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Local Shopping REIT recommends liquidation; Westbrook pays £140M for UK assets

* Local Shopping REIT PLC's board reiterated its recommendation to liquidate the company and disagreed with Thalassa Holdings Ltd.'s claim that its offer represents a "deliverable and certain exit" for the target's shareholders.

The board argued that majority of the consideration offered by Thalassa is in Thalassa's ordinary shares, and its proposal does not provide the full cash exit for which 99.98% of the votes cast, other than Thalassa's, were in favor of at the REIT's general meeting in December 2018.

* U.S.-based private equity group Westbrook Partners LLC bought a portfolio comprising 30 industrial estates across the U.K. from IO2 for £140 million, reflecting a net initial yield of 6.75%, Property Week reported. The seller is a joint venture between IO Asset Management LLP, Grosvenor Group Ltd. and France-based Quilvest.

UK and Ireland

* The Thackeray Estate is planning to invest £100 million in retail assets with repositioning opportunities that funds are selling, PW reported. The company will transform such properties into mixed-use development, featuring retail, leisure and office areas, as well as hotels and housing units.

* Supermarket Income REIT PLC raised £45 million via an oversubscribed offering of 44,554,455 new ordinary shares priced at 101.0 pence apiece. The shares are expected to be listed to trading on the Specialist Fund Segment of the London Stock Exchange's Main Market for listed securities, with admission to take effect March 26.

* University College London hired Vinci Construction as the preferred contractor to deliver a £100 million student housing accommodation at the university's planned new campus at the Queen Elizabeth Olympic Park in East London, Construction Enquirer reported. Plans for the project include two student blocks rising 16 and 20 floors, spanning over 50,000 square meters with 500 rooms, according to the report.

* Legal & General agreed to fund the conversion of a former post office building in Cardiff, U.K., into a 165-bedroom luxury hotel, IPE Real Assets reported. A partnership between the Welsh Rugby Union and developer Rightacres Property will deliver the project in December 2020, subject to planning consent. The amount of funding was not disclosed.

* Aprirose bought a 68,373-square-foot retail and office island site above Holborn tube station in London from Transport for London for an undisclosed sum, PW reported.

* According to a Link Asset Services survey, U.K. property lenders expect commercial property prices to decline more than 2.5% in 2019 primarily because of ongoing political uncertainties, IPE Real Assets reported. The survey collected data from 100 respondents, with only 8% expecting commercial property values to rise during the period.

* Fitzwilliam Real Estate Capital divested for roughly €44 million a prime retail development at 7-9 Henry St. in Dublin 1 to asset manager DWS, at a net initial yield of about 3.75%, The Irish Times reported. The 3,300-square-meter property is pre-leased to clothing brand Next and is scheduled be delivered soon, the publication added.


* KanAm Grund Group's German real estate development fund and developer Pantera AG are delivering €60 million worth of more than 200 new serviced apartments under the joint venture's Myhattan brand in central Frankfurt am Main, IPE Real Assets reported. Work on the project will begin later in 2019, with completion slated for 2021, according to the publication.


* CBRE Global Investors Inc. purchased a 57,499-square-meter prime logistics property at 7R Beskid Park in the Bielsko-Biała region of Poland for its CBRE Logistics Venture, REFI Europe reported. The property will comprise four buildings, two of which are already developed, and two of which are expected to be completed by the third quarter, the publication added.

Middle East

* The Saudi Arabian government launched the new Benna e-platform to offer developers and contractors opportunities to build 10,000 residential units worth an aggregate of 5 billion Saudi Arabian riyals across the country, Trade Arabia reported. Through Benna, the government is looking to accelerate housing developments across all governorates, as well as allow small and medium enterprises in the development sector to participate in the projects, the report added, citing a statement from the Ministry of Housing.

Other real estate news

* Over the next two to three years, Baumont Real Estate Capital plans to spend €337 million of commitments that were raised for its recently closed debut fund, BauMont Real Estate One SCSp, REFI Europe reported. The new vehicle will invest in value-add opportunities in Western Europe, with a focus on France and the U.K.

The private equity firm will launch subsequent funds once the capital has been deployed, according to the report.

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.

Saadoon Minhas contributed to this report.