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Banco de Sabadell's hotel biz receives bids; Aedas Homes plans up to €664M IPO


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Banco de Sabadell's hotel biz receives bids; Aedas Homes plans up to €664M IPO

* Blackstone Group LP and Brookfield Asset Management have filed bids for Banco de Sabadell SA's 99%-owned, approximately €1 billion hotel business. The company may favor a direct sale over a proposed listing of HI Partners.

* Spanish homebuilder Aedas Homes will issue between 20.9 million and 21.1 million ordinary shares in an initial public offering on the Madrid Stock Exchange in October, to raise up to €664 million if the overallotment option is completely exercised. The shares will be priced within a range of €31.65 to €33.15 apiece and will begin trading Oct. 20.

Aedas plans to utilize the proceeds for growth opportunities in the pipeline and to fund its expansion, with a target of constructing roughly 3,000 new residential assets annually by 2022.


* Singapore's City Developments Ltd. made a cash offer of 552.5 pence per share for all outstanding ordinary shares that it does not own in Millennium & Copthorne Hotels Plc and its units. The price values Millennium & Copthorne's entire issued ordinary share capital at roughly £1.79 billion.

* Cole Waterhouse and Topland Group are marketing their 1.6-acre academic campus project in London's Wembley Park for £100 million in forward funding, Property Week reported. First Way Campus will provide student housing, a teaching resource center and a 300-person auditorium, among other amenities. The University College of Football Business has preleased 60% of the campus, which is scheduled for completion in mid-2019.

* Patron Capital sold five Luxury Family Hotels properties in the U.K. and the overarching brand to the management team and its backers for an undisclosed amount, PW reported. While the company sold the Woolley Grange, The Ickworth, New Park Manor, Moonfleet Manor and Fowey Hall hotels, it is keeping the Thornbury Castle Hotel in Bristol, the report noted.

* A development of 460 homes on a green belt site in northwest London landed a nod from the city's mayor Sadiq Khan, following developer Barratt doubling the number of affordable homes at the plot, Construction Enquirer reported. The project's blueprint initially included 92, only 20% of affordable housing, or 92, shared-ownership homes, the report added.

* Developer Dandara awarded Interserve with a more-than £70 million contract for the Holbeck Urban Village build-to-rent development, which features 744 apartments in Leeds, Construction Enquirer reported. The project is slated for completion in June 2019.

Austria and Germany

* Accentro Real Estate AG off-loaded an eight-asset portfolio of 259 residential units in southeast Berlin to a family office for roughly €43.8 million. Meanwhile, the company acquired 240 residential units in the Berlin boroughs of Mitte and Friedrichshain-Kreuzberg, as well as in Hanover, for a sum of €35.3 million.

* With the completion of TLG IMMOBILIEN AG's takeover offer for WCM Beteiligungs- und Grundbesitz-AG, DIC Asset AG plans to distribute a one-time extraordinary per-share dividend to shareholders of a minimum of 20 euro cents. DIC, a 25.95% stakeholder in WCM, reported a one-time extraordinary income of about €19 million from the exchange of WCM shares for TLG shares.

Nordic countries

* Korean capital flowed into the Finnish real estate market for the first time ever, with GLL Real Estate Partners GmbH picking up a logistics portfolio and 135,000 square meters of commercial space on behalf of Korean investors. The deal's investment volume was said to be in the "hundreds of millions," according to a release.

* According to Pangea Property Partners, the Nordic real estate market is estimated to log a record investment volume of approximately €45 billion in 2017, with a slight decline in activity predicted for 2018, Property Investor Europe reported. The Norwegian, Danish and Finnish markets were responsible for the high level of activity, while in Sweden the volume has tumbled roughly 30% from 2016, the report noted.

The Netherlands

* Aberdeen Standard Investments-managed Standard Life Investments European Property Growth Fund closed a forward deal for the purchase of a 35,974-square-meter logistics project in Tilburg, buying the asset from developer Ontwikkelingscombinatie Scheg, PIE reported. The development, located inside the Vossenberg business park, will include 1,281 square meters of office space and a 2,766-square-meter mezzanine area, and is scheduled for completion by the end of March 2018, according to the report.


* U.S.-based Equinix Inc. acquired the Zenium data center business in Istanbul for US$93 million in cash from its existing shareholders. The deal consists of three buildings and land space, and the asset will be renamed Equinix IS2.

Other real estate news

* Emaar Properties PJSC's Emaar India is targeting to raise up to 4.00 billion Indian rupees from banks and financial institutions over the next six months to speed up and finalize its ongoing projects. The subsidiary has already raised 31.00 billion rupees following an agreement for the demerger of its India partnership venture, with roughly 6.00 billion rupees raked in in the previous six months.

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

Celestyn Wong contributed to this report.

As of Oct. 9, US$1 was equivalent to 65.44 Indian rupees.