*Lone Star has raised a total of $5.9 billion for its Lone Star Real Estate FundV, surpassing its targetof $5 billion when the fund was launched, PropertyWeek reported.The fund will target investments in commercial real estate debt and equity inEurope, Asia-Pacific and the Americas, the report said.
* Accordingto data from STR, the European hotel industry reported a 0.8% increase inoccupancy during the first quarter compared to the year-ago period, takingoccupancy levels to 61.1%. The average daily rate was up 2.3% year over yearduring the quarter at €102.98, and RevPAR climbed 3.1% to reach €62.94.
UK and Ireland
*Unite Group Plc'sUnite Students acquireda development site in Liverpool, U.K., with planning consent for a 713-bedstudent accommodation scheme. The total cost of the scheme is expected to beapproximately £70 million, and it is expected to be delivered in time for theacademic year beginning in 2019.
Thenews release said the density of the site could be improved to accommodate morethan 1,000 students.
*London Mayor Boris Johnson will not appear at the public hearing fordevelopment schemes worth £500 million, and the ruling will be made by thedeputy mayor, PW reported.The schemes include Far EastConsortium International Ltd.'s Alpha Square residential scheme on the Isle of Dogs andRichard Desmond's West FerryPrintworks redevelopment in Canary Wharf.
Thesewill mark the last development rulings of Johnson's office prior to the May 5mayoral election, the report said. The mayor's advisers urged him to approvethe developments, according to an earlier report.
Themayor also deferred a decision on HammersonPlc and Ballymore's BishopsgateGoodsyard scheme in Shoreditch to his successor, as earlier.
* Aday after high street department store chain BHS went into , British fashion retailerAustin Reed has followed suit, Reuters reported.The chain has 100 stand-alone stores and 50 concessions across the U.K. andIreland, the report said.
PW also reportedon the news.
*House prices in the U.K.'s East and South East are outpacing the capital ingrowth rate for the first time in 2016, the LondonEvening Standard's Homes & Propertyreported,citing the Rightmove House Price Index. The East of England recorded thefastest average price growth at 11%, followed by 9.5% in the South East, whileLondon house price growth was at less than 9%, the report said.
* LambertSmith Hampton's latest Office Market Report has predicted a trend of officeoccupiers increasingly migrating to the regional U.K. during the next decade,due to high business running costs in London, CoStar U.K. reported.
*Royal London Asset Management has inked a £40 million forward-funding deal tofinance the development of an 82,750-square-foot speculative office scheme inWoking, in the U.K.'s South East, CoStar U.K. reported.The seven-story scheme by Lamron Estates and SJR Properties is expected tocomplete in the second quarter of 2018, the report said.
* Ajoint venture plans to deliver 100,000 square feet of office space and 200 newhomes on a 5-acre site in Watford, U.K., in a £100 million project, PW reported.Orion Land & Leisure and The Pears Group have also earmarked a further £50million for similar projects. The report noted that the partnership has twoother retail and residential projects "in the pipeline" in Harwich,U.K.
*Muse Developments has lodged plans for a £50 million leisure development inPreston, U.K., according to a PW report.The plans include a new 11-screen cinema, seven restaurants, a 593-spacemulti-story car park and public realm improvements, the report said.
*Over in Ireland, NAMA has finalized four U.S.-based private equity funds forthe second round of bidding for the Project Abbey loan portfolio, which has aface value of €750 million, CoStar U.K. reported.Starwood Capital, Davidson Kempner, Apollo Global Management and OaktreeCapital are the selected bidders, and the next round is expected to receivebids of around €300 million, the news outlet said, citing market sources.
* The Irish Times reportedthat property manager Ardstone Capital won the bid to acquire six developmentsites spanning close to 128 acres near Dublin for approximately €50 millionfrom NAMA.
Fundmanager Deka has snapped up an almost fully leased high street retail andoffice property in Fürth, near Nuremberg, from developer MIB, Property Investor Europe reported.The asset comprises two buildings with 11,300 square meters of retail space and3,200 square meters of office space. The purchase price was not disclosed butthe report said market sources estimated the sale price to be around €90million.
Constructionwork has commenced on what is slated to be Finland's first waterfront outletmall at Kotka Old Port, PIE reported.The mall will house around 200 stores, with the first phase of nearly 100stores expected to be complete in early 2018.
Wealthmanagement firm BMB Investment Management acquired 11 residential buildings inBarcelona for €48 million, PIE reported,citing Spanish newspaper Expansión.The properties are intended for the firm's new housing-focused REIT, Optimum RESpain SOCIMI. The news outlet noted that BMB is planning to list the SOCIMI inJune, citing an earlier report from the Spanish newspaper.
Turkishdeveloper Maya Group is planning a €160 million Ikea-anchored shopping centerproject called Anatolium Marmara in Istanbul, PropertyEU reported.The center is expected to open in the last quarter of 2017.
Accordingto STR data, Dubai had the highest average daily rate during the first quarteramong major hotel markets around the world. Despite a 10.1% year-over-yeardecrease in average daily rate during the first quarter, it still topped thelist for highest first quarter average daily rate for the 12th consecutive year.
Other real estate news
Attacq Ltd.is set to open the 130,000-square-meter Mall of Africa in Johannesburg, SouthAfrica, Bloomberg News reported.The 5-billion-rand project is expected to contribute to retail space oversupplyin the country, the report said.
: S&P Global Market Intelligence presentsa weekly rundown of recent significant management and board changes andpersonnel moves in the European and Asia-Pacific real estate industries.
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