trending Market Intelligence /marketintelligence/en/news-insights/trending/smpxstoihnfpawkzegrhea2 content esgSubNav
In This List

Blackstone to bid €3B for Santander HQ; Network Rail selling portfolio for £1.5B


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blackstone to bid €3B for Santander HQ; Network Rail selling portfolio for £1.5B

* Blackstone Group LP is understood to be weighing an over €3 billion bid for Banco Santander SA's 250-hectare headquarter campus in Madrid. The private equity giant could also opt to bid for the nine-building campus with the creditors that backed the asset's purchase in 2008.

Santander divested 51% of its real estate portfolio to a Blackstone fund in August 2017.

* In an equal partnership with Telereal Trillium Ltd., Blackstone agreed to buy Network Rail's commercial estate portfolio in the U.K. for a total of £1.46 billion. The portfolio contains about 5,200 properties, which mainly consist of converted railway arches.

* CBRE Global Investment Partners Ltd. and Madison International Realty LLC have teamed up to acquire 6,458 units across 65 Spanish mid-market apartment buildings valued collectively at €870 million. The deal forms part of a recapitalization of an Azora-managed fund.

UK and Ireland

* British real estate investment trust Segro PLC is buying Roxhill Management Rugby Ltd.'s management platform from Roxhill Developments Group Ltd., in a deal anticipated to close later in 2018. The transaction will establish a unified team in the Midlands for Segro's management and development of big-box warehouses in the U.K.

* Atrium European Real Estate Ltd. said about €201.9 million in aggregate principal amount of notes due 2020 and roughly €240.2 million of notes due 2022 were tendered as at the Sept. 7 expiration deadline of the company's cash tender offer.

* Helical PLC secured a £50.4 million five-year loan from Wells Fargo Bank NA's London branch to fund its 90,000-square-foot office project above the Farringdon East Crossrail Station in London. The six-story development is slated for completion in November 2019.

* Developer Vanguard Real Estate's U.K. property unit, Gulf Resources Development & Investment and other parties have formed the Osborne and Co. platform to target a £5 billion development pipeline over the next three years, Property Week reported. The joint venture partners have an aggregate global real estate portfolio worth £2.5 billion.

The new company will focus on developing and owning buildings globally, and enter into new European markets like France, Denmark, Austria and Germany, according to the report.

* Legal & General's LGIM Real Assets division purchased the Broadway Plaza in Birmingham, U.K., for its Leisure Fund LP for £46.9 million, IPE Real Assets reported. Aviva Investors was the seller of the 280,000-square-foot leisure asset.

* Private equity real estate fund manager Clearbell Capital has placed FM Insurance's headquarters in Maidenhead, U.K., on the block for over £28.5 million, CoStar U.K. reported. The 56,750-square-foot Voyager Place building was leased entirely to the insurance group as at 2017-end.

* Irish businessman and property developer Johnny Ronan has scaled down plans for what could be Dublin's tallest tower after initial plans for a 22-story building at Tara Street were rejected by the local council, the Irish Independent reported. New plans for the tower include a 106-room hotel, office space for about 890 workers, as well as a restaurant on the top floor.

* Developer Joe O'Reilly has reportedly agreed to pay upwards of €30 million to buy the 1.65-acre Hickeys site at Parkgate Street in Dublin, according to the Sunday (Irish) Independent. Owners of the asset had placed the site on the market through Finnegan Menton in May 2017, with a guide price of €20 million.


* German lender pbb Deutsche Pfandbriefbank loaned a €68 million credit facility to Hamburg, Germany-based shopping center group ECE to refinance the Arkad Szeged Shopping Center in Szeged. The fully leased retail asset features a gross lettable area north of 42,000 square meters and is anchored by Media Markt, C&A, New Yorker and Zara, among other tenants.

Finland and Sweden

* Orava Residential Real Estate Investment Trust PLC formally changed its name to Ovaro Kiinteistösijoitus Oyj and amended its articles of association after the proposals were approved at a Sept. 10 extraordinary general meeting.

* Klövern AB agreed to lease roughly 4,750 square meters of office space at its Kista Gate property in Kista, Sweden, to South Korean conglomerate Samsung for seven years. Samsung is expected to move into the new premises in August 2019.

Middle East

* Aldar Properties PJSC tapped JPMorgan, Standard Chartered and First Abu Dhabi Bank for the possible issuance of an at least US$750 million U.S. dollar-denominated sukuk to refinance an outstanding sukuk of the same amount due in December.

* United Arab Emirates-based development firm Arada unveiled plans for the addition of smart homes at its 24 billion-dirham Aljada project in Sharjah, which are set to be the first of their kind in the emirate, Arabian Business reported. The homes will be delivered under the Arada Smart Home brand inside the Misk Apartments buildings in the mega development.

Now featured on S&P Global Market Intelligence

Conference Chatter: Blockchain to bring legion of new retail investors to commercial property market

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.