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New Spanish REIT to list in Madrid; Queens Park Rangers' resi project gets planning nod

Commercial Real Estate: 2020 Review

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New Spanish REIT to list in Madrid; Queens Park Rangers' resi project gets planning nod

* ISC Fresh WaterInvestment, a portfolio of banking assets that are leased to Banco de Sabadell,is poised to commence trading on Madrid's junior exchange Mercado AlternativoBursátil July 15 as a new REIT, PropertyInvestor Europe reported,citing local daily Expansion. It willbe the 20th REIT to debut on the Spanish alternative market.

Quonia is also in line to list as a REIT on July 18, with amarket capitalization of roughly €42 million.

* Hong Kong-basedGreat Eagle Holdings Ltd.said it suspendedplans for a £250 million hotel project in London's Shoreditch neighborhood amidconcerns about Brexit-precipitated declines in property values.

* Brussels-basedMitiska REIM raised €190 million for its second European retail park funddubbed First Retail International 2, surpassing its original target of €120million, Real Estate IPE reported.The fund will invest as much as €105 million into retail park purchases anddevelopments in Romania, Poland and Czech Republic.

UK and Ireland

* A former headof acquisitions of Commercial Estates Group and a CBRE director have partneredto launch Regional Securities, a property business focusing on the U.K.regions, Property Week reported.Dan Dutton and Charlie Batten "have shrugged off concerns about Brexit"and are on the verge of sealing a £100 million joint venture partnership,according to the report.

* The Queens ParkRangers Football Club's residential redevelopment for Old Oak Common in west Londonwere approved by local officials, PWand ConstructionEnquirer reported.

The football club is working on the £175 million Oaklandsregeneration in conjunction with the Genesis Housing Association as part of itsplans for a new stadium. The scheme calls for 605 new homes, 40%of which will be affordable, and a hub for tech companies. TheMayor of London will now look at the plans for a final review.

* Southwarkcouncil's planning committee granted approval to London & Regional for a400-home scheme in Elephant & Castle, London, PW reported.The development will also include about 500,000 square feet of offices and aperforming arts venue.

* Plans have beenfiled for the redevelopment of the office element of the 500,000-square-footMinories Estate at 62-64 Aldgate in the City of London, CoStar U.K. reported.

* London officespace take-up totaled 2.4 million in the second quarter, a 22% decline from theprevious quarter, PW reported,citing CBRE. Supply of new space, on the other hand, rose 8% to 13.3 millionsquare feet, the report added.

The (U.K.) Times also reportedon the increasing glut of office space.

* In Ireland,real estate transactions totaling €2.95 billion took place during the firsthalf, the Irish Independent reported,citing CBRE.

Spain

* A high-endhotel asset in Barcelona sold for about £75 million, PW reported.AXA Investment Managers – Real Assets sold the 241-room Pullman BarcelonaSkipper Hotel to an investment fund.

* GrosvenorEurope teamed up with Malaysia's Amcorp Properties to make a foray into Madrid'sproperty sector, Real Estate IPE reported.

Germany

* Studentaccommodation developer GSA made its debut to mainland Europe by acquiring the1,500-bed Headquarter portfolio across the German cities of Munster, Dresden,Darmstadt and Frankfurt for €110 million, PWreported.

The company plans to develop a 10,000-bed portfolio byrefurbishing the properties.

* In what isbelieved to be the biggest single asset deal in Germany so far in 2016, PrimotelEurope and Algonquin are buying the Hyatt Regency Düsseldorf hotel for morethan €100 million, Europe Real Estatereported.

The deal is subject to approval from the antitrustauthorities.

* According toColliers International, hotel investment in Germany during the first six monthssurged 40% to €2.1 billion from a year-ago period, thanks to increasedportfolio sales, Property Investor Europereported.

Netherlands

* A fund managed by Standard Life Investmentshas divested the 222,000-square-foot headquarters building of Heerema MarineContractors in Leiden, the Netherlands, for €70 million, PW reported.The property was acquired by 90 North Real Estate Partners, which invests onbehalf of individuals in the Middle East.

Hungary

Transaction volumes in Hungary's real estate market hit morethan €910 million during the first half, EuropeReal Estate reported,citing JLL. About €830 million was contributed by investment deals, mainly inthe retail sector, followed by offices, logistics and hotels.

Middle East

In the United Arab Emirates, prime office rents in centralDubai fell 6% in the second quarter, while those in the Dubai InternationalFinancial Centre rose 6%, ArabianBusiness reported,citing Core Savills.

The Daily Dose Europe,Real Estate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.