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Intervest pays €13.8M for logistics site; Kungsleden to sell warehouse asset


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Intervest pays €13.8M for logistics site; Kungsleden to sell warehouse asset

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK and Ireland

* MedicX Fund Ltd. marked its fifth acquisition in Ireland with the purchase of the Ayrfield Medical Park in Kilkenny in a roughly €7.8 million sale-and-leaseback deal with the doctors who developed the facility. The 2,700-square-meter building is also let to the Health Service Executive and other complementary healthcare providers.

* Hong Kong-based Far East Consortium International Ltd. finalized the acquisition of a 1.5-acre land plot in Manchester, U.K., which will be the site of its planned Northern Gateway project, a joint venture with Manchester City Council that is expected to deliver more than 10,000 new homes over the next 10 years.


* Intervest Offices & Warehouses bought a roughly 26,000-square-meter logistics site in Zellik for €13.8 million, with plans to redevelop the asset by 2020. The site at Brusselsesteenweg 464 includes 23,234 square meters of storage space and 1,000 square meters of office area. The deal represents a gross initial yield of around 8%.

Sweden and Norway

* Kungsleden AB agreed to sell the Stenvreten 4:1 warehouse and industrial asset in Enköping, Sweden, for 200 million Swedish kronor to the Swedish Fortifications Agency, which also fully occupies the property. The mixed-use asset offers 46,700 square meters of space.

* Technopolis Plc entered a roughly 121 million-Norwegian-krone deal to acquire Ilmarinen Mutual Pension Insurance Co.'s indirect 19% stake in Technopolis AS, which owns the Technopolis campus in Oslo's Fornebu area. The deal is scheduled to close Dec. 31, according to a release. The company will fully own Technopolis AS after the acquisition.


* Grivalia Properties REIC bought a stand-alone asset at 101 Grigoriou Lampraki Avenue and Vas. Georgiou in Piraeus for €4.1 million. The property covers a roughly 1,530-square-meter commercial space.

Additional coverage

European property fund, partner close €210M German portfolio sale

Griffin Premium closes €160M purchase of 3 office assets in Poland

Kungsleden to buy 3 office properties for 485M Swedish kronor

Great Portland Estates signs deal to sell London building for £190M

First Sponsor unit to buy Dutch office asset for €55.5M

Joyce Guevarra contributed to this report.

As of Dec. 26, US$1 was equivalent to 8.34 Swedish kronor and 8.31 Norwegian kroner.