According to the Royal Institution of Chartered Surveyors, a weak British pound is poised to attract foreign investors to British commercial property, helping recovery of the sector this year as the U.K. proceeds with Britain's exit from the European Union, Reuters reported. The survey also indicates negative growth expectations for London commercial property values as more companies look to relocate their operations elsewhere, away from the capital.

* Unite Group Plc's unit Unite Students received planning permission for a total of 1,186 student beds in two developments in Birmingham and Sheffield. The two schemes are scheduled for completion in time for the 2018/2019 academic year and have a combined development cost of £75 million, including land.

Unite Students' development pipeline consists of 6,500 beds, which are expected to be delivered over the next three years.

* Developers are seeking planning approval for a 541-bed student accommodation in the redevelopment of the Park Shopping Centre on Prussia Street in Dublin, The Irish Times reported. The redevelopment, a joint venture between the Wilkinson family and Jeff Carter of Grand Coast Capital, aims to demolish the 17-unit shopping center and the properties at 42-45 Prussia Street, and replace them with a new three-block district asset comprising a supermarket, restaurants, retail units and medical clinic.

The student accommodation will house around 10,000 students by the end of 2017 and 20,000 students upon its expected completion in 2020, the report noted.

Germany

* M7 Real Estate paid €63.5 million to acquire a portfolio of office and light industrial assets from Valad Europe, on behalf of the M7 European Real Estate Investment Partners IV fund. The portfolio of ten properties spans approximately 103,000 square meters, including two assets offering 38,000 square meters of office space in central Düsseldorf.

The remaining assets, with approximately 64,800 square meters of total floor space, are located in Lohfelden, Ottobrunn, Regensburg, Barbing and Langenfeld.

* Swiss Life Asset Managers established a European real estate fund with €200 million of starting capital. The open-ended fund, known as Swiss Life REF (DE) European Real Estate Living and Working, is tailored for private investors in Germany with targeted returns of more than 2.5%.

The fund, backed by Corpus Sireo, will invest in housing, healthcare, office and retail assets in A locations in B cities and B locations in A cities across Europe.

* Local retail investor and asset manager Hahn acquired a 13,000-square-meter retail warehouse in Essen for €36 million and plans to invest €14 million to extend the asset by 6,000 square meters, PIE reported. Hahn made the purchase from an unnamed American investor, the report noted, citing a company release.

Sweden

Hemfosa Fastigheter AB issued a 750 million-Swedish-kronor senior unsecured bond loan Dec. 6, 2016, according to a company release dated Jan. 25. The bond loan was drawn down from a total framework worth 1 billion kronor on the Swedish bond market. The bonds will expire Dec. 6, 2019, and have a spread of three months Stibor plus 2.8% per annum.

The bonds will be listed on the Nasdaq Stockholm Corporate Bond list and admitted to trading "as soon as possible," the company said.

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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.

Celestyn Wong contributed to this report.