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Emaar Malls logs H1 figures; NewRiver CEO takes leave of absence


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Emaar Malls logs H1 figures; NewRiver CEO takes leave of absence

* Emaar Malls PJSC's net profit for the second quarter increased 5% year over year to 482 million United Arab Emirates dirhams, contributing to the 3% year-over-year increase in the company's first-half net profit of 1.02 billion dirhams from 987 million dirhams.

* NewRiver REIT said CEO David Lockhart is taking a leave of absence to undergo an elective procedure. CFO Mark Davies and property director Allan Lockhart will take over until Lockhart's return.

* WElink Co-founder and CEO Barry O'Neill told the Sunday Indo Business that the value of the company's planned 440-acre mixed-use development in Chicago could exceed €3 billion, based on a preliminary analysis. The Irish solar energy equipment supplier's U.S. project will be developed in phases over a yet-to-be-determined period.

WElink unit Emerald Living and Chicago Mayor Rahm Emanuel signed a purchase and sale agreement with U.S. Steel for the site, which will house commercial spaces and up to 20,000 homes. Emerald Living has commenced a five-month due diligence and environmental review on the site.

UK and Ireland

* Tonstate Group is selling the 1,059-room Hilton London Metropole and the 790-room Hilton Birmingham Metropole in the U.K. to Henderson Park for at least £500 million.

* M&G Investments and the Northern Trust Group agreed to the refinancing of a £230 million, five-year term loan secured against Northern Trust's roughly £450 million portfolio of industrial, trade and office parks, Property Week reported.

* Frankfurt-based Kintyre Investments GmbH wrapped up its first deal in the U.K., according to a release. Serving as the agent for a family office, it acquired a regional office asset for £51 million. Kintyre added that it has a transaction pipeline of about £200 million in the country.

* U and I Group PLC, GCP Student Living Plc and Gravis Capital Management Ltd. secured a £70 million boost for its £130 million mixed-use project in Brighton, U.K. The forward-funding will allow the company to begin work at the Circus Street development, which is designed to offer 142 homes, 450 student beds and 30,000 square feet of office space by 2019.

* Goldman Sachs sold the adjoining Kings Place and Conquest House office buildings in Kingston upon Thames in London to the local council for £42.5 million, Property Week reported.

* Legal & General acquired for approximately £40 million two retirement villages in England held by a joint venture involving English Care Villages, effectively marking the British financial services company entry's into the retirement housing sector. The properties in Warwick and Cheshire carry a gross development value of about £110 million, and will be owned by newly established Inspired Villages Group.

* The board of European REIT Ltd. will apply for the delisting of the company on the London Stock Exchange, effective Oct. 2, with the last day of trading in the company's shares expected to take place Sept. 29.

The trust added that it expects to hire a liquidator by 2017-end. The company will on Aug. 24 return £6.0 million, or 147 pence per share, to shareholders, as part of its winding-down proposal.

* The Stage asset in Shoreditch, east London, is now fully leased after a consortium involving Cain International and China Vanke Co. Ltd. secured WeWork Cos. as a tenant for about 240,000 square feet of space. Property Week noted that the roughly £750 million development is expected to be completed in two years.

* Cole Waterhouse unveiled plans for a £100 million student village near the Wembley Stadium in London. Sitting on a 1.6-acre site, the development will have 682 beds, seminar rooms, a gym and library, among other amenities, Property Week reported.

* According to the July HomeLet Rental Index, rents in the U.K. increased 1.1% on average within the month to £925, compared to £915 in July 2016. Homelet added that price growth in the private rental sector continues to lag behind the general rate of inflation.

* Meanwhile, the Construction Products Association expects 2018 construction output in the U.K. to grow at a six-year record low of 0.7% year over year, from a previous forecast of 1.2%. The (U.K.) Guardian reported.

* Ireland's Department of Finance is considering raising stamp duties on commercial property transactions, The (U.K.) Times reported. Department officials are said to be mulling the move to prevent the reemergence of "boom-bust cycles" in the Irish commercial property market, which saw 2016 transactions total €4.5 billion, the report noted.


* Real I.S. and Anschutz Entertainment Group exchanged contracts to buy, for an undisclosed price, a roughly 10,400-square-meter building in Berlin being built by Anschutz Entertainment Group Real Estate GmbH & Co. KG. Six stories at the eight-story asset will be leased to Zalando.

The property is scheduled to be completed in the third quarter of 2018.

The Netherlands

* Frasers Centrepoint Ltd. launched Aug. 4 an offer to buy the remaining 13.44% stake it does not own in Geneba Properties NV, a European property company listed on the NPEX in the Netherlands.

Geneba will be delisted from NPEX when Frasers' stake in Geneba surpasses the 95% mark. The one-time cash offer will close Sept. 8.

Middle East

* Bloomberg News took a look at how Saudi Arabia is converting deserts into new cities in a bid to diversify from oil production, among other reasons. The Saudi Vision 2030 includes a 334-square-kilometer entertainment city and a US$10 billion financial district.

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.