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Klépierre Q1 revenue up YOY; €1.2B deal inked for Hotelbeds Group

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

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IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Klépierre Q1 revenue up YOY; €1.2B deal inked for Hotelbeds Group

*Klépierre'sfirst-quarter revenues amounted to €322.8 million, up 0.8% after "significantasset rotation" in 2015, accordingto its financial results. Its revenues for the first quarter of 2015 reached€320.1 million, as previously reported.

Thecompany's shopping center gross rents amounted to €288.1 million in the firstthree months of 2016, up from €287.4 million year over year.

*Cinven Capital Management and Canada Pension Plan Investment Board agreed toacquire Spain-basedHotelbeds Group from London and Frankfurt-listed TUI Group foraround €1.2 billion, according to a newsrelease from the seller. The transaction is expected to complete by the endof September, subject to regulatory approvals.

*U.S.-based asset manager Gramercy has bagged a €125 million loan from Germany'sBerlinHyp to finance the acquisition of a European commercial portfolio, Property Investor Europe reported.The 12-building portfolio spans 280,000 square meters of gross lettable area,with six assets in the Netherlands, four in Germany and two in Poland, thereport said, citing BerlinHyp.

*Commercial property investments dropped 40% year over year during the firstquarter in Europe, totaling €46.7 billion, PIEreported,citing Real Capital Analytics.

U.K.

*Great Portland Estates Plcinkeda deal to offload the nearly 23,800-square-foot Mortimer House vacant officeproperty on 37/41 Mortimer St. in London for nearly £27.0 million. The buyer isa new joint venture vehicle.

*London & Regional agreed to acquire Atlas Hotels from Lone Star for £575 million,Estates Gazette reported.Atlas Hotels owns 47 limited service hotels comprising 5,575 bedrooms, and 15%of its portfolio is situated in London, the report said.

*SEGRO Plc CEO DavidSleath, speaking at an event in London, opined that the impending Brexit vote,while having affected investment activity, may not have a significant marketimpact and wondered "whether things will just return to where they were,"Property Week reported.

*SEGRO said itlaunched a 37,000-square-foot speculative industrial development at London'sHeathrow Airport in partnership with Aviva Investors. The project was completedearlier in April.

*Arora Group is looking to develop an 85,000-square-foot office scheme at itsWorld Business Centre complex near Heathrow Airport, CoStar U.K. reported.A planning application has been submitted, and the scheme is prelet to Amadeusfor its headquarters, the news outlet said.

*The fully let46-story Salesforce Tower in the City of London will receive a £400 million,five-year refinancing from ING and LBBW, PWreported.

* HBReavis marked its third acquisition in London with the purchase of the freeholdof 61 Southwark St. from Aberdeen Asset Management for £55.6 million, Europe Real Estate reported.The site has planning consent for refurbishment and extension that will takeits total office space to 7,154 square meters, and the buyer intends tocommence the scheme right "immediately," the report said.

*Norway's sovereign wealth fund said the value of its first real estateinvestments in London have more than doubled since they were acquired,Bloomberg News reported,citing a reportfrom the fund. The world's largest sovereign wealth fund owns a 25% stake inthe Crown Estate partnership, the report said.

* PW reportedon a £200 million planned project to turn a 278-acre abandoned golf course inYorkshire into a new town with 1,000 homes, shops, community facilities and aschool.

*L&G is planning an industrial development and refurbishment spanning600,000 square feet across four sites in the U.K., PW reported.

*U.K. house price growth slowed to 4.9% year over year in April, compared to5.7% in March, Reuters reported,citing a survey from Nationwide.

Germany

*Private firm Beos has acquired the 20,300-square-meter Am Gaterhof 57 businesspark in Düsseldorf for an undisclosed price, PIE reported.

*Capital Economics expects high street retail rents to increase 2.9% annuallybetween 2016 and 2020 in Berlin, Frankfurt, Hamburg and Munich, according to a PIE report.

France

*After Eurosic'smerger with Foncièrede Paris, Batipart will continue to be Eurosic's largest shareholder with an upto 24.2% stake, PIE reported.Batipart is theinvestment vehicle of Foncièredes Régions founder Charles Ruggieri, the report said.

*Savills expects French real estate investments to drop to just under €20billion in 2016, from around €26 billion in 2015, according to a reportfrom PIE.

Italy

*Foncière des Régions subsidiary BeniStabili SpA SIIQ saidit signed a more than 16,000-square-meter prelet to Fastweb for itsheadquarters in the new Symbiosis office district in Milan. The building isexpected to be delivered in October 2018.

*U.K.-based Benson Elliot has snapped up the Centro Commerciale La Meridianashopping center in Bologna by acquiring the total share capital of Raptor Srl,according to a news release. The asset spans 35,000 square meters and has 42units.

Spain

*SEGRO acquired a 16,202-square-meter facility in the Madrid region for anundisclosed price. PIE reported,citing a company statement, adding that Coslada II Logistics Centre is theBritish REIT's first logistics center in the area.

*According to BNP Paribas Real Estate, property investment in the country forfull-year 2016 is expected to be some €8 billion lower than full-year 2015,owing to a shortage in supply and the "mood" of institutional andprivate investors from the U.S., U.K. and Germany, PIE reported.Further, BNP data showed that investment in the sector during the first quarterslid year over year to €2.2 billion from €2.85 billion.

Finland

Citycon Oyjsaid it plans toredevelop and double the size of the Lippulaiva shopping center located in theHelsinki area with an investment of between €160 million and €180 million. Thenew center's area will have a gross leasable area of nearly 42,000 squaremeters, and around 550 apartments will also be constructed as part of theproject.

Hungary

Futureal'sresidential arm, Cordia, plans to build 1,500 new flats in the country'scapital, to be spread on nine land plots across eight sites. A Cordia spokesmantoldPIE that the housing project will becarried out under a roughly €100 million budget.

Other News

Citigroup is backing out from a US$1.5 billion bridge loanthat will be used by an investor group to fund its of a 69% stake in KuwaitFood Co., Reuters reported,citing three unnamed sources. The decision is due to the U.S. bank's failure tosecure internal approval to participate in the loan deal.

Adeptio, the acquiring investor group, is led by ChairmanMohamed Alabbar.

Now featured

: French real estate companiestopped the competition with an indexed year-to-date total return of 7% for theyear so far. Meanwhile, six out of the bottom 10 SNL-covered European realestate companies by year-to-date total return are headquartered in the UnitedKingdom.

The Daily Dose Europe, RealEstate edition, is updated as of 6:30 a.m. London time. Some links require asubscription. Articles and links are correct as of publication time.

The Daily Dose Europe,Real Estate edition will not be published Monday, May 2. We will resumepublication Tuesday, May 3.