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NH Hotel stakeholder seeks JP Morgan advice; VGP offering up to €225M bonds


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NH Hotel stakeholder seeks JP Morgan advice; VGP offering up to €225M bonds

* Amid Minor International PCL's ongoing takeover offer for NH Hotel Group SA, the Spanish hotelier's stakeholder, Hoteles Hesperia SA, has hired JP Morgan to advise on its 8% stake in the company. Minor offered €6.30 per share to Hesperia for its stake, which was deemed insufficient by the latter.

Minor had offered to pay €619 million to buy HNA Group Co. Ltd.'s stake in NH Hotel in June, which was approved by the Thai hotelier's shareholders.

* Belgium-based VGP NV is publicly offering up to €225 million of retail bonds due March 19, 2026, at a fixed rate of 3.50% per year, with the net yield equaling 2.304% per year. Net proceeds from the offer will be used to repay the company's outstanding debt under the €75 million fixed rate bonds on their Dec. 6 maturity date.

UK and Ireland

* LendInvest Ltd. secured £150 million from Japanese financial group Nomura and alternative investment manager Magnetar for financing residential development projects in the U.K. and for its expansion. The deal takes the company's total capital for lending to roughly £1 billion.

* Primary Health Properties PLC bought three purpose-built primary care centers in Ireland via the €38.6 million acquisition of the entire issued share capital of Jellia Holdings Ltd. This latest deal takes the gross value of the real estate investment trust's Irish portfolio to north of €100 million.

* Westferry Developments has raised the proposed number of homes in its Westferry Printworks development in London to 1,540 from 722 after adding an additional building to the project and increasing the height of the ones that are already planned, Property Week reported. The revised plans, which will also include retail, workspaces, a school and two parks, were lodged with the London Borough of Tower Hamlets.

* Winvic Construction secured a contract for the £70 million development of a 250,000-square-foot building in Tolworth, which will serve as the U.K. headquarters of discount supermarket chain Lidl, Construction Enquirer reported. The project is set to be completed in two years, with construction to start in September.

* A student accommodation property at the Drury Lane in London's Covent Garden district was sold by GH Partnership to Aberdeen Standard Investments' Standard Life Pooled Property Pension Fund for £68.8 million, PW reported. The Grosvenor House encompasses 46,627 square feet of space and is leased to the London School of Economics and Political Science until September 2027, the report added.

* IM Properties is planning for the speculative development of a 532,000-square-foot big box warehouse at the 82-acre Hinckley Park in the Midlands, PW reported.

* Andrew Griffiths, the regional head of Prologis Inc.'s Prologis UK Ltd. division is retiring in April 2019, and will be replaced by Paul Weston, the unit's head of London and South East Markets. The hand-over process is set to begin from Oct. 1.

* The Wales and West Housing association has appointed eight preferred developers to deliver homes in Wales over the next four years under a £300 million new housing development program, Construction Enquirer reported. The program is divided into three regions: North Wales, South Wales and West Wales, the report added.


* Swedish private equity group Nordstjernan AB acquired a 5.05% stake in diversified property company Diös Fastigheter AB from Bengtssons Tidnings AB. Nordstjernan also has the option to purchase the remaining 5.05% stake that Bengtssons owns in Diös until Sept. 9, 2019.

The Netherlands

* Since its launch in November 2015, NN Investment Partner and NN Bank's NN Dutch Residential Mortgage Fund has exceeded €2 billion as of May 31. The fund has garnered interest from local, as well as foreign investors from Belgium, France, the U.K., Germany, Finland, Sweden, Denmark and Spain.

* German asset manager KGAL GmbH & Co. KG marked its first investment in the Dutch property market with the purchase of the Raaks district retail complex in Haarlem, close to Amsterdam. The asset features four buildings and contains approximately 12,100 square meters of retail rental space.

* Catella Real Estate paid an undisclosed amount to pick up a mixed-use development project in Rotterdam from developer Ten Brinke for its Sarasin Sustainable Properties – European Cities fund, Property Investor Europe reported. Plans for the development involve 51 rental apartments and 2,500 square meters of commercial space, with completion slated for the first quarter of 2020, according to the report.

* Amsterdam-based The Datacenter Group secured a €52 million credit facility from local banks ING and NIBC to finance its acquisition of two data centers from the Rabo Bouwfonds Communication Infrastructure Fund, PIE reported.


* Tristan Capital Partners acquired the 34,116-square-meter Parseval Square office complex in Düsseldorf from financial group Floreat for an unknown sum, PIE reported. The six-story asset was purchased on behalf of the Curzon Capital Partners 5 Long-Life investment vehicle, the report added.

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.

Rollen Catorce contributed to this report.