* Emaar Properties PJSC logged a year-over-year climb of 15% in net profit to approximately 2.84 billion United Arab Emirates dirhams during the first half from about 2.48 billion dirhams. For the second quarter, the group's net profit weighed in at 1.45 billion dirhams, up 14% from the 1.27 billion dirhams recorded in the year-ago period.
The group's international projects in key markets like Egypt, Turkey, India and Saudi Arabia led to a 64% year-over-year surge in revenue from global operations at approximately 1.70 billion dirhams.
* Schroder UK Real Estate Fund marked its debut investment in the self-storage sector with the purchase of a more than 230,000-square-foot portfolio comprising five properties from The Self-Storage Co. for upward of £44 million, Property Week reported.
The fund will also acquire The Self Storage Co. brand and intellectual property and is retaining its employees to manage the portfolio, which contains assets around London and the M25 motorway, the report added.
* Watkin Jones received an approval to construct a 322-unit, build-to-rent project in Leicester. Work on the development is anticipated to begin in 2018, with a phased completion expected between 2019 and 2020, according to TheBusinessDesk.
* Vinci Construction won a £69 million bid to transform the Warrington town center, which includes the tearing down of current structures to make way for a new market hall, civic center, cinema and retail units in the Bridge Street Quarter, Construction Enquirer reported.
* Empiric Student Property Plc acquired a land plot and signed a forward funded deal for a 166-bed student accommodation development in Edinburgh, Scotland, for £26.56 million. Practical completion of the scheme is expected in time for the 2019/2020 academic year.
* PATRIZIA Immobilien AG acquired the 26,600-square-meter Colosseo mixed-use asset in Frankfurt's Sachsenhausen district on behalf of a pension fund client. The seven-story building is almost fully let to 25 office occupiers, 11 retailers and 96 residential tenants, among others.
* Meanwhile, Hines bought the 24,000-square-meter Mira shopping center in northern Munich from GLL Real Estate Partners for an undisclosed sum, Property Investor Europe reported. Hines carried out the purchase for a German special real estate fund and plans to reposition the asset.
* M&G Real Estate paid €41.5 million to purchase a prime office property on Rue Guimard in Brussels' Leopold district, at a net yield of 4.8%, Europe Real Estate reported. The 9,913-square-meter building was acquired on behalf of its core European property strategy and is fully let to one of the world's largest oil and gas companies, according to the report.
Middle East and Africa
* In Turkey, local real estate private equity manager Intus Capital raised US$120 million for a joint venture between the European Bank for Reconstruction and Development and local developer Nef. The partners contributed US$60 each to the vehicle, which will invest in greenfield projects focusing on residential and student housing.
* Jabal Omar Development Co. plans to raise 4 billion Saudi riyals through the issues of local currency sukuk over the next few months, with the company's relationship banks expected to snap up the Islamic bonds.
* According to STR's July report, 166,166 rooms in 590 hotel projects under contract in the Middle East were logged for the month, reflecting a 6.6% rise compared to the year-ago period.
Meanwhile, in Africa, there were 56,925 rooms in 308 projects under contract, marking an increase of 1.2% year over year.
Other Real Estate news
* STR also reported that year-over-year hotel occupancy in the U.K. increased by 1.7 percentage points to an actual level of 75.1% in the first half, while the average daily rate rose 4.7% to £89.33, and revenue per available room firmed by 6.5% to £67.12 during the period. The improved performance was driven by tourism growth in the U.K., which received a boost from the devaluation of the pound sterling following the June 2016 Brexit vote.
* Singapore's City Developments Ltd.'s unit, CDL Hospitality Trusts, appointed AccorHotels as the new operator of the Jumeirah Dhevanafushi resort in the Maldives, effective Sept. 1. Jumeirah Group ceased to become the resort's operator with effect from Aug. 31, following which the property will initially operate as Dhevanafushi Maldives Luxury Resort before being rebranded to fall under the Raffles Hotels and Resorts label, following a remodeling to be carried out in late 2018.
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.