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Conwert shareholders OK Vonovia takeover; IMMOFINANZ delays CA Immo merger

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Conwert shareholders OK Vonovia takeover; IMMOFINANZ delays CA Immo merger

* Conwert Immobilien Invest SE shareholders have approved Vonovia SE's takeover offer, following a recommendation from the board that shareholders should accept the offer in cash. The legal minimum acceptance threshold of 50% of the shares outstanding plus one share was surpassed Dec. 19.

* IMMOFINANZ AG revised the initial timetable for its planned merger with CA Immobilien Anlagen AG due to more time required to sell its Russian property portfolio, a prerequisite for the merger to take place.

IMMOFINANZ's executive and supervisory boards decided to extend the timeframe to separate the Russian assets, owing to the country's recent economic stabilization.

* SEGRO Plc bought a 210,000-square-foot distribution warehouse in Northampton from an undisclosed buyer through an asset swap. In exchange for its acquisition, the group sold two newly developed Premier Inn hotels in London to the buyer for a price of £20.5 million at a net initial yield of 4.7%.

The distribution warehouse is fully leased to Yusen Logistics.

The group also secured Caesarstone (UK) Ltd. as the tenant of a 48,000-square-foot facility at Navigation Park, located at Enfield in Greater London. The two companies signed a long-term lease agreement on the industrial building, which is considered to be the first certified "carbon neutral" development in the greater London region, according to a release.

UK and Ireland

* British Land Co. Plc appointed Nick Macpherson to serve as a nonexecutive director, effective Dec. 19.

* The buildings in the proposed £320 million Chesterfield Waterside scheme in the U.K. were granted outline planning approval, Property Week reported. The buildings will be a part of the £75 million first phase Basin Square development of the scheme in Derbyshire.

* Caledonia Investments sold the U.K.'s third largest holiday park operator, Park Holidays UK, for an enterprise value of £362 million, PW reported. Tiger Bidco, a special purpose vehicle established by Intermediate Capital Group, bought the operator.

Caledonia acquired Park Holidays in November 2013 for £172 million, according to the report.

* Kier was selected as the preferred bidder for the first phase of construction on Cardiff University's Innovation Campus, Construction Enquirer reported. The £135 million campus project will deliver two new facilities, with construction on phase one set to start in early 2017 and to be completed the year after.

* Tritax Big Box REIT Plc received a £50 million loan from Wells Fargo, which will top up the £500 million secured debt facility it secured with four lenders in October 2015, PW reported. The REIT plans to channel the credit facility toward investments and acquisitions, according to the report, which cited Colin Godfrey, a Tritax partner.

* Over in Ireland, Universal-Investment purchased Dublin's Liffey Valley Shopping Centre on behalf of Germany's largest pension scheme group, Bayerische Versorgungskammer, The Irish Times reported. The pension scheme is understood to have paid more than €630 million for the retail center, which spans more than 71,000 square meters of retail and leisure space, the report noted.

Nordic countries

* PensionDanmark made its foray into the student housing sector by signing a public/private partnership agreement to build and rent affordable residence halls for the Technical University of Denmark, IPE Real Estate reported. The pension fund has formed a joint venture with Boligfonden DTU and will invest approximately 1 billion Danish kroner in the project, according to the report.

* Sweden-based real estate company SBB bought assets worth 850 million Swedish kronor from Klövern AB, Property Investor Europe reported. SBB also sold the 4,410-square-meter Majorna 220:5 office property in Gothenburg, Sweden, for 150 million Swedish kronor. The building is fully let to the country council, the report noted.

France

Société de la Tour Eiffel raised €140 million in a capital increase launched Nov. 25, PIE reported, citing a French-language news release from the company. The REIT's shareholders subscribed to 2.64 million shares out of the 2.7 million new shares offered at €53.00 apiece. The proceeds of the capital increase will be utilized to partially finance a €145 million portfolio acquisition in Paris' Nanterre suburb.

Germany

PGIM Real Estate sold the Adlerwerke office campus in Frankfurt to Quantum. The 80,000-square-meter campus, which comprises five buildings, was acquired on behalf of a club of German institutional investors.

Poland

Invesco Real Estate purchased the 53,000-square-meter Q22 office building in Warsaw from developer Echo Investment, PIE reported. The 39-story tower was valued at about €115 million at the start of its construction in 2013, the report noted. The acquisition takes Invesco's investment in Poland to more than €800 million, with additional projects in the pipeline.

Middle East and Africa

* Qatar-based United Development Co. secured a 730 million Qatari riyal loan from the Commercial Bank Qatar Q.S.C. to fund the construction of the Al-Mutahidah Towers project at its flagship development, The Pearl-Qatar. The towers, which are expected to be completed in the fourth quarter of 2019, will comprise a pair of connected buildings containing 480 residential studios, luxury apartments and penthouses.

* According to Core Savills' latest market outlook for 2017, residential rents in Dubai are forecast to decline by up to 4% in the next 12 months, Arabian Business reported. However, the report noted that a limited new supply and steady demand are expected to keep rental rates in prime central residential districts flat throughout next year.

* Meliá Hotels International SA opened its fourth hotel in Cape Verde, offering 300 rooms and luxury facilities. Meliá Llana Beach Resort & Spa is located on the southwest coast of the island of Sal, according to a company release.

Other geographies

The AFIAA Foundation for International Real Estate Investment is acquiring a Manhattan office property in New York, U.S., for US$150 million, IPE Real Estate reported. This purchase is the Swiss pension fund's first investment in the New York real estate market in eight years.

A representative of the fund told the publication that they anticipate solid investment returns from the office real estate market, on top of a likelihood of rental increases in New York, particularly in the midtown South Manhattan area.

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.