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Accelerate sells 2 South African properties; MedicX forward funds UK asset


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Accelerate sells 2 South African properties; MedicX forward funds UK asset

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

UK and Ireland

* MedicX Fund Ltd. signed a forward funding deal to purchase a new primary healthcare medical center in the Vale of Neath, south Wales. The 1,536-square-meter development is slated for completion in September 2018 and is expected to cost £4.6 million.

The company also said it sold five primary healthcare assets in Wolverhampton, Southampton, Gravesend, Leicester and Grimsby, all in the U.K., for a sum of approximately £5.6 million, realizing a gain of roughly £250,000 over the properties' appraised values.

* Conygar Investment Co. Plc finalized the construction of its Marks and Spencer Food Hall at Nottingham Road in Ashby-de-la-Zouch, U.K., and simultaneously sold the asset for approximately £4.4 million. The company said it has commenced the lease at the asset upon its completion.

* Standard Life Investments Property Income Trust Ltd. closed the £12 million purchase of the 1 Station Square multi-let office property in Bracknell, U.K., at a yield of 6.9% on the topped up rent.

* Hammerson Plc is leasing an 868-square-foot store inside The Ilac Centre in Dublin to Australian stationery chain Smiggle for the retailer's second shop in Ireland. Smiggle opened its first Irish store in Hammerson's Dundrum Town Centre earlier in 2017.


* Wihlborgs Fastigheter AB bought the Olsgård 7 property in Fosie, Malmö, from Malmö Tidningstryck AB's estate for 34 million Swedish kronor. The asset spans 14,000 square meters with a roughly 4,500-square-meter warehouse and office building.

South Africa

* During the October-November period, Accelerate Property Fund Ltd. sold the Tyger Manor retail center in Cape Town and the Eden Terrace Shopping Centre in Edenvale for 59 million South African rand and 38.5 million rand, respectively.

Additional coverage

Pandox confirms negotiations for UK hotel portfolio

Hammerson, partner selling French retail asset to LaSalle for €291M

Union Investment pays €245M for London office property

Hamborner REIT buying 3 German retail centers for €45M

Accelerate Property buying Polish logistics portfolio for €42M

Joyce Guevarra contributed to this report.

As of Nov. 21, US$1 was equivalent to 8.44 Swedish kronor and 13.99 South African rand.