trending Market Intelligence /marketintelligence/en/news-insights/trending/pcrrjn3i_p8urunpkpoitg2 content esgSubNav
In This List

UK student assets up for sale for £432M; Cresco Capital raises €197M for fund


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

UK student assets up for sale for £432M; Cresco Capital raises €197M for fund

* In two separate deals, Unite Group Plc and Fusion Students are selling two U.K. portfolios comprising nearly 5,500 beds for a total of about £432 million, Property Week reported. Fusion is selling its Stellar portfolio for more than £232 million. The portfolio comprises luxury student accommodation across four properties offering 1,850 beds in Russell Group cities — Nottingham, Cardiff, Newcastle and Bristol.

Unite is selling its Mayflower portfolio consisting of 3,500 beds across 13 buildings in London and five other cities for roughly £200 million.

* Real estate investor Cresco Capital Group raised €197 million at the final close of its CCG1 fund, Property Investor Europe reported. The fund is focusing on German student and serviced apartments, while also looking for opportunities in neighborhood, office and hotel developments.


* The Crown Estate is seeking to divest its half-stake, valued at about £130 million, in the Gibraltar Limited Partnership with Hercules Unit Trust, amid increasing scrutiny of The Crown's portfolio in Scotland, PW reported. The primary asset of the joint venture is the Fort Kinnaird retail park in Scotland. It also owns the Gallagher Retail Park in Cheltenham.

British Land Co. PLC advises the partnership which is managed by Crestbridge Hercules Management IC.

* Primary Health Properties PLC plans to raise gross proceeds of up to £100 million by issuing up to 92,592,592 new ordinary shares.

The subscription price is 108 pence per new share, which reflects a 5.3% discount to the closing price of 114 pence per ordinary share as of March 22.

* Hermes Investment Management completed the acquisition of the Skypark office campus in Glasgow for roughly £78 million, reflecting an 8.3% yield, CoStar U.K. reported. Lone Star sold the 508,144-square-foot campus which consists of six office buildings and three development sites.

* Grainmarket Asset Management has brought to the market the Lime Street Estate in the City of London for an asking price of £78 million, reflecting a net initial yield of 7%, PW reported. The property comprises two office buildings with a total area of 121,255 square feet.

* Aprirose is looking for buyers for its mixed-use commercial property portfolio across the U.K., which is valued at about £75 million, PW reported. The company has mandated Knight Frank to market the nine properties that include the Clydesdale Bank Data Centre near Glasgow.

* Also in the City of London, the Standard Life Pooled Property Pension Fund is selling its long leasehold stake in the 60,916-square-foot 60 Gresham St. building for about £70.8 million, PW reported.

* Schroder UK Real Estate Fund has appointed Allsop to sound out buyers for its Palace House office building on London's South Bank for £55.4 million, PW reported. The deal for the 45,012-square-foot building represents a yield of 4.4%.

* Invesco Real Estate's clients paid £43 million to buy an 81,336-square-foot Morrisons supermarket in northwest London from Aberdeen Standard Investments at a net initial yield of 4.57%, PW reported.

* In a forward-fund deal, AIG Global Real Estate is buying a 430-bed student accommodation scheme in Bournemouth for £40 million, PW reported. Construction on the 16-story building is in progress, with completion slated for August 2019.

* Insurance company Prudential is shifting its headquarters to Angel Court in the City of London, PW reported. The British company has agreed to take 60,000 square feet of space on a long-term lease at the office property which is owned by Mitsui Fudosan's Mitsui Fudosan UK and Stanhope.

* Three London agencies, namely, Farebrother, Tuckerman and Union Street Partners, are joining forces to launch a flexible office consultancy for serviced and co-working space, PW reported. Flexible Office Space will be spearheaded by serviced office expert Adrian Goldney, with a focus on the three London submarkets of Midtown, Victoria and South Bank.

* Workspace Group Plc landed planning permission for the development of a mixed-use scheme at its Chocolate Factory and Parma House properties in Wood Green, Haringey. Plans for the project call for a redevelopment across the 2.3-acre site paving way for the construction of 230 new homes and 26,000 square feet of office space.

* The number of new homes built in 2017 rose 16% year over year with the completion of 163,250 homes during the period, compared to 140,850 homes in 2016, The (U.K.) Times reported, citing government figures. The number of starts also inched up 5% to 162,180.

Austria and Germany

* In light of the recent offer from a Starwood Capital Group affiliate, CA Immobilien Anlagen AG announced that its management board will "carefully assess the offer" and provide a reasoned statement.

SOF-11 Starlight 10 EUR S.à r.l. Luxembourg is offering to acquire a 26% stake in CA Immobilien and a 5% interest in IMMOFINANZ AG. The affiliate is offering €27.50 per share for 25,690,167 CA Immobilien shares and €2.10 per share for 55,831,570 Immofinanz shares.

* Adler Real Estate AG passed the 5% minimum acceptance level and obtained approval from Brack Capital Properties NV's shareholders to go ahead with the acquisition of a 41.04% stake in the Amsterdam-based and Tel Aviv-listed real estate operator from Redzone Empire Holding Ltd.

* Several parties have expressed interest in Vienna Insurance Group AG's 10% stake in real estate investment company S IMMO AG, Reuters reported, citing a spokesman for the Austrian insurance company.

The spokesman told the news outlet that it is too early to say if Vienna Insurance is contemplating a sale of its S IMMO stake because "there is no concrete offer yet."


* Immobiliare Grande Distribuzione SIIQ SpA is set to offer up to 29,037,340 new ordinary shares at €5.165 apiece to raise a maximum of €150 million share capital in a pre-emptive share offering.

The real estate investment trust will issue no-par value shares, with regular entitlement on a pre-emptive basis, at a subscription ratio of 5 new shares for every 14 ordinary shares held by shareholders.


* S Immo completed and opened the renovated 20,000-square-meter space at the Sun Plaza shopping center in Bucharest. The company invested €30 million into the revamp which saw the integration of more than 40 new shops into the center.

The Netherlands

* Malaysian investor YTL made its first foray into continental Europe with the purchase of Marriott Hotel The Hague from a U.S. investment fund for an undisclosed price, Europe Real Estate reported.

Now featured on S&P Global Market Intelligence

Hammerson shareholders face stick-or-twist conundrum as Klépierre circles

Conference Chatter: To soften blow of disruption, embrace it

The Daily Dose Europe, Real Estate edition, is updated by 6:30 a.m. London time. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.

Joyce Guevarra contributed to this report.