trending Market Intelligence /marketintelligence/en/news-insights/trending/sdu2ji8ddgqboerqkjpkcq2 content esgSubNav
In This List

Lone Star withdraws IWG bid; Vastned's takeover of Vastned Retail Belgium fails

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Lone Star withdraws IWG bid; Vastned's takeover of Vastned Retail Belgium fails

* Private equity firm Lone Star Funds has dropped its bid for serviced office group IWG PLC ahead of the June 8 deadline. Lone Star approached the company in May with a possible cash offer for its entire issued and to-be-issued share capital.

Meanwhile, IWG's other two suitors, Starwood Capital Group and TDR Capital LLP, are still in the race and have until the deadline to make an offer or walk away from a bid.

* Vastned Retail NV failed to secure the minimum acceptance threshold of 90% in its takeover of Vastned Retail Belgium following an acceptance period that ended June 1. Vastned Retail Belgium shareholders tendered 1.2 million shares, representing 70% of the free float.

As a result, the Belgium-based company will also drop its planned conversion into a specialized real estate investment fund from its status as a public regulated real estate company.

UK

* U.S.-based Thor Equities LLC closed the £300 million sale of the Burlington Arcade in London, Property Investor Europe reported. It was reported in early May that the property company and private equity group Meyer Bergman were selling the luxury asset to property tycoon brothers Simon and David Reuben.

* Helical PLC agreed to the roughly £28.5 million sale of its three remaining noncore properties to become fully focused on the London and Manchester markets. The deals reflect an aggregate net initial yield of 7.6%.

* Segro PLC subsidiary SELP Management Ltd. has been caught up in a financial scam after its identity was used by a fraudulent perpetrator to front an entity focused on financial products and services. Segro added that it has informed the Financial Conduct Authority, or FCA, of the U.K. and the police on the matter.

* NVM Private Equity backed a management buyout of serviced office leasing agent Flexioffices. Flexioffices aids businesses in finding new office spaces, and works with shared workspace providers, including WeWork, IWG and The Office Group, according to a release.

* The Harvest Partnership joint venture between Landsec and Sainsbury sold the Selly Oak Shopping Park project in Birmingham for £94 million to M&G Real Estate. The retail park will offer 190,000 square feet of space upon its completion.

* Barings Real Estate loaned £83.0 million to Hao Tian Asia Investment Co. Ltd. for its purchase of the approximately 161,689-square-foot property at 55 Mark Lane in London. The 10-floor property comprises prime office, retail and ancillary residential space.

* The Plymouth City Council approved the development of the 1 Drake Circus mixed-use project in the city, Construction Enquirer reported. The existing Money Centre tower on the site will be knocked down to make way for a 20-story building, which will comprise a 554 bed-student accommodation and a 105-bed hotel.

* IO Asset Management purchased six industrial estates for the Tesco Pension Fund at a price of €31.2 million, marking an average net initial yield of around 6.25%, Europe Real Estate reported. The multilet properties encompass a total of 428,000 square feet of space.

France and the Netherlands

* In France, Thor Equities entered a deal to divest the 65 Boulevard de la Croisette luxury retail property in Cannes to Luxembourg-based Castello Köln Beteiligung for €120 million, according to PW. The boulevard comprises eight stores leased to luxury retail tenants, including Jimmy Choo, Burberry and Balenciaga, the report added.

* A Frasers Property Ltd. subsidiary's proposal to take over and delist European commercial property company Geneba Properties NV was approved by the Enterprise Chamber of the Amsterdam court of appeal. Frasers Property Investments (Holland) BV acquired a 99.6% stake in Geneba Properties in August 2017.

Spain

* An affiliate of Starwood Capital Group paid an undisclosed amount to purchase the 87,000-square-meter San Fernando Business Park in Madrid.

Germany

* InterContinental Hotels Group PLC opened its 30th hotel in Germany with the debut of Holiday Inn Munich - Leuchtenbergring in Munich. The 279-room hotel is owned by the hotel operator's business partner UBM Development AG.

Finland

* Moody's lowered its long-term issuer rating on Finland's Citycon Oyj to Baa2 from Baa1, with a negative outlook.

Middle East

* Savills PLC grew its presence in the Middle East with the acquisition of real estate consultancy business Cluttons Middle East. The business will serve as Savills first wholly owned business in the region.

Now featured on S&P Global Market Intelligence

Conference Chatter: Hilton's Nassetta on HNA, home-sharing and the fate of the Waldorf

Data Dispatch: NAV monitor: US equity REITs trading at 7% median discount at May-end

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.

Celestyn Wong contributed to this report.