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Gecina logs results; Apple leases in London; WeWork nixes Dublin deals

* Gecina said its gross rental income as of Sept. 30 amounted to €500.6 million, compared to €495.2 million in the year-earlier period, representing a rise of 1.1% on a current basis.

* Apple Inc. is leasing about 100,000 square feet at 22 Bishopsgate, which is set to be the tallest building in the City of London upon completion in 2020, The (U.K.) Times reported. The skyscraper will rise 62 stories.

Apple had agreed three years ago to consolidate London staff from eight sites at the redeveloped Battersea Power Station for its London headquarters, and the Bishopsgate lease appears to be a contingency in case the Apple Campus at the Battersea project is delayed, according to the publication.

* WeWork Cos. Inc. is scrapping two lease deals in Dublin, according to The Irish Times. The coworking giant, which is being bailed out by its main shareholder SoftBank Group Corp., is canceling a deal to occupy all 8,974 square meters of office space at the Clerys Quarter scheme that is slated for completion in the fourth quarter of 2020.

WeWork is also backing out of a deal to occupy office space at the Forum Building where it had been in talks with Hibernia REIT PLC to lease all 47,000 square feet. WeWork also recently withdrew from talks with Hibernia for another office building in Dublin.

Citing a source familiar with the matter, the report added that WeWork is also scrapping plans to expand a lease at Ballymore and Oxley's Dublin Landings scheme.

* Citing Hodes Weill & Associates and Cornell University's Baker Program in Real Estate, IPE Real Assets reported that global institutional investors are expected to allocate between $80 billion and $120 billion to the real estate sector in the next few years. Demand for the real estate asset class has reached a seven-year high.

UK and Ireland

* The University of Bristol approved plans for three high-rise student accommodation blocks with almost 1,000 beds alongside Temple Meads railway station in Bristol, U.K., Construction Enquirer reported. The tallest of the blocks will rise 25 stories. The development is part of the £300 million Temple Quarter Campus.

Construction is expected to commence in summer 2020.

* U.K. multifamily investments totaled £743 million in the third quarter, with prime yields remaining unchanged from the second quarter at between 3.25% and 4.25%, according to CBRE. As of the end of the third quarter, there were £649.3 million worth of deals under offer.

* A Davy Real Estate-managed fund is in exclusive talks to buy two separate shareholdings that will result in a 62.4% stake in the St Stephen's Green Shopping Centre in Dublin for about €115 million, The Irish Times reported. The shareholdings by U.S.-based Madison International Realty and businessman Pierce Molony were placed on the market in June with a guide price of €130 million.

The remaining 37.6% stake in the asset is held by Irish Life and was not part of the sale process.

* Richmond Homes is the front-runner to buy a 51-hectare site in Baldoyle, north Dublin, called Project Shoreline that was placed on the market in June with an asking price of €42 million, according to The Irish Times. The winning bid is reportedly between €36 million and €38 million.

The site has 23 hectares of residential zoned land and 28 hectares zoned for open space and has planning permission for 546 residential units.

Middle East

* United Arab Emirates banks are proposing limits on lending to the real estate sector to shield banks from overexposure to the property sector, Reuters reported, citing Abdul Aziz al-Ghurair, head of the United Arab Emirates Banks Federation. Real estate and construction comprised roughly 20% of gross loans at the end of the first quarter, the news outlet noted, citing central bank data.

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.