* CA Immobilien Anlagen AG is set to generate a net cash inflow of about €150 million from the sale of its 33% stake in the Tower 185 office skyscraper in Frankfurt. The company and its partners are selling their entire stake in the 102,000-square-meter tower to Deka Immobilien GmbH for €775 million.
With the deal, CA Immobilien will be selling its largest single investment.
Deka Immobilien's head of acquisitions told London's Financial Times that the decision to acquire the property comes on the back of Brexit, following which Frankfurt has been witnessing an increasing demand for office space in the last 12 to 18 months.
* Hines Real Estate Investment Trust Inc. and Dutch pension fund company PGGM paid €110 million to buy a three-building portfolio in Milan from Banco BPM for their new separate account.
The account has an initial equity commitment of €155 million and will be investing primarily in high-street retail, office and mixed-use developments in Milan.
* Caisse des Dépôts et Consignations, or CDC, CEO Eric Lombard is planning to conduct a review of all of the company's shareholdings, including its 39% interest in Icade, Property Investor Europe reported. Citing business newspaper La Tribune, PIE noted that Icade's stock market listing and its ability to be merged with another property group would make it easier for CDC to sell its stake in the company.
The French state financing institution also has a 41% stake in insurer CNP Assurances.
UK
* Tritax Big Box REIT Plcpriced a £500 million senior unsecured notes program to be issued under its £1.5 billion euro medium-term note program. The company priced the notes in two tranches of £250 million each.
The company also plans to sign for a new unsecured revolving credit facility totaling £350 million with its core relationship lender group and a number of new lenders.
* UBS Asset Management is looking to raise £100 million from the launch of a long-income property fund for institutional investors toward the end of the first quarter of 2018, Property Week reported. The UBS Long Income UK Property Fund, which will use debt to boost returns, is set to expand to £500 million in three to five years, and is expected to generate net income returns upwards of 6%.
* Paloma Capital acquired RVB Investments for some £90 million on behalf of its maiden fund, Paloma Real Estate Fund I. RVB's portfolio comprises 32 warehouse and eight office assets that generate total yearly rent of £7.1 million, with an average unexpired lease term of 4.5 years.
* Housing association Clarion advanced its plans to invest £1 billion for the regeneration of the Merton borough in London by acquiring the Old Lampworks site in South Wimbledon, PW reported. Clarion's plans call for the construction of 2,800 new homes across High Path and two neighborhoods in Mitcham, Eastfields and Ravensbury as part of the borough's revamp. It has permission granted by the Merton Council for 134 homes on the Old Lampworks site at High Path.
* Property company Aquila Finance obtained a €144 million loan facility from Aviva Investors against a multi-sector portfolio of 12 assets in Chelmsford and Maldon, PropertyEU reported.
* Plans for the construction of a £70 million private hospital at the former Manchester Metropolitan University campus have been mothballed, thanks to the declining demand for private care in the U.K., Construction Enquirer reported. Kier had been in charge of commencing construction on the hospital for Nuffield Health before the end of 2017, according to the report.
Earlier in September, Spire, another private care provider, also shelved its plans for a new £500 million private hospital in London.
* The (U.K.) Telegraph, Financial Times and The (U.K.) Times carried reports on weak house price growth in Britain during the month of November, citing figures from the Nationwide Building Society. While the pace of house price growth was stable month over month in November, the 2.5% increase was significantly lower than the 4.4% growth recorded in the same month in 2016, FT noted.
* In other news, for the first time, Nationwide Building Society is looking to make a £50 million investment to build roughly 200 fair-price homes for sale and rent in Swindon, home to its headquarters, The (U.K.) Guardian reported. It added that it does not have any plans to venture into volume housebuilding.
Finland
* Technopolis Plc completed its exit from Jyväskylä after selling its final portfolio for €104.5 million to Kielo, Brunswick Real Estate AB's property arm.
France
* Funds managed by Carlyle divested the O2 office building in the Paris suburb of Asnières to InfraRed Capital Partners for an undisclosed price, PIE reported. InfraRed plans to refurbish the 22,000-square-meter building and hold a campaign to sign up tenants for the vacant spaces.
* A French court has put on hold Paris' rent controls regime, citing for reasons the insufficient allowances for the attributes of different apartments, and the program's concentration in the city of Paris alone, instead of the whole Paris region, PIE reported.
While property owners' association UNPI supports the decision, the French government may appeal the ruling, according to the report.
Germany
* German fund manager Corpus Sireo snapped up a 557-apartment portfolio across Germany on behalf of the Swiss Life REF (LUX) German Core Real Estate SCS SICAV fund for an unknown price, PIE reported. The GK Residential portfolio offers seven residential buildings and 19 commercial units in cities including Berlin, Hamburg, Bremen, Delmenhorst, Oldenburg and Leverkusen. The seller was Danish company A/S Tyske Metropoler.
* Pbb Deutsche Pfandbriefbank is providing financial backing for the construction and long-term maintenance of the KARL office-led development project in Munich by granting a loan to the tune of €112 million, PropertyEU reported. The development will offer 30,000 square meters of rentable space and around 300 underground car parking spaces.
Spain
* Office take-up in Madrid during the first three quarters of 2017 totaled 359,000 square meters, signaling the best first nine months in a decade, PIE reported, citing Knight Frank. The estate agency, which anticipates full-year take-up to reach 480,000 square meters, expects the trend to continue in 2018 as a result of optimistic economic outlook and investor confidence.
Greece
* Grivalia Properties REIC purchased two retail assets, at 69B Vouliagmenis Ave. in Athens and 59 Andrea Lazaraki St. in Glyfada, for a total price of €22.6 million. The fully leased stand-alone properties have a total area of about 12,400 square meters.
Other real estate news
* Capitalization rates for European leased hotel investments have hit a record low of sub-5%, PIE reported, citing hotels consultancy HVS. According to the report, while the likes of Marriott International Inc., Hilton Worldwide Holdings Inc, InterContinental Hotels Group Plc and AccorHotels have backed away from signing lease contracts in the past, operators like Deutsche Hospitality, Ltd., Mövenpick Hotels & Resort and Dalata Hotel Group Plc are still opting for lease deals.
* Redefine International Plc said it is rebranding and changing its name to RDI REIT PLC, with effect from Dec. 1. The company will retain its respective RDI and RPL share codes on the London Stock Exchange and the Johannesburg Stock Exchange, while altering its website address.
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.
Celestyn Wong contributed to this report
