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Westbrook to pay £162M for UK assets; Eroski to sell 6 Spanish hypermarkets

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Westbrook to pay £162M for UK assets; Eroski to sell 6 Spanish hypermarkets

* Private equity firm Westbrook Partners is under offer to acquire Sterling Industrial Holdings Unit Trust, which holds a portfolio of 28 industrial assets across the U.K., for £162 million, Property Week reported.

The deal, signed with the seller, Mansford, reflects a yield of 6.75%. The eventual selling price eclipsed the original £156 million asking price for the property.

* Specialist asset manager Intermediate Capital Group PLC agreed to buy six hypermarkets in the Basque region of Spain for €105 million. The properties are being sold by supermarket chain Eroski. The U.K.-based company is buying five of the hypermarkets in a joint venture with Inmobiliaria Armuco, which is 45%-owned by Eroski.

UK and Ireland

* British Land Co. PLC completed the acquisition of the Royal Victoria Place shopping center in Tunbridge Wells in Kent, U.K., for £96 million, Property Magazine International reported. The property comprises 280,000 square feet of retail space and is anchored by a Fenwick store. It has permission for a £70 million regeneration.

* In a transaction slated to close by 2018-end, real estate investment manager LaSalle Investment Management Inc. is buying asset manager Aviva Investors' real estate multimanager business and 100% ownership of the management of the Encore+ fund.

The real estate multimanager business has US$7 billion worth of assets under management.

* Under a 15-year lease, SEGRO PLC signed a pre-let agreement with Kuehne + Nagel for a 195,547-square-foot unit sitting on a 17-acre site at SEGRO Logistics Park East Midlands Gateway in the U.K.

* Hybrid estate agent eMoov Ltd. agreed to merge with peer Tepilo in a £100 million deal, which also involves online leasing agency Urban.co.uk. The merger will place eMoov into the spot of the U.K.'s second-largest digital estate agency.

* U and I Group PLC mandated Graham Construction to build a 50,000-square-foot new commercial hub as part of its £200 million Preston Barracks redevelopment scheme in Brighton, U.K., Construction Enquirer reported.

* Internet giant Google Inc. is seeking more office space in Dublin and is said to be in talks to acquire the Treasury Building on Grand Canal Street for more than €120 million, the Irish Independent reported. Google is also looking to acquire the Sharp Building, which is located near the Treasury Building.

* Supermarket Income REIT PLC bought a 98,000-square-foot Tesco Extra supermarket in Scunthorpe, U.K., for £53 million from Legal and General Pensions Ltd., with the deal marking a net initial yield of 5.1%.

France

* PGIM Real Estate and Finnish pension insurance company Varma paid €256 million to purchase M Campus in Meudon, situated on the outskirts of Paris, CoStar U.K. reported. The more than 45,000-square-meter office campus comprises six class A office buildings and was sold by Norges Bank Real Estate Management and AXA France.

* Nexity is poised to increase its interest in the parent company of French senior residences provider and strategic partner ?gide-Domitys group to 63.15% from 45.15%. The real estate developer will purchase an additional 18% stake from ?gide-Domitys founders via JMF Conseil, which will own the remaining 36.85% interest.

Poland

* CPI Property Group SA bought two seven-level office buildings in Warsaw from Peakside Capital for an undisclosed price, Europe Real Estate reported. The assets, Atrium Centrum and Atrium Plaza, have a total gross leasable area of 31,869 square meters.

Germany

* Round Hill Capital secured a €113.5 million loan from HSH Nordbank for the purchase of a 12-property residential portfolio in Hamburg, Europe Real Estate reported. The properties, comprising a total of just under 26,000 square meters of space, offer 298 apartments and about 3,480 square meters of usable space split into 22 commercial units.

Spain

* Meridia Capital Partners paid €26.5 million to acquire a 7,500-square-meter office building in Madrid through its real estate investment vehicle Meridia III, Property Magazine International reported.

Greece

* Greece's Piraeus Bank SA is selling commercial real estate-backed nonperforming and denounced corporate credit exposures worth €1.45 billion to Bain Capital Credit LP, Property Magazine International reported. The sale will be the first such deal taking place in the country.

Cyprus

* London's Financial Times carried a report on the new housing developments coming up in Limassol, a city along Cyprus' south coast, a sign that the city's prime property market is flourishing, driven primarily by foreign investments.

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Celestyn Wong contributed to this report.