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Vonovia, Buwog boards price squeeze-out deal; 3 UK properties trade for £285M

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Vonovia, Buwog boards price squeeze-out deal; 3 UK properties trade for £285M

* Vonovia SE and Buwog AG's boards set the price for the transfer of Buwog shares to Vonovia at 29.05 per share. The squeeze-out deal was made after Vonovia's stake in Buwog reached approximately 90.7% as of June 18, pursuant to the €5.2 billion merger between the two.

* The Spelthorne Borough Council in Surrey, U.K., bought the entire office portfolio of the Brockton Capital and Landid joint venture for £285 million. The portfolio spans about 545,000 square feet of grade A office space and includes the Thames Tower in Reading, The Charter Building in Uxbridge and The Porter Building in Slough, all in the Thames Valley region of the U.K.

UK

* Sports Direct bought British department store chain House of Fraser Group Ltd. from administrators under a £90 million all-cash deal, which involved all of House of Fraser's U.K. stores, the brand and all of its stock.

* Seamus Ross is expected to abandon discussions with Zamano that could have seen the housebuilder reverse some of its residential property development stakes into the internet and mobile company, The Times of the U.K. reported. Zamano was supposed to acquire in an all-share transaction Ross' Alanna Homes business, which holds about €50 million of assets, according to the report.

* Blackstone Group LP secured a five-year floating-rate debt facility from Allianz Real Estate and Brookfield to refinance the 23-acre St. Katharine Docks estate in London. Allianz provided a senior term loan and CapEx line to redevelop the 90,000-square-foot Devon property on the estate that offers a total of over 500,000 square feet of commercial space.

* Grahame Whateley bought the former eight-acre site of the previous DRI hospital through a new venture dubbed Nightingale Derbyshire from sellers, the University Hospitals of Derby and the Burton NHS Foundation Trust, PW reported. Developer First Urban had earlier lodged a plan to develop up to 500 homes on the site but passed on a deal to acquire the plot, which has been unoccupied since 2015.

* Catalyst partnered with housebuilder Redrow Homes to establish a joint venture that will develop a £180 million mixed-use scheme within Hounslow Borough in London. According to PW, the 50/50 joint venture will take on the development of a 450-home project that will also include office and retail components.

* The Adur District Council in England gave its approval for Southern Housing Group's planned 540 riverside homes on a harbor site in Shoreham-by-Sea, Construction Enquirer reported. The project on the former marble and importing site will see the development of 10 buildings.

Belgium and Netherlands

* A Jin Jiang International Holdings Co. Ltd.-led international consortium entered into an agreement to buy stakes in Radisson Hospitality AB and all the shares in Radisson Holdings Inc., with the whole transaction estimated at a value of US$2 billion.

The deal also involves certain HNA Group Co. Ltd. subsidiaries, from which the consortium will acquire an 18.50% interest in Radisson Hospitality AB, on top of the 51.15% stake in the Belgian hotel manager it is picking up from Radisson Hospitality Inc.

* TH Real Estate completed the construction of a premium logistics facility in Waddinxveen in the Netherlands, on a site it acquired in 2017 with Cording Real Estate Group for about €22.6 million, Europe Real Estate reported. The developer signed international organic food importer and distributor Eosta for a 15-year fixed lease on the property.

Germany

* TSC Berlin SICAV-SIF, a TSC Real Estate Germany-advised fund, purchased a 15-unit apartment in Berlin Pankow for an undisclosed amount, Property Investor Europe reported. The property carries development potential for additional apartment units on the top floor.

Other real estate news

* Emerald Equity Group sold the 98,000-square-foot building at 838 West End Ave. in New York to Swedish property investor Akelius for US$72 million. The seller acquired the property from Thor Equities and Rockwood Capital, under a US$64.5 million deal that closed in late July.

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.

Celestyn Wong contributed to this report.