* British Land Co. PLC, Hammerson PLC, Intu Properties PLC and Landsec could lose a total of £6 billion of their portfolio values over three years as research firm Liberum estimates a 25% drop in the four landlords' retail property valuations due to tough sector conditions, The (U.K.) Times reported.
The estimate includes 11% declines already logged so far in 2019 by the companies, which collectively own about £23 billion worth of British retail properties, the report added.
* Real estate services provider Foxtons Group PLC CFO and executive director Mark Berry is stepping down from the board, effective June 24, and leaving the company July 31. Foxtons appointed Richard Harris as CFO and board member, with effect from June 24.
UK and Ireland
* Hammerson entered a deal to divest the 10,100-square-meter Dallow Road Retail Park in Luton, U.K., to a private equity buyer for £24 million. The sale price is 6% lower than the asset's book value as of Dec. 31, 2018, and reflects a net initial yield of 7.6%, according to a release.
Hammerson acquired the property in 2002 and redeveloped it in 2006. Tenants include a B&Q warehouse and an Aldi foodstore.
* ESO Real Estate is funding Irish homebuilder Genesis Homes' plans to deliver more than 1,300 homes over the next five years, with a gross development value of more than €340 million, IPE Real Assets reported. The projects will contain build-to-rent, build-to-sell and social elements, the report added.
* Schroder Real Estate Investment Trust Ltd. signed an unconditional deal to sell a warehouse in Acton, U.K., to an institutional buyer for nearly £18.9 million, marking a net initial yield of 3.5%. The 64,614-square-foot property is leased to food wholesale company Booker Ltd. until September 2026 at £700,000 per year.
* Homes England chose Urban Splash as its partner on a 406-home development at its Northstowe new town project in Cambridgeshire, U.K., Property Week reported. The homes will be delivered via modern methods of construction at an off-site factory in Alfreton, in Derbyshire, U.K., where Homes England is aiming to construct 8,500 new homes by 2040.
* Helical PLC and AshbyCapital jointly purchased a development site with planning permission in place in London's Farringdon district from private clients of Nuveen Real Estate, formerly known as TH Real Estate, PW reported. A 192,000-square-foot office building with ground floor retail space will be delivered on the site, with completion slated in early 2022.
* Octopus Real Estate agreed to buy a 1.4-acre site in the Blythe Valley Park development in Solihull, U.K., from IM Properties PLC for an 80-bed care home project, PW reported. The 2 million-square-foot business park includes more than 122 acres of parkland, according to the report.
* AEW's AEW Europe Value Investor II Fund emerged as the buyer of the AccorHotels headquarters in Munich, which was sold by KanAm Grund, IPE Real Assets reported. The 7,629-square-meter office property has been fully let to AccorInvest Germany since its completion in 2001, according to the report.
* Azizi Developments LLC revealed plans for the Connect by Azizi residential project at its Al Furjan community development in Dubai, Trade Arabia reported. The project will offer 245 units, including 190 studios and 41 one-bedroom and 14 two-bedroom apartments across seven floors.
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