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Icade sells Paris assets; Adler picks cash offer in Vonovia takeover of conwert


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Icade sells Paris assets; Adler picks cash offer in Vonovia takeover of conwert

* Icade confirmed the sale of the Nanterre Seine business park and the Défense 3 building located in Paris' Nanterre district for a total price tag of approximately €145 million. French REIT Société de la Tour Eiffel was the buyer of the two assets, with sales expected to be completed by the end of the year.

The properties have a total leasable floor area of 84,000 square meters.

* Adler Real Estate AG chose the cash consideration option from Vonovia SE's takeover of conwert Immobilien Invest SE upon conwert board's recommendation to shareholders. Adler has an approximately 26% stake in conwert, which translates to it being entitled to more than €422 million in liquidity when the tendered shares are processed in mid-January 2017.

The cash consideration is priced at €16.16 per conwert share.

* The Wall Street Journal reported on outlet malls in Europe increasingly becoming a popular tourist attraction for Asian and Middle Eastern visitors, giving better returns for landlords than traditional retail malls with full-price products. A portfolio sale of 10 outlet centers for €1.28 billion last month was the biggest retail property transaction in the region in 2016, including a Hammerson Plc joint venture's acquisition of four centers for €587 million in November.

UK and Ireland

* Regus Plc incorporated IWG plc as its new holding company Dec. 19 after attaining the approval of the Royal Court of Jersey. IWG plc is incorporated in Jersey and has its head office in Switzerland. The incorporation scheme, which includes a planned name change, was first initiated in November.

* The total value of the 28.9 million homes in Britain has increased by over 7% so far in 2016 to £8.17 trillion, The (U.K.) Guardian reported, citing new research from property website Zoopla. Properties in east England were shown to have recorded the most price growth, climbing 11.56% on average since the beginning of the year to reach a typical £358,401, according to the report.

* Automotive company Jaguar Land Rover is seeking planning approval for the development of a logistics hub on a site next to its Solihull plant in the U.K., Construction Enquirer reported. The almost 1 million-square-foot hub will be used to receive and store car parts for the Solihull plant, which assembles Range Rover and Land Rover automobiles.

* Hines made its debut in the Irish student housing sector with the acquisition of a four-asset portfolio in Dublin city center on behalf of a group of German pension funds, Property Week reported. The 1,500-bed portfolio was acquired from ThreeSixty Developments for a price believed to be €240 million, according to the report.

* Also in Ireland, Hibernia REIT Plc extended the lease for its An Garda Síochána headquarters in Dublin by six years after an agreement with the Office of Public Works, Independent Irish reported. Hibernia paid €70 million for the 117,000-square-foot building at Harcourt Square in February 2015, the report noted.


* LEG Immobilien AG signed a loan agreement for €100 million with the European Investment Bank to finance energy modernization in its housing portfolio, with a regional focus on growth markets such as Dortmund, Münster and the Düsseldorf metropolitan area.

* U.S. private equity company Madison International Realty replaced Morgan Stanley's real estate unit as the co-owner of the four-asset Christie retail portfolio in Germany, Property Investor Europe reported. Madison will own the 210,000-square-meter, 90%-let portfolio in a joint venture with redos real estate.

* U.K.-based Comer Group's European unit purchased the City Tower in Offenbach, Frankfurt, from German asset manager publity for an undisclosed price, PIE reported. The 140-meter-tall office building was built in 2003 for €100 million and has a leasable area of 25,000 square meters, the report noted.

Norway and Sweden

* Norwegian Property ASA signed a new loan agreement with DNB Bank ASA and Danske Bank for a 2.40 billion Norwegian kroner term loan. The agreement also involves a 400 million kroner revolving credit facility.

* Kungsleden AB is selling the Forsåker 1:75, 1:164, 1:225 and 1:257 industrial and warehouse properties in Mölndal, Sweden, to Ikano Bostad. The properties have a leasable area of 21,109 square meters and according to a new zoning plan, the site will have at least 80,000 square meters of residential development potential.


COIMA RES S.p.A. SIIQ signed an agreement to acquire a 36% stake in an office complex in Milan's Porta Nuova business district for a price tag of €140 million. The complex comprises two office buildings, providing a total rentable area of approximately 19,600 square meters.


A CK Hutchison Holdings Ltd. division, Hutchison Ports Europe, signed a memorandum of understanding with the government of Ukraine to develop the Chornomorsk Port in Ukraine. According to a news release, the Ukrainian minister of infrastructure said the country was committed to finalize and close the deal in 2017.

Other Real Estate news

Mitiska held the final closing of its second fund, First Retail International 2, after collecting €223 million in commitments, PW reported. The close-end fund has already invested €60 million of equity in acquisitions and development projects in Spain, Romania, Poland and the Czech Republic, with potential investment opportunities in France, Spain, Germany and Austria, according to the report.

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Keeping It Real Estate: Equity markets continue UK REIT discounts over property fears: Equity markets continue to discount U.K. REITs over fears of a looming property downturn, despite signs that property values have held up, analysts said.

IPO Monitor for the week ending Dec. 21: Wharton's second try at an IPO in Israel, Gafisa's canned IPO plans in Brazil and Blackstone's plans to list its European logistics unit made news this week.

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.