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PATRIZIA buys €130M logistics portfolio; Spanish RE prices to rise in 2017

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PATRIZIA buys €130M logistics portfolio; Spanish RE prices to rise in 2017

* PATRIZIA Immobilien AG's Logistik­Invest Europe I fund acquired seven logistics properties across France and Germany for €130 million. The four German assets in Hanover, Bremen, Karlsruhe and Frankfurt am Main offer approximately 75,000 square meters, and were developed in partnership with Panattoni Germany. The French portfolio, with assets in Paris, Orleans and Cambrai, provides 102,000 square meters of gross lettable area.

The fund is targeting to invest €500 million in the European logistics sector, following increased interest and demand from institutional investors in the fund.

* According to the Catella Market Tracker, Spanish property prices are predicted to rise in 2017 with support from a growing economy, rising rents and high demand from foreign investors. Catella Head of Capital Markets Pablo Carvajal said international funds are the most active buyers in the country's real estate market.

Head of Group Research Thomas Beyerle commented that as result of the Brexit process, a number of financial companies are anticipated to relocate to Madrid from London.

UK

* Ireland-based Green Property sold the 7 & 8 St James's Square properties in London to an unnamed Asian investor for £246 million, representing a yield of 3.69%, IPE Real Estate reported. The Asian investor paid approximately £3,425 per square foot for the two buildings, which offer 62,200 square feet and 30,000 square feet of commercial space each.

PropertyEU reported that the buyer was China's Shun Tak Group. The Irish Times also reported on the news.

* Dransfield Properties and Harworth Group revealed plans for a new £50 million mixed-use project at the Waverley site near Rotherham, Construction Enquirer reported. The 12-acre project will include retail, office and leisure components and a planning application is scheduled to be submitted in spring 2017.

* A Europa Capital fund and St Congar Land have teamed up to acquire a 50% stake in the Toad's Hole Valley residential development site in Brighton. The greenfield site spans approximately 100 acres and could deliver more than 700 homes.

* According to the Deloitte Real Estate Crane Survey, big regional cities in the U.K. saw construction growth in 2016, Property Week reported. Birmingham was in the forefront with 1.4 million square feet of new office space, representing a 50% rise on the year. Meanwhile, a record 22 projects were initiated in Manchester in 2016, up from a previous record of 14 in 2007, the report noted.

Germany

* Luxembourg-based CORESTATE Capital Holding SA purchased a portfolio of 18 retail properties across Germany for €125 million. The portfolio spans more than 70,000 square meters and comprises diversified retail assets in prime locations such as Göttingen, Kaiserslautern, Lörrach or Lüneburg.

* TLG IMMOBILIEN AG said that its board approved a plan to issue up to approximately 6.7 million new shares to increase its share capital, with net proceeds earmarked for funding the company's recent and additional acquisitions of office and retail properties in Germany.

Sweden

Skanska will invest roughly 1.3 billion Swedish kronor to construct the 27-story Sthlm 01 office tower in Stockholm. The office building will offer 26,000 square meters of gross leasable area upon planned completion in the first half of 2020, according to a release.

Other Real Estate News

Cheyne Capital Management is looking to raise £500 million for its real estate debt fund, IPE Real Estate reported, citing the Public Employees Retirement Association of New Mexico. Cheyne Real Estate Credit Holdings Fund V will invest in Europe, with a focus on the U.K. and Germany.

The pension fund recently committed £72 million to the investment vehicle, according to the report.

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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.

Cam Nones contributed to this report.