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Shiva hoping to raise £150M through Hotel Income IPO; Skanska sells €214M assets

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Shiva hoping to raise £150M through Hotel Income IPO; Skanska sells €214M assets

The Daily Dose LIVE returns to the City of London on Tuesday, Oct. 1. Join us for a timely panel discussion on the vulnerabilities facing corporate Europe in a period of deep political, policy and economic uncertainty. Register today to secure your place at this popular breakfast event.

* U.K.-based Shiva Hotels Ltd. is hoping to raise £150 million through the market flotation of its subsidiary Hotel Income REIT in early October, Property Week reported. Shiva, which owns 10 hotels in London with more than 2,000 rooms, will reportedly use the capital raised in the IPO to invest in its existing portfolio of five Hilton-branded hotels in the British capital and York. The hotels group told PW that it is set to publish its prospectus for the IPO on Sept. 24.

* Skanska AB sold the Nowy Targ building and the High5ive office development in the Polish cities of Wroclaw and Kraków, respectively, to real estate funds managed by Credit Suisse Asset Management Global Real Estate for €214 million, Europe Real Estate reported. The 22,800-square-meter Nowy Targ offers 195 underground parking places and is leased to Tillberg Design of Sweden and SpyroSoft, while High5ive offers a a total leasable area of 37,500 square meters and 414 parking places.

* According to research by law firm CMS, 73% of surveyed real estate professionals think that the Brexit vote and its subsequent negotiations have had a negative impact on their businesses, with 15% of respondents labeling the impact as very negative and 58% categorizing the impact as slightly negative, PW reported. The overall figure of individuals who feel that Brexit had an adverse impact on their businesses increased from 64% in the previous year's report.

The percentage of surveyed professionals who feel Brexit had a positive impact on their business remained at 9%, according to the report.

UK and Ireland

* According to PW, Redevco paid Berkeley Group £70 million for the predominantly food and beverage commercial units at the One Tower Bridge development in Southwark, London. The mixed-use development contains more than 350 apartments, a pool and other facilities, and it comprises 25,328 square feet of retail, restaurant and cultural space among other amenities.

* Target Healthcare REIT Ltd. will issue new ordinary shares at an offer price of 110.5 pence per share, representing a 6.2% discount on the closing price of 117.8 pence per ordinary share Sept. 4. The REIT is targeting gross proceeds of roughly £50 million.

The issuance comes amid the real estate investment trust's near-term investment pipeline of about £92 million and in the midst of its plans to make 10 new acquisitions before the end of 2019. The placing of the shares will close Sept. 25.

* PW reported that BentallGreenOak struck a deal with LBS Properties Ltd. to refinance the latter's three London office developments through a new roughly £70 million debt facility. The new financing, which replaces a previous debt facility with Cheyne Capital, will allow LBS to hold on to each of its three assets when they are completed. All of the assets were developed using debt facilities.

One of the refinanced developments is the 36,000-square-foot 70 White Lion St. building in Angel that was acquired by LBS in 2017 for £12.6 million and is fully let to IWG PLC's Spaces. The other refinanced developments are two office assets just off Old Street roundabout, commonly known as the Chapter and Verse buildings.

* According to Europe Real Estate, Kennedy Wilson purchased a prime, city center mixed-use asset known as Half Moon Street in Cork, Ireland, for €36.3 million, with the transaction representing a net initial yield of 6.7%. The asset provides 120,000 square feet of space in a waterfront location and is split between 56,000 square feet of grade A office space and 63,000 square feet of flagship retail space.

Germany

* Bayerische Landesbank AöR, in partnership with Landesbank Baden-Württembergm issued a €700 million promissory loan note for housing company Gewobag Wohnungsbau-Aktiengesellschaft Berlin, PropertyEU reported.

Sweden

* A flagship fund of Catella AB's residential real estate business raised €90 million to diversify into new segments and markets and has already acquired a 98-unit affordable senior housing property in the Geneva suburb of Reigner, IPE Real Assets reported. Catella European Residential I will focus on the growing living sector in France and Spain and expand the company's geographical footprint to additional markets including Austria.

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