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ADO Properties to take over Adler Real Estate, signs deal for stake in Consus

* Luxembourg-based ADO Properties SA and Germany's Adler Real Estate AG plan to combine their businesses to create a top-three residential real estate company in Germany. ADO will make a voluntary public tender offer to acquire all outstanding shares of Adler for 0.4164 of a share in ADO per Adler share. The resulting entity will be named Adler Real Estate Group.

German developer Consus Real Estate AG signed a strategic cooperation agreement with ADO Properties under which ADO will acquire a 22.18% strategic stake in Consus at €9.72 per share. Along with the Consus shares already owned by Adler, ADO's total stake in Consus will be about 25%, and ADO has a call option to acquire an additional 51% stake at an exchange ratio of 0.2390 ADO shares for each Consus share.

* Germany's Deutsche Wohnen SE signed a deal with municipal housing company degewo AG to sell a portfolio of 2,175 residential and commercial units in Berlin for an average selling price of €2,276 per square meter. The portfolio has a rental area of 157,236 square meters.

Completion of the deal is expected by the end of 2020, subject to antitrust clearance and other customary conditions. The portfolio comprises 79% subsidized housing built between 1975 and 1993.

* Swiss Prime Site AG agreed to sell Tertianum AG to Capvis Equity V LP fund, advised by Swiss private equity company Capvis AG. The business includes the operation of more than 80 residential and care centers and residences across Switzerland.

The purchase price was not disclosed, and the deal is expected to close in the first half of 2020.

* DEMIRE Deutsche Mittelstand Real Estate AG bought the Roomers Hotel in Frankfurt and the Imotex fashion distribution center in Neuss, Germany, for a total of €118 million. The Roomers Hotel has 116 rooms. Imotex spans 55,700 square meters and is fully let.


* The U.K. property industry expects an increase in investment and leasing activity following the decisive majority victory of the Conservatives, Property Week reported. Stephen Clifton, Knight Frank's head of commercial, said the election gives a clearer direction for the country's politics after a period of uncertainty, and developers are expected to go ahead with new projects and investors are likely to dive into the attractively priced real estate market, according to the report.

* London Square plans to deliver up to 1,000 new homes per year, doubling its development pipeline in anticipation of a post-Brexit bounce in the property market, PW reported. The developer plans to expand its development pipeline to £2.6 billion from £1.3 billion.

* Sir Philip Green secured a £310 million deal with private equity group Apollo to remortgage the Oxford Street flagship Topshop store in London, PW reported, citing confirmation. The 100,000-square-foot property at 214 Oxford St. also houses a Nike store and Topman, along with offices above the shops.

* Essential Living co-founder Scott Hammond has proposed a £105 million project in Salford that will have 500 homes for renting and buying, Construction Enquirer reported. The proposed project is part of a wider £365 million development pipeline for Hammond's new business that has also bought sites in Exeter and Birmingham.

The £130 million Exeter project will have 104 houses and 66 apartments for sale, 230 build-to-rent homes and a 65-bed retirement community across 15 acres. The £130 million Birmingham project in Digbeth will have a 167-bed hotel, affordable workspace and 480 homes on a four-acre site.

Middle East

* Hyatt Hotels Corp. opened the Andaz Dubai The Palm hotel in Dubai, marking the brand's second location in the United Arab Emirates. The new hotel is in Palm Jumeirah and has 217 rooms including 34 suites and 116 residences.

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UK real estate sector expects bounce in investment as election gives certainty: The pro-Brexit Conservative Party won a significant majority, giving investors and businesses some confidence in the direction the U.K. is heading.

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