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US$20B deal signed to develop Egypt's new capital; Gecina closes tender for €1.45B in bonds

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US$20B deal signed to develop Egypt's new capital; Gecina closes tender for €1.45B in bonds

* China FortuneLand Development Co. Ltd. signed a deal to construct and manage the secondphase of the proposed newcapital of Egypt at an estimated cost of US$20 billion, Reuters reported,citing a statement from the Egyptian cabinet.

The development will take place on 14,000 acres of land eastof Cairo to provide homes, offices and other relevant infrastructures, thereport noted.

* the tender offer for three bondissues worth a combined €1.45 billion, registering an average take-up rate of36% for all the bond issues.

The nominal amount tendered for the redemption came out to€515 million and was finalized Oct. 3.

* P3 LogisticParks wrapped up a €1.4 billion long-term refinancing agreement with a group ofinternational financial institutions for three facilities to support itsexpansion in the pan-European logistics property market. The facilities were arrangedin western Europe and Poland, Czech Republic and Slovakia, and Romania.

UK and Ireland

* raisedgross proceeds of £140.0 million in a "very heavily oversubscribed"share placement. Theproceeds will be used to help finance its £196.2 million acquisition of 55Travelodge hotels. An additional £60 million non-recourse credit facility fromM&G will also help fund the acquisition, according to a release.

* has pre-let54,700 square feet across two floors at the White ChapelBuilding in London to Government Digital Service on a 10-year lease. Thebuilding is now 75% pre-let with rents amounting to £6.8 million per annum.Over 80% of the lettings were signed since Brexit, the company noted.

* SovereignCentros gained approval for a 70,000-square-foot fashion mall at the TelfordShopping Centre in Telford, U.K., PropertyWeek reported.

* KeylandDevelopments received the green light from the Wakefield Council for a500,000-square-foot business hub project in West Yorkshire, U.K., The (Yorkshire, U.K.) Business Desk reported.The project will be developed on a 47-acre Wakefield East site.

* FairBriarInternational is seeking approval for the second phase of the £700 millionMiddlewood Locksdevelopment in Salford, U.K., PW reported.Phase two of the project will deliver 546 new homes.

* Four partnersfrom Tritax Group are taking a stake in the new International PropertySecurities Exchange, which will be the first property exchange to allowinvestors to buy shares in buildings on a regulated market, PW reported.The (U.K.) Times addedthat ISPX will be launched in the 2017 first quarter.

British LandCo. Plc took a stake in the IPSX in July.

* The U.K. willsee a shortage of 1.8 million rental properties if the government does not resolvethe decline in the number of available homes, The (U.K.) Guardian reported,citing the Royal Institution of Chartered Surveyors. The government isrecommended to drop second-home reverse stamp duty changes and provideincentives for build-to-rent projects, according to the report.

* ismulling plans to move into Ireland's housing market in order to expand itsbusiness operations, following the Irish government's pledge to deliver 125,000new homes by 2021-end, accordingto London's Financial Times.


* Skanska wona 1.2 billion Swedish kronor contract to build a new hospital building at theKarolinska University Hospital in Huddinge.

* 's CapMan Nordic RealEstate fund has agreed to divest the Bergshamra Bro office building innorthern Stockholm for 858 million Swedish kronor. Catella-backed SolnabergProperty AB is purchasing the 31,325-square-meter property.


Starbucks Coffee signed a 12-year lease agreement with for its fourth shop inBordeaux. Starbucks will open its newest café in the city at the Quai desmarques shopping mall.

Middle East

Select Group revealed its 14th project in Dubai Marina, the450 million-United-Arab-Emirates-dirham Studio One tower, Arabian Business reported.The 31-story residential scheme is expected to be completed in December 2018.

Now featured onS&P Global Market Intelligence

Data Dispatch:Household income projected to rise the fastest in Oklahoma in agingUS: The U.S.' population is expected to hit 337.4 million in 2022,with the oldest demographic making up a higher percentage of the total,according to Nielsen's latest demographic projections.

The Daily Dose Europe, Real Estate edition, is updated asof 6:30 a.m. London time. Some links require a subscription. Articles and linksare correct as of publication time.