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NEPI Rockcastle agrees to sell Romanian office assets; AEW secures €150M mandate

* NEPI Rockcastle PLC agreed to sell all of its shares in subsidiaries holding its entire portfolio of four office properties in Romania to AFI Europe N.V. for an estimated €290 million. The portfolio, which comprises Floreasca Business Park, The Lakeview and Victoriei Office in Bucharest, and City Business Centre in Timisoara, has a combined gross lettable area of about 117,500 square meters and fair and book value of €308 million.

NEPI Rockcastle will use the proceeds to fund its acquisitions and developments pipeline.

* Following South Africa-listed Growthpoint Properties Ltd.'s decision to take over Capital & Regional PLC through a partial cash offer for 219,786,924 shares, the offer became wholly unconditional Dec. 9. The offer officially closed at 1 p.m. London time on Dec. 13 and is no longer open for acceptances. As at the final closing date, Growthpoint received a total of 458,377,271 valid acceptances, representing approximately 63% of Capital & Regional's ordinary shares.

* AEW secured a €150 million mandate from German public pension fund Rheinische Versorgungskassen to invest in core office and retail properties in France, IPE Real Assets reported. The mandate will also have a target leverage of 40% to 45%, bringing its investment capacity to €250 million to €300 million. According to the report, 80% of the investment will be allotted in the Paris market.

* Ireland-based property company IPUT PLC bought the 3 Dublin Landings office building on Dublin's North Quays for €115 million in an off-market deal. Ballymore and Singapore-based Oxley Holdings Ltd. sold the property, which will offer 120,000 square feet across five floors, among other amenities.

* The Luxembourg-based Court of Justice of the European Union is set to issue its ruling on Dec. 19 on whether homesharing website Airbnb Inc. should be classified as an online booking service or a real estate agent, Reuters reported. The issue stems from the dilemma of state agencies on how to regulate online services venturing into traditional businesses without being subjected to the same rules, according to the report.

* Dutch pension fund APG and joint venture partner London Central Portfolio Ltd. acquired Harrington Hall Hotel in London. The property in South Kensington will be redeveloped into an all-suite hotel.

APG also invested in City ID, a Dutch company that owns three apartment hotels in Amsterdam.


* Agents for luxury London assets saw a jump in home sales after the Conservative Party's victory during the general election, according to London's Financial Times. Buying and selling agents said purchasers are now willing to shell out up to £50 million for homes, with foreign buyers also wanting to pre-empt a stamp duty surcharge proposed by the government, the report added.

* Rightmove projects a 2% pickup in U.K. property prices in 2020 following the British general election. The property website said prices are expected to climb as the renewed investor confidence will prompt some pent-up demand to be released in the spring of 2020.

* LCN Capital Partners LP acquired the Sir Ian Wood House building in the Altens area of Aberdeen from HFD Group Ltd. for £80 million, The (U.K.) Times reported. The building houses about 2,000 staff of the Wood Group, an engineering company previously run by Sir Ian Wood, according to the publication.


* Amundi Real Estate bought on behalf of its funds an office tower in Rotterdam for an undisclosed sum, IPE Real Assets reported. The 20-story One Twenty-Allianz Tower spans 19,000 square meters and is leased to the Allianz Group.


* Patrizia AG acquired its third residential asset in Valby from Europa Capital and Keystone Investment Management A/S. The fully let property spans 9,450 square meters and consists of 96 residential units with roughly 300 square meters of retail space divided into three units.

Middle East

* The decline in Dubai's prime property prices is expected to ease to 2% in 2020 from 3.7% in 2019, as the market is seen to receive a boost from the upcoming Expo 2020 event, Arabian Business reported, citing a research from Knight Frank.

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