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Foreign investors swoop in on London RE; Land Securities to buy back £273M bonds


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Foreign investors swoop in on London RE; Land Securities to buy back £273M bonds

* Sidra Capital plans to acquire four prime office properties in London through a £1 billion joint venture investment, Property Week reported. The Saudi Arabian-backed investment house partnered British family office 3 Associates Capital to form the Sidra Capital UK joint venture, which is working on bids for at least four properties.

Also targeting London property is private investment firm Saïd Holdings. The company plans to invest US$1 billion in global properties over the next two or three years, with roughly a third of the amount to be spent on London properties, PW reported, citing a company spokesperson.

Meanwhile, CoStar U.K. reported that Hong-Kong-based Chinese Estates is forging ahead of a group of three investors from Asia interested in purchasing 11-12 St James's Square in London from Malaysia's Employees Provident Fund for a price tag of £180 million, reflecting a net initial yield of 4.25%.

* Land Securities Group Plc's QAM Funding LP offered to buy back in cash the outstanding amount of approximately £273.2 million of Sceptre Funding No.1 PLC bonds. The bonds carry a coupon of 5.253% and a maturity date of February 2027.


* SEGRO Plc is considering the development of a 450,000-square-foot multistory warehouse at the Meridian Water scheme in Enfield, Greater London, amid a dearth of land parcels for industrial properties in the British capital, PW reported. The Enfield council in 2016 chose SEGRO as a development partner, along with Barratt London, for a £6 billion Greater London regeneration project.

* Housing association Peabody entered into a joint venture with housebuilder Hill to start work on a £350 million regeneration project in east London. The joint venture will deliver Peabody's Fish Island Village, which will provide 434 private apartments, 146 affordable homes and 57,000 square feet of commercial space.

Additionally, the partners will work on Hill's Lea Bridge Road development in Leyton, which will offer 300 new homes, including at least 62 affordable homes.

* Residential developer Southern Grove has partnered with Bahrain-based Tadhamon Capital to establish the Future Generation student accommodation joint venture, PW reported. The platform currently has £50 million in equity and plans to purchase sites to deliver 3,000 beds.

* Lendlease Corp. Ltd. and LCR received approval for the development of the fourth office building at International Quarter London in Stratford, PW reported. The new 10-story building will bring 280,000 square feet of office space to the market.

* Aerium, on behalf of South Korea-based Hanwha Life, sold the One Wood Street office building in London to German fund manager KanAm, IPE Real Estate reported. Aerium in 2016 was understood to be getting offers amounting to approximately £190 million for the 184,150-square-foot building, the report added.

* Lodha UK awarded Mace the contract to construct its £140 million Mayfair residential scheme at No. 1 Grosvenor Square in London, Construction Enquirer reported. Work on the project is expected to start in the fall, with completion scheduled for early 2019.

Southern Europe

* Marriott International Inc. agreed with Hong Kong-based Platinum Estates to build a W Hotel and Residences in Marbella, Spain, for an investment cost that was reported by the local media to be at around €300 million, PIE reported. The hotel will have 200 rooms and other facilities, while the residential element of the project will offer 100 apartment units and villas, the report added.

* ECE opened the Adigeo shopping center in Verona, Italy, following the completion of the asset's €170 million development, PIE reported. The retail center has 130 retail units spread across 47,000 square meters of space, and houses tenants such as Primark, Oysho and Zara Home, among others.

* Kryalos boosted its logistics portfolio to 1.3 million square meters with the purchase of six logistics assets across northern Italy from Castello, PIE reported. The assets, acquired for an unknown amount, provide a total gross leasable area of over 140,000 square meters.


* A redos Group subsidiary, redos institutional GmbH, purchased 13 retail properties across Germany from various buyers amounting to roughly €200 million for its real estate fund, Europe Real Estate reported.

* Local insurer Württembergische Lebensversicherung acquired the 22-story Skyline Living residential tower development in Stuttgart from Bülow, PIE reported. The financial details of the deal were undisclosed, but local media reported it to be over €70 million, the publication noted. The 12,800-square-meter building will deliver 146 units upon its scheduled completion in the third quarter.


* Rezidor Hotel Group AB's nominating committee announced its recommendations for the chair of the board of directors and members of the board. The committee recommended Di Xin as chairman, and Daoqi Liu, Charles Mobus Jr., Xiang Song, Wolfgang Neumann, Kin Ching Lo, Andreas Schmid and Thomas Staehelin as members of the board of directors.

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.