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Shaftesbury buys UK assets for £25M; Hibernia REIT sells Dublin asset for €24M


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Shaftesbury buys UK assets for £25M; Hibernia REIT sells Dublin asset for €24M

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

UK and Ireland

* In London, Shaftesbury PLC added six buildings on Neal Street, Seven Dials, to its portfolio with a £24.6 million purchase. The properties, which have a current contracted income of £600,000 per year, comprise six shops spread across 5,200 square feet, with sold-off residential units above.

* Hibernia REIT Plc sold the Chancery building in central Dublin for €23.8 million, representing a blended net initial yield of 5.9%. The property, which comprises 35,000 square feet of office space and four apartments, is fully leased to the Office of Public Works, Wella and Analytic Partners, among other tenants.

Hibernia paid €16 million for the building and a 0.05-acre site in 2014.

* Standard Life Investments Property Income Trust Ltd. closed the sale of two DSG-let retail warehouse units in Preston, U.K., for roughly £16.4 million. The sale price was 5.4% higher than the assets' Sept. 30 valuation, and the proceeds will be reinvested into office and industrial assets.

* Triple Point Social Housing REIT Plc purchased six U.K. supported housing properties, comprising 88 units, for approximately £10.7 million, excluding costs. The deal involves 80 units in Lancashire and 8 units in Sussex. The properties are let to My Space Housing Solutions, Falcon Housing Association and Auckland Home Solutions for 20 years.

The company also finalized the acquisition of a U.K. portfolio of six supported housing properties for roughly £5.5 million, excluding costs. The properties comprise 40 units: 14 in Bradford, 14 in Skegness, 10 in North Shields and two in Cheshire.

* Custodian REIT Plc bought a 24,845-square-foot car dealership within the Pride Park business park in Derby, U.K., for £5.1 million. VW Group UK Ltd. and Goodman Retail Ltd., also known as Sytner, occupy the asset on a lease expiring Nov. 23, 2025.

* Warehouse REIT plc paid £4.3 million to acquire a 66,000-square-foot warehouse in Plymouth, U.K., from a client of BMO Global Asset Management, at a net initial yield of 7.4%. The property sits on a 3.9-acre site in the Parkway Industrial Estate and is fully let for a 25-year period.

* LXI REIT plc acquired the freehold interest in a portfolio of supported living assets in greater London for £1.4 million, marking a net initial yield of 6.0%. The properties are leased on a new 35-year term, with no tenant break.

* AEW UK Long Lease REIT PLC bought the 68,002-square-foot Motorpoint showroom in Birmingham, U.K., for £8 million, marking a net initial yield of 5.85%.

* AEW UK REIT plc paid £3.1 million for the Cedar House office block in Gloucester, U.K., marking a net initial yield of 9.1%. The five-story asset covers a total floor area of 38,427 square feet and includes car parking facilities.

* Primary Health Properties Plc's Irish investment vehicle is purchasing a primary healthcare facility in Ireland's County Cork for €20 million. The asset, dubbed the Centre, offers approximately 6,500 square meters of lettable area and will be fully leased to tenants including the Health Service Executive.

* In Dublin, Dalata Hotel Group Plc agreed to acquire 24 suites in the Clayton Hotel Cardiff Lane for €8.7 million and 13 suites in Clayton Hotel Liffey Valley for €2 million. The company now owns 252 rooms and 261 rooms in the two hotels, respectively.


* JM AB agreed to buy land in Stockholm's Sköndal district, with building rights for 157 apartments, from the Stora Sköndal foundation for 225 million Swedish kronor.


* Varia US Properties AG agreed to buy out Peak Capital Partners and its affiliates' non-controlling interests in its portfolio. Holders of the interest will receive assets of the portfolio up to their net equity participation, which is estimated to total around US$22.4 million.

The Netherlands

* Aedifica SA acquired a 75-unit nursing home in Maarssen, Utrecht, in a roughly €9 million deal. The company plans to renovate the property, which will be operated by the Stichting Leger des Heils Welzijns- en Gezondheidszorg foundation, a Dutch not-for-profit organization.

South Africa

* Fairvest Property Holdings Ltd. agreed to buy a 50.17% stake in Bara Precinct Proprietary Ltd., which holds seven properties in Diepkloof. The properties have a combined value of about 322.4 million South African rand.

Additional coverage

Supermarket Income spends £50M on Scottish retail asset

Civitas Social Housing closes £117M purchase of UK assets

Prologis sells 4 Northern Italy logistics assets to Carlyle Group

Legal & General unit buys UK housing site

M7 Real Estate buys regional UK portfolio for £117M

As of Dec. 19, US$1 was equivalent to 8.44 Swedish kronor and 12.74 South African rand.