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PATRIZIA buys RE fund of funds; China's C C Land plans London expansion

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PATRIZIA buys RE fund of funds; China's C C Land plans London expansion

* PATRIZIA Immobilien AG acquired a global real estate fund of funds investment manager, Sparinvest Property Investors, the manager of roughly €1 billion worth of assets across Europe, Asia and the Americas. The Copenhagen-based company operates four real estate funds in the small- and mid-cap segment that have amassed €1.5 billion in equity commitments.

* China's C C Land Holdings Ltd. is mulling its options to expand its footprint to the retail market and shopping center sector in London following a buying spree in the British capital. The investor formed a subsidiary in the U.K. and hired Adam Goldin, head of U.K. investment at Resolution Property, to lead the unit. The company's next deal could potentially involve a major office asset in central London, according to Property Week.

UK and Ireland

* Developer John Sisk beat rival Skanska to be selected as the preferred bidder for the fourth phase of a new £200 million, 240,000-square-foot clinical building scheme for the Great Ormond Street Hospital in central London, Construction Enquirer reported.

* Legal & General agreed to a £53 million forward-funding agreement with Spitfire Bespoke Homes for a new built-to-rent development in Birmingham, U.K., PW reported. Plans for the project includes 220 residential units and 7,500 square feet of commercial space, according to the report.

* Caddick Group and BET (Leeds) have jointly bought a 6-acre former print works site in Leeds, U.K., PW reported. The site features more than 150,000 square feet of warehouse space and office buildings, which could be redeveloped for short-term industrial use.

* Whitbread closed a £52 million forward-funding deal with an unnamed pension fund in the U.K. for a hub by Premier Inn hotel in Shoreditch, east London, PW reported. Whitbread plans to increase the number of its Premier Inn and hub by Premier Inn brands to offer 85,000 rooms in the U.K. and Ireland by 2020, up from approximately 70,000 rooms, the report noted.

* The Royal Institute of Chartered Surveyors saw 20% more respondents reporting a decline in demand from potential home buyers in the U.K., London's Financial Times reported. A possible hike in interest rates is understood to be partly responsible for dampening the buyers' interest in the market, the report added.

* In Ireland, AIB signed a 20-year lease for the entire seven-story, 10,680-square-meter building under development at 10 Molesworth St. in the Dublin's central business district, the Irish Independent reported. Iput, the developer of the building, is believed to have agreed to rent the asset at €57.50 per square foot. The building is scheduled to be completed in the first quarter of 2018.

France and Belgium

* VGP NV's two largest shareholders, Bart Van Malderen and Jan Van Geet, have begun a public offering of up to 4,524,569 existing shares, representing roughly 24.35% of the company's aggregate existing shares. The shares will be offered at a per-share price sitting between €55.00 and €63.00 from Oct. 12 to Oct. 25.

* Property fund manager ImocomPartners bought a 53,000-square-meter retail park in Toulouse, France, for €97 million. The property in Saint-Orens is the second asset acquired with funds from ImocomPartners' third fund, which raised €100 million in June.

Italy

* Perial Asset Management is expanding its real estate holdings beyond France with the purchase of car manufacturer PSA's Italian headquarters in Milan for €38 million from InvestiRE, PIE reported. The company bought the 17,000-square-meter asset for its PFO2 green property SCPI fund.

Poland

* Triuva paid €48.5 million to acquire the 16,000-square-meter Green Day core office building in Wroclaw from a Luxembourg fund advised by German asset manager GLL and Investec Bank, PIE reported. The asset is fully let to Credit Suisse, according to the report.

Middle East

* Dubai-based conglomerate Reign Holdings revealed plans to invest up to US$1 billion in the regional real estate market, with a focus on integrated lifestyle communities, Arabian Business reported. The company's real estate division Arthur & Hardman plans to build 1,000 hotel apartment units in Jumeirah Village Circle in Dubai over the next three years for the Expo 2020, the report noted, citing Reign Holdings Chairman Samir Salya.

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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.

Anusha Iyer contributed to this report.