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Wells Fargo responds to Brexit with £300M London office purchase; China's Dalian Wanda inks Spanish sale

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IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Wells Fargo responds to Brexit with £300M London office purchase; China's Dalian Wanda inks Spanish sale

New home in London

Defyingfears after the Brexit vote, U.S. banking giant to buy the 33 Centralbuilding in the British capital for £300 million.

TheSan Francisco-based bank bought the King William Street property from Slovakdeveloper HB Reavis, which is due to complete construction on the227,000-square-foot building in autumn 2017.  

WellsFargo is expected to begin moving to the new building in 2018, consolidatingits 850 employees spread across four offices in the city.

TheLondon commercial real estate sector has so far been among the hardest hitafter Britain voted to leave the EU in late June, with concerns aroundfinancial services tenants leaving the city.

Foreign investors  

*Chinese conglomerate Dalian Wanda Group Co. secured £500 million in financing for the stalled OneNine Elms regeneration project in London. The loan from Chinese bank Ping Anallows the company to enter into a pre-construction agreement with BalfourBeatty, after the original joint venture selected to build the tower fell out.The mixed-use development, which will feature 437 homes and a five-star WandaVista hotel, is scheduled for completion by 2019-end.

*Meanwhile, Dalian Wanda also agreed to sell the Edificio Espana building in Madrid toinvestment group Baraka for €272 million, after its plan to redevelop the25-story asset to a hotel and retail center failed to land approval. Thebuilding was acquiredfrom Santander for €265 million in 2014.

* Inthe biggestChinese investment deal to be made by a U.K. city outside of London, Chineseconstruction giant Sichuan Guodong Construction Group agreed to invest £1billion in Sheffield. It will use the first £220 million tranche of cash tofund four or five Sheffield city center projects over the next thee years.

*Hong Kong-based Nan Fung snapped up the freehold interest in Cheapside House at138 Cheapside, London, from Hermes Investment Management, as the asset managerwrapped up sales worth more than £100 million that it had inked before the EUreferendum, Property Week reported.

*Starwood Hotels & ResortsWorldwide Inc. will open its first W Hotels brand property inScotland in 2021. The hotel will stand 12 stories tall and offer 214 rooms. Itwill be part of THReal Estate's £850 million Edinburgh St James scheme.

Portfolios on the market

* Onbehalf of its fund, PATRIZIAImmobilien AG acquired a German office portfolio from Allianz RealEstate for over €400 million. The nine office and commercial assets are locatedin Hamburg, Munich, Stuttgart, Frankfurt, Hanover and Dusseldorf. Tenantsinclude HSBC Trinkaus & Burkhardt, the Bundesanstalt für Immobilienaufgabenand the Allianz Group. The portfoliois 94% let and the average remaining leasing period is over 3.5 years.

*Global private investment firm Starwood Capital Group and Vencom agreedto sell six retail parks and shopping gallerias in Sweden for approximately 3.1billion Swedish kronor to Trophi Fastighets AB. The properties being sold arefrom a portfolio of distressed retail assets that Starwood Capital bought inNovember 2013 in its first investment in Sweden.

Eye on earnings  

*Unibail-Rodamco SEsaid its first-halfrecurring EPS increased 8.2% year over year to €5.81.

*Beni Stabili SpA SIIQsaid its first-half recurring consolidated net income was €51.3 million, a 0.8%year-over-year increase.

*Wereldhave Belgiumrecorded €19.5 million of profit during the first half, down from €36.4 millionin the year-ago period.

*Foncière des Régionsreported thatfirst-half recurring net income rose 4.2% year over year to €176.6 million.

*Gecina its recurrent net incomefor the first half surged 17.2% year over year to €198.0 million.

Executive view on Brexit   

* Inan annual general meeting, LandSecurities Group Plc CEO Robert Noel said he expects businessuncertainty to persist in the U.K. because the country's exit from the EU willtake some time. Noel added that "subdued" occupier demand could hitthe group's rental values. However, the company is still confident with itsproposal to hike itsfull-year dividend for the year ended March 31 by 9.9% from the previous fiscalyear.

* Ina trading update, British LandCo. Plc CEO Chris Grigg said that although it is "too early" toproperly determine Brexit's effects on the company's operations, it is expectedthat some tenants and investors will be more cautious on the market.

*Prologis Inc. Chairmanand CEO Hamid Moghadam downplayed the impact Britain's exit from the EuropeanUnion has had on the company's business to-date and dismissed the event as along-term negative for the company's U.K. and EU operations.

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