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Vonovia expects revenue cut from Berlin rent cap; Secure closes hospitals sale

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Vonovia expects revenue cut from Berlin rent cap; Secure closes hospitals sale

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* German residential landlord Vonovia SE said a plan by the Berlin government to implement an absolute rent ceiling as part of a proposed rent freeze law could result in a one-off rental income reduction of up to €25 million for the company's Berlin portfolio in 2020. The projected reduction represents roughly 1% of the company's overall rental income based on annual rental income figures as of the first half of 2019.

The Berlin state government plans to cap rents at €7.97 per square meter per month as part of a rent freeze, Reuters reported, citing Berlin daily Der Tagesspiegel.

* U.S.-based Medical Properties Trust Inc. closed on its investments of approximately $2.0 billion to acquire the real estate interests of eight U.K. hospitals operated by Ramsay Health Care Ltd. and 16 hospitals operated by Prospect Medical Holdings Inc. The trust bought the eight hospitals from Secure Income REIT PLC in a deal that closed Aug. 16, while the deal for the 16 hospitals closed Aug. 23.

UK

* Scotland-based commercial developer Saltire Business Parks completed a number of deals at Moray's Elgin Business Park, which will allow work to start on four developments over the coming months, PropertyEU reported.

Germany and Hungary

* Deutsche Pfandbriefbank AG granted a €52 million investment loan and VAT facility to an open-ended special alternative fund managed by Warburg-HIH Invest Real Estate for the acquisition of a newly built A-class office building within Budapest's Váci Ut corridor from developer GTC. The building, which offers a gross lettable area of about 22,300 square meters, has an average lease term of over eight years and is fully let to international tenants such as BlackRock, Jaguar Land Rover and Spaces. The property has a LEED Platinum certification.

* Trei Real Estate GmbH purchased the Hafeninsel II and Hafeninsel III development sites at the new Zollhafen Mainz urban quarter development in Mainz, Germany. The developer plans to build around 150 rental apartments and condominiums at the sites, which add up to a total plot area of 11,500 square meters. The property was sold by Zollhafen Mainz GmbH & Co. KG, a joint venture between CA Immo Deutschland GmbH and Mainzer Stadtwerke AG.

Zollhafen will develop the Zollhafen Mainz urban quarter development, which is expected to be completed by 2025. Overall, about 1,400 apartments will be built in the quarter.

Nordic countries

* According to Europe Real Estate, NCC Property Development AS is selling the Valle Wood and Valle View office projects, along with the remaining development rights in the Helsfyr area of Oslo to Valle Eiendom Holding AS for roughly €186 million. The development project in Valle covers roughly 60,000 square meters of office development rights.

Valle Wood was completed in 2019, while Valle View is under construction and is expected to be completed in the second quarter of 2021. Valle View has been leased to the Norwegian Directorate of Immigration.

* Swedish construction firm Skanska AB merged its Polish and Czech/Slovak construction operations into one business unit, known as Skanska Central Europe. The combined unit will provide leverage opportunities that were not previously available due to the relatively smaller sizes of the firm's Polish and Czech units, Skanska said in a press release.

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