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Deutsche Wohnen FFO I grows in FY'18; Shuaa Capital launches new Saudi REIT

* Deutsche Wohnen SE's funds from operations I for full year 2018 amounted to €479.4 million, an increase of 10.9% from €432.3 million in the year-earlier period. FFO I per share increased 9.8% on the year to €1.35.

* Shuaa Capital Saudi Arabia CJSC launched the Shuaa Real Estate Investment Trust, a closed-ended publicly traded REIT, with the approval of the Capital Market Authority of Saudi Arabia. The new REIT will publicly offer 30,515,000 units priced at 10 riyals per unit, equivalent to roughly 305.2 million riyals, with subscription period scheduled from March 25 until April 7.

UK

* Flexible workspace provider WeWork Cos. Inc. will open its 49th location in the City of London in the third quarter after closing a deal to lease the entire 34,000-square-foot 12 Moorgate office building, which could house 700 new members. Property Week reported.

* Social housing providers Guinness and Stonewater obtained £224 million of funding from Homes England to speed up the delivery of 4,500 homes by 2022, PW reported.

* Morgan Sindall Construction was selected as the preferred bidder for a £60 million mixed-use development in central St Albans, Construction Enquirer reported. A former police station, an NHS clinic and parts of the St Albans civic center will be demolished to make way for two six-story buildings, featuring new homes, shops and restaurants.

* A joint venture between Chancerygate and Hines acquired two sites in Dorset and Nottinghamshire, with a combined gross development value of approximately £50 million. The 14.9 acres of land will be used to build 348,155 square feet of multi-unit industrial space and trade counter buildings.

* Aviva Investors completed a £45 million forward funding for a 432,311-square-foot plot within the Circle Square development in Manchester, Property Funds World reported. Plans for the site, scheduled to complete in August 2020, include a 158-bed hotel and multistory car park, offering 1,014 spaces.

Germany

* Food retail real estate investment manager Greenman Investments acquired €143 million worth of food retail properties in Germany on behalf of its Greenman OPEN fund, IPE Real Assets reported. The company bought four MIOS centers from EDEKA MiHa for €25 million in a sale-and-leaseback deal, and purchased a portfolio of 29 EDEKA MiHa supermarkets for €118 million from TLG IMMOBILIEN AG.

* Adler Real Estate AG's 70%-owned unit, Brack Capital Properties NV, signed a binding agreement to sell three German retail properties to an undisclosed London-based real estate private equity firm. The properties have a gross asset value of about €180.6 million.

Poland

* Austria-based Strabag AG bought the Atrium International office building in Warsaw from Germany's Patrizia Immobilien AG, with a plan to transform the six-story property into a 135-meter tall tower, REFI Europe reported. The asset offers more than 12,000 square meters of leasable space.

Norway

* On behalf of a real estate fund of German pension fund Bayerische Versorgungskammer, Hines sold the 5,100-square-meter Karl Johans Gate 45 building in Oslo to Euro Real Estate for an undisclosed sum. The seven-story building offers retail and office space to tenants including Hard Rock Café and Landkreditt Bank, according to a release.

Middle East

* Sobha Realty launched the second tower of its two-building Creek Vistas residential project at Sobha Hartland in the Mohammed Bin Rashid Al Maktoum City mixed-use development in Dubai, Arabian Business reported. Creek Vistas Tower B will feature 390 apartment units ranging from 493 square feet to 899 square feet. The two towers are slated to be complete in the third quarter of 2021.

* Average house prices in Dubai dropped by 10.6% on an annual basis in February to 2.6 million dirhams, as the figures continue to decline since the beginning of 2019, Arabian Business reported, citing Property Monitor.

The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.