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AccorHotels closes €4.6B AccorInvest deal; NH Hotel stake lures potential buyers

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week.

Wrapping up

* AccorHotels sold 57.8% of the capital of AccorInvest SAS for €4.6 billion to the Public Investment Fund of Saudi Arabia, Singaporean sovereign wealth fund GIC Pte. Ltd., diversified real estate investment trust Colony NorthStar Inc., bank insurer Crédit Agricole Assurances SA, French asset manager Amundi SA and other private investors.

* France's Unibail-Rodamco SE obtained approval from the Supreme Court of New South Wales for its US$15.68 billion deal to acquire Australian mall landlord Westfield Corp., making the takeover effective.

* Singapore's Frasers Logistics & Industrial Trust completed the roughly €325.0 million acquisition of 17 properties in Germany and four in the Netherlands from its sponsor, Frasers Property Ltd.

* Norges Bank Real Estate Management and AXA France sold the six-building M Campus office property at 2-14 Rue de la Verrerie in Meudon, in the southwestern suburbs of Paris, to PGIM Real Estate and Finland-based Varma Mutual Pension Insurance Co. for €256 million, CoStar U.K. reported.

The class A buildings span a total area of 45,000 square meters.

Eagle eyes

* HNA Group Co. Ltd.'s nearly 30% stake in Spain's NH Hotel Group SA is attracting interest from investment manager Elliott Management Corp. and private equity firm Apollo Global Management LLC, Bloomberg News reported, citing sources with knowledge of the matter. The stake in the Spanish hotelier is worth about €657 million.

The Chinese conglomerate has sold about US$15 billion of assets since the start of the year amid pressure to cut down its debt.

* Google Inc. is looking to buy the Treasury Building in the Dublin Docklands for more than €120 million as it seeks further accommodation around its European headquarters on Barrow Street in the Irish capital, the Irish Independent reported. The Alphabet Inc. company is also eyeing the Sharp Building under construction at the city's Hogan Place.

IPO corner

* Finnish real estate investment company Kojamo Oyj determined the preliminary per-share price range for its IPO at €8.50 to €10, for gross proceeds of about €150 million. The value of the offering totals about €748 million, based on the midpoint of the range, assuming the sellers divest the maximum number of offered shares and the overallotment option is fully exercised.

* Public Storage affiliate Shurgard Self Storage Europe Ltd. is mulling an IPO to take advantage of growth opportunities in Europe's self-storage market. Shurgard Self Storage's portfolio comprises over 220 facilities, covering around 12 million net rentable square feet, in Belgium, Denmark, France, Germany, the Netherlands, Sweden and the U.K.

Featured during the week on S&P Global Market Intelligence

Prices, rents drop as UK properties hit by new energy efficiency rules

Amisha Mehta contributed to this report.