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Prologis buys UK retail park; branded residences gaining popularity

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Prologis buys UK retail park; branded residences gaining popularity

* Prologis Inc. acquired a retail park in Edmonton, U.K., from M&G Investments for £51.4 million, Property Week reported. The seven-unit Ravenside Retail Park spans 128,507 square feet and tenants include Carpetright, Mothercare, Wren, Tapi Carpets and Wickes. The property also includes a vacant unit. The deal was finalized before Dec. 25, 2019, and the property may be converted to an urban logistics hub, according to the report.

* Branded residences are gaining popularity in major cities and luxury holiday resorts, with wealthy international buyers seeking personalized services, according to JLL. The real estate services company said there are about 400 branded residences worldwide, the majority of which are in the U.S. and Asia, with Europe catching up. Jessica Jahns, JLL's head of EMEA hotels and hospitality research, said wealthy buyers are expecting dedicated services that reflect and suit their lifestyle.

UK

* Bruntwood SciTech seeks to expand its Innovation Birmingham campus for £30 million, PW reported. The planned expansion, subject to local authority approval, involves the development of the Enterprise Wharf office building, which will span around 120,000 square feet of flexible workspace for digital and technology companies. The building will also have bicycle storage, showers and roof garden and is expected to be delivered in 2022.

* L'Oréal UK and Ireland is set to relocate its headquarters to White City Place in London in the fall of 2023, once the lease on its current head office in Hammersmith in West London expires, according to PW. The cosmetics company will occupy six floors of the 11-story building in the business district. The building, which will also house L'Oréal's hairdresser training facility, spans 240,000 square feet and includes an outdoor terrace, according to the report.

Germany

* Prudential Real Estate Investors, or PGIM Real Estate, bought an office building in Berlin from PPF Group NV for an undisclosed amount, Europe Real Estate reported. The nine-story office asset, bought as part of a share deal for PGIM's European value-add strategy, spans around 24,500 square meters with two underground parking levels offering 410 spaces. Tenants of the property in Berlin City West's central business district include BDO, Union Investment, Kaufhof Group and the Institute for Quality Assurance and Transparency in Health Care.

* The industrial business unit of Singapore-based Frasers Property Ltd. completed the acquisition of a logistics property in Frankenthal and a 51,000-square-meter greenfield development plot in Egelsbach from Alpha Industrial Holding SA. The logistics asset in Frankenthal has a total gross lettable area of 20,579 square meters and sits on a 36,000-square-meter land. Chemicals company BASF SE signed a long-term lease for the property.

Meanwhile, Frasers will develop two standalone warehouses with a total gross lettable area of nearly 30,000 square meters on the Egelsbach plot. The buildings are expected to be completed in the fourth quarter of 2020. The purchase of the two assets concluded the acquisition of a 22-property light industrial portfolio from Alpha Industrial announced in 2018, according to a release.

* Alstria Office REIT AG signed two new leases with public tenants for its development properties in Frankfurt and Wiesbaden. The Gustav-Nachtigal-Str. 3+5 asset in Wiesbaden and Solmsstr. 27-37 property in Frankfurt have a combined area of 60,000 square meters and annual rental income of €14.8 million. Alstria will allot €107 million in capital expenditures for the modernization of the properties, which is expected to result in an estimated yield on cost of 7.25%.

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.