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Greystar launches £2B UK fund; Almacantar selling £875M London office portfolio


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Greystar launches £2B UK fund; Almacantar selling £875M London office portfolio

* Greystar launched a £750 million build-to-rent fund in the U.K., which, including debt, could have a total capacity of £2 billion, London's Financial Times reported. The U.S.-based real estate company intends to secure equity from pension funds and insurers for the new fund that will invest mainly in large-scale private rented residential property projects managed by corporate landlords, the report added.

* Real estate developer Almacantar Ltd. placed its 570,000-square-foot office portfolio in Southbank Place, London, on the market for roughly £875 million, Property Week reported. The buildings, which are occupied by tenants including Shell and WeWork Cos. Inc., form part of Canary Wharf Group PLC and Qatari Diar's 1.5 million-square-foot mixed-use development at Southbank Place.

UK and Ireland

* Bovis Homes Group PLC is weighing a bid for a majority stake in Galliford Try PLC after its offer to buy the rival housebuilder's Linden homes division and regeneration business was rejected, The (U.K.) Times reported. Galliford Try said it rebuffed Bovis' offer because it undervalued the two units and was not in the interests of its shareholders, according to the May 27 report.

* Singapore's Mapletree Investments Pte. Ltd. is close to signing a €240 million purchase deal with Ireland-based Marlet Property Group Ltd. for the office component of the Sorting Office integrated development in Dublin. The deal comprises an 18,766-square-meter office scheme and excludes the 56 apartments that also form part of the wider Sorting Office project on the corner of Cardiff Lane and Hanover Street East.

* Landlord Oxenwood Real Estate signed a five-year lease deal with logistics services provider Neovia Logistics for a 172,342-square-foot facility in Coventry, U.K., PW reported.

Sweden and Denmark

* Swedish real estate fund manager Profi Fastigheter plans to raise 3 billion kronor for its new value-add property fund. The Profi V investment vehicle will focus on office, light industrial, logistics and mixed-use assets, as well as social infrastructure in major cities in Sweden, including greater Stockholm, Gothenburg and the Malmo region.

* Germany-based Residential Berlin I GmbH launched a takeover offer for EgnsINVEST Ejendomme Tyskland A/S. The Danish property company received observation status from Nasdaq Copenhagen following receipt of the offer.


* Blackstone Group LP is reportedly selling the Helios office development in Madrid for an estimated €175 million, according to PropertyEU, which cited EuroProperty. The project will offer 35,000 square meters of office space across two buildings upon completion later in 2019, according to the report.


* French private equity group Ardian acquired an office development at Lützowstrasse 107-112 in Berlin from LBBW Immobilien Development GmbH for an undisclosed amount. The property will feature roughly 18,000 square meters of rentable space across seven stories, with completion expected in the third quarter of 2021.

Other real estate news

* Emaar Properties PJSC tapped advisers, including Standard Chartered, for the divestment of its district cooling business, Reuters reported, citing sources familiar with the matter. The move is part of the Dubai-based company's plan to sell noncore assets and businesses, the report added.

* CBRE Global Investors Inc. partnered with U.K.'s Building Research Establishment to apply the BREEAM In-Use International 2015 energy performance certification across its US$41 billion direct private real estate portfolio in Europe, the Middle East and Africa, IPE Real Assets reported. The sustainability assessment will allow CBRE to measure, manage, track and enhance the operation of all of its asset portfolio.

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