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In This List

LEG Immobilien logs higher H1 funds from ops; Starwood Property to exit Ireland

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LEG Immobilien logs higher H1 funds from ops; Starwood Property to exit Ireland

* Germany's LEG Immobilien AG said its funds from operations for the first half amounted to €2.71 per share, a gain of 9.3% from €2.48 per share in the prior-year period.

* U.S.-based real estate investor Starwood Property Trust Inc. is planning to exit its Irish portfolio that is made up of offices and multifamily assets, REFI Europe reported, citing CEO Barry Sternlicht. The assets, spanning 630,000 square feet in Dublin's central business district, include 11-12 Hogan Place, the Watermarque Building and Iveagh Court Complex. Starwood paid €452.5 million for the portfolio in 2015, the report added.

* According to JLL, investors spent £4.5 billion on London offices during the first half of 2019 — the lowest investment volume since 2009. Overseas investment also declined compared to recent years, with foreign investors spending about 66% of the total investment figure during the period. Domestic investors emerged as the single largest source of capital, according to the report.

* The upcoming IPO of WeWork Cos. Inc. is expected to become a benchmark for the valuation of the entire coworking sector, Bloomberg News reported, citing Greet Street Advisors analyst Danny Ismail. Ismail noted that the attention on WeWork's financials would probably shed light on other coworking space providers since there is limited public information on them.

WeWork's top rivals include Switzerland's IWG PLC; Canada's Breather Products Inc.; and New York's Convene LLC, Industrious LLC and Knotel Inc. Many think the IPO, which could raise $3.5 billion, will serve as proof for the viability of the flexible workspace business, Bloomberg reported.

UK and Ireland

* U.S. coworking space provider Convene is set to open its first London site in September 2020 after signing a lease at AXA IM's 1.3 million-square-foot 22 Bishopsgate building, Property Week reported. Convene will take up floors three to six, spanning 102,000 square feet, which will feature an event and conference venue, meeting rooms and workspaces, according to the publication. AXA, Hiscox and Reinsurance Group of America are also tenants at the property dubbed TwentyTwo.

* Build-to-rent developer Packaged Living has secured planning permission for a £75 million project at Avebury Boulevard and South Fifth Street in Milton Keynes, U.K., Property Week reported. The Aubrey Place project, containing 194 apartments, a 44-room "aparthotel" and car parking, will be built on a site owned by Packaged Living backer Palmer Capital.

Germany

* The potential merger of NorthStar Realty Europe Corp. with an affiliate of Axa Investment Managers - Real Assets received clearance from the German Federal Cartel Office. The proposed transaction remains subject to approval by a majority of the Europe-focused commercial real estate company's shareholders and other closing conditions.

* U.S.-based LaSalle Investment Management Inc. paid an unknown sum for two assets in Heppenheim, according to Europe Real Estate. The properties include a more than 18,000-square-meter logistics property leased to medical products distributor Henry Scheim and sold by GbR Biskupek-Scheinert-Klotz and a more than 5,000-square-meter wholesale property purpose-built for MetroGastro, a subsidiary of Metro group, which operates Cash & Carry.

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The Daily Dose Europe, Real Estate edition has an editorial deadline of 7 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.