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Primonial buying German portfolio stake for €1.14B; Unibail acquires Westfield

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Primonial buying German portfolio stake for €1.14B; Unibail acquires Westfield

* French asset manager Primonial Group entered into a deal to buy a 50% stake in a portfolio of 71 post-acute hospitals in Germany from Medical Properties Trust Inc. for roughly €1.14 billion. The transaction, which is subject to conditions, including the approval of the German Federal Cartel Office, is expected to close in the third quarter.

Medical Properties will retain its 50% interest in the assets.

* Unibail-Rodamco SE's US$15.68 billion takeover of Westfield Corp. was finalized June 7. The implementation of the schemes has resulted in the creation of Unibail-Rodamco-Westfield, which owns a mixed portfolio of retail properties, offices and convention and exhibition venues.

Meanwhile, Unibail-Rodamco and WFD Unibail-Rodamco NV began trading their securities on the Australian bourse June 8.

UK

* Due to unfavorable market conditions, Atrium European Real Estate Ltd. canceled its planned tender offers for €350.0 million of its 4.000% notes due April 2020 and €500.0 million of its 3.625% notes due October 2022.

* M&G Real Estate bought a 50% stake in the Fort Kinnaird retail park in Edinburgh, Scotland, from The Crown Estate for roughly £167.3 million. The company has created a joint venture with Hercules Unit Trust, the owner of the other half of the 560,000-square-foot property. Hercules is 78% owned by British Land Co. PLC.

* The Moorfields Eye Hospital in London is advancing with its £250 million plan for a research hospital building after inviting design teams to submit ideas for the project, Construction Enquirer reported. The building will be constructed on the St Pancras Hospital site close to the King's Cross Station.

* Capital & Centric Ltd. plans to transform the former Littlewoods building in Liverpool, U.K., into a £50 million filming complex, in a partnership with Twickenham Studios, Property Week reported. The film studio company has agreed to lease 85,000 square feet of space at the new development.

* Clarion Housing Group's development unit Latimer agreed to buy a £47 million site in Cheshire, U.K., from Gladman Land, according to PW. The 23-acre site has planning consent in place for 165 homes, with completion slated for 2021.

* The South Cambridgeshire District Council is set to vote on RLW Estates' plan to deliver up to 4,500 new homes under the Waterbeach New Town East development in Cambridgeshire, U.K., PW reported. Plans for the new town also include office and retail space, as well as several educational facilities.

* Irish developer Ballymore and its Singapore-based joint venture partner Oxley Holdings Ltd. are planning to raise £150 million of funds from investors to finance the construction of 272 new rental homes at Deanston Wharf in London, the Irish Independent reported. The move will mark Ballymore's entry into the U.K.'s expanding built-to-rent sector, the report noted.

* House prices in the U.K. rose 1.5% month over month in May, compared to a 3.1% drop in April, as new sales and buyer inquiries move the market toward stabilization, The (U.K.) Telegraph reported, citing Halifax. The current average house price stands at £224,439, up from £220,915 in the prior year.

France and the Netherlands

* Icade is adding former Unibail-Rodamco chairman and CEO Guillaume Poitrinal to its board as an independent director. The appointment will be up for a vote at the company's general meeting June 29.

* CBRE Global Investors paid an undisclosed sum to acquire a 47,000-square-meter prime logistics warehouse inside the Borchwerf II business park in Roosendaal, Netherlands, Europe Real Estate reported. The asset was bought on behalf of the European Industrial Fund.

Denmark and Finland

* Klövern AB bought four office properties in Copenhagen for a total underlying property value of 735 million Danish kroner. The properties have a total lettable area of about 36,600 square meters.

* Technopolis PLC is expanding its central business district campus in Oulu, Finland, with a €25 million project. The project will increase the asset's total rentable area to more than 19,000 square meters and total parking places to over 400, subject to construction approval.

Germany

* Warburg-HIH Invest Real Estate purchased a fully-let convenience center in Bielefeld on behalf of its Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung fund. The Nordpark-Center contains a gross leasable area of 7,158 square meters and 147 parking space. The retail fund has a target volume of €400 million to €450 million.

Middle East

* Arabian Business reported that Binghatti Developers has invested more than 1.1 billion dirhams across six real estate projects in Dubai, which are scheduled to be delivered by 2018-end.

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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.

Anusha Iyer contributed to this report.

As of June 7, US$1 was equivalent to 6.30 Danish kroner and 3.67 dirhams.