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Spanish bank to launch €4B property spinoff; council names partner for £1B London residential project


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Spanish bank to launch €4B property spinoff; council names partner for £1B London residential project

* Banco Popular plans to launch a real estate company to shed €3.5billion to €4 billion from its balance sheet by year-end, Property Investor Europe reported,citing local media. The Spanish bank has hired Deutsche Bank and EY for theplan, according to the report.

The spinoff will operate independently of the bank,the sources said, and Banco Popular and its advisers are currently selecting theassets that will go to the new entity.

* The Haringey Council in London agreedto work with Argent Related for the Tottenham Hale regeneration project, whichis the first phase of the U.K. capital's largest housing zone in Tottenham.

The partners will deliver about 800 homes and othercommunity facilities, and PropertyWeek and ConstructionEnquirer reported that the program is valued at £1 billion.

* STR datashows that there was a 10.1% year-over-year increase in the number of roomsunder contract across Europe in June. Rooms in construction were up 13.4%during the period.

According STR, majority of the 419 projects with62,293 rooms in construction in the month were for luxury hotels.

UKand Ireland

* Due to Brexit, home-buyer enquiries in June dropped to their lowestlevels since mid-2008, data from the RICS UK Residential Market Survey for Juneshows.Homes sales and prices during the month were also down, with the 12-monthoutlook for the market turning negative for the first time in four years.

* Poundland Group PLC, the owner of the struggling Poundland discountchain, said in a filing that its board agreed to the terms of a takeover offerby Frankfurt- and Johannesburg-listed Steinhoff Europe AG at 222 pence in cashfor each Poundland share.

London's FinancialTimes addedthat Poundland had previously refused the offer, but Poundland Chairman DarrenShapland said the offer will provide shareholders earlier yields amid "increasingeconomic uncertainty in the U.K. and a more challenging trading environment."

* Property Week reported,citing data from various databases, that hedge funds are snapping up "largepositions" in commercial property companies in the U.K. as Brexit haspushed the latter's stocks downwards. IntuProperties Plc, Capital& Counties Properties Plc and are some of the saidcompanies, according to the publication.

* Meanwhile, intu saidthat it opened an alfresco dining area at its intu Bromley shopping center. Theopening hours at the property were also extended to take advantage of thenight-time economy in the largest London borough.

* Conygar Investment Co.Plc filedtwo planning applications for a seven-hectare development site at Slade Lane,Haverfordwest in Wales. The company reacquired the site from Sainsbury's tobuild a retail-led scheme with 10 retail units and a 60-bed hotel, and aseparate commercial development with a five-screen cinema and room for five newrestaurants.

* London & Regional Properties' six-building, £500 million scheme insouth London received the green light, ConstructionEnquirer reported.The development will have 500,000 square feet of office space and 400 homeswhen it opens.

* Societe Generale Private Banking Hambros inked a 10-year lease for anadditional 10,141 square feet at the fourth floor of Green Property's 8 StJames's Square building, Property Week reported.

* Fresh from the resumptionof trading of its property fund, Aberdeen Asset Management Plc is reportedlyseeing a lot of interest, including from Blackstone Group LP, in the assets that it has put upfor sale, Property Week reported.

Apart from the two properties that were reported onearlier, Aberdeen is also believed to have placed a distribution center in theMidlands, U.K., on the market for about £50 million.

* CBRE and Allsop Ireland said in a new report that €2.95 billion ofcommercial property investment transactions were carried out in the 2016 firsthalf, the Irish Independent reported.


* As evidenced by the company's now fully let Rosentorstraße 15 inGoslar, DEMIRE DeutscheMittelstand Real Estate AG Executive Board Member Markus Drews saidin a statement thatthe company's strategy of having in-house asset, property and facilitymanagements is "unfolding successfully."

The company noted that Deutsche Bank AG inked a10-year lease that will start in September for a warehouse space at the Goslarproperty.

* HCI Capital acquired a 94.9% stake in the €540 million WestFonds fundmanager. PIE reportedthat the stake price was not disclosed, but the acquisition is part of HCI'splan to expand its property business.


NewEurope Property Investments plc said in a news release that itupsized a planned capital increase. Due to the oversubscription during thebookbuilding, the company increased its target to 2.5 billion South Africanrand, with a plan to issue and list 16,129,032 new shares on July 18.


KungsledenAB CEO Biljana Pehrsson said in the company's second-quarterearnings statementthat the "negative and profound" effects of Brexit in the propertymarket of Europe is already felt. However, he said that compared to the rest ofEurope, Sweden's growth "will remain strong" due to how it isprimarily driven by domestic demand.


The largest e-commerce platform in the country agreedto take 21,950 square meters at PrologisInc.'s Prologis Park Blonie, EuropeReal Estate reported.


EmaarProperties PJSC will launch the new mid-rise tower in Dubai HillsEstate, Arabian Business reported,citing a company statement. It added that the 11 million-square-meterscheme is set towelcome its first residents later in 2016.


IPOMonitor for the week ending July 13: Viva Energy REIT's targetedA$911 million raising from an IPO in Australia and an update on China LogisticsProperty Holdings' planned Hong Kong IPO made news during the week.

TheDaily Dose Europe, Real Estate edition, is updated as of 6:30 am London time.Some links require a subscription. Articles and links are correct as ofpublication time.