trending Market Intelligence /marketintelligence/en/news-insights/trending/t_rfj0TEBQmXG7fCr8Gidg2 content esgSubNav
In This List

Bovis reopens negotiations for Galliford units; Redrow to sell £119.5M assets

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Bovis reopens negotiations for Galliford units; Redrow to sell £119.5M assets

* Bovis Homes Group PLC reengaged in initial talks regarding a potential merger with Galliford Try PLC's Linden Homes and Partnerships & Regeneration divisions in a deal that is expected to value the businesses at approximately £1.08 billion. The companies noted that they have agreed to "high-level terms" under which the potential deal would be implemented, but "significant work" still needs to be completed before entering into a definitive deal.

Under the terms of the potential deal, Galliford Try shareholders will receive 0.57406 of a Bovis share for each Galliford Try share, translating to 63,739,385 Bovis shares valued at £675 million. Bovis will also pay £300 million in cash to Galliford Try and assume the latter's 10-year debt private placement of £100 million.

* Redrow PLC agreed a £119.5 million sale of some of its rental homes in north London to Canadian investor Realstar Group Inc., London Evening Standard reported. The deal will see Realstar acquire 347 apartments at Redrow's development site in Colindale, where it will use the studio and one-to-three bedroom properties for its residential brand called Uncle.

Redrow is building 2,900 homes at the development site, with most of the homes up for private sale, the publication added.

* French diversified real estate investment trust Covivio issued a €500 million green bond due 2031 with a coupon of 1.125%, its second such bond. The company expects a settlement to occur Sept. 17 and plans to use the proceeds to finance or refinance more than 190,000 square meters of offices under development in Paris, Lyon and Milan through four projects that are 64% pre-leased on average.

UK

* NOMA submitted plans to the Manchester City Council to redevelop a grade 2-listed property, the Old Bank Building, in Manchester into a 140,000-square-foot office-led scheme, Property Week reported. The approved plans comprise a seven-floor extension that will have 83,000 square feet of office space spread across six floors. Moreover, the redeveloped building will contain 6,900 square feet of ground-floor retail and leisure space and 2,600 square feet of coworking space.

* Packaged Living and Robertson signed onto Homes England's roughly £60 million scheme, which will see the redevelopment of a 1.5-acre plot on Newcastle's Quayside, PW reported. The proposed build-to-rent scheme will consist of one, two and three-bedroom flats, and it will provide amenity and commercial spaces as well as car parking.

* Hotels operator Signature Living made The Shankly and 30 James St. hotels in Liverpool city center available for sale for over £35 million and £16 million, respectively, TheBusinessDesk.com reported. Property firm Savills launched the sales process for the hotels.

* Civitas Social Housing PLC agreed a new £60 million five-year term loan facility with National Westminster Bank PLC. The facility can be extended for an additional two years and comprises a further option of a £40 million accordion from the bank.

France, Netherlands and Spain

* M&G Real Estate's European Property Fund acquired a €47 million office asset in the Parisian suburb of Levallois-Perret, IPE Real Assets reported. The asset, which will be redeveloped into a senior living complex, will be leased to Les Essentielles for 12 years upon the completion of the redevelopment in the second quarter of 2021.

* South Korean investor Kiwoom Asset Management, with the help of AF Advisory and DTZ Investors, purchased the fully occupied 28,000-square-meter Queens Towers office buildings in the Netherlands for €130 million, IPE Real Assets reported.

* Property firm Savills PLC launched its Workthere service in Spain, Business Immo reported. Workthere is a website and brokerage service for firms looking for flexible, coworking and serviced office space.

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.