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Real Estate News & Analysis: May Edition


Dukemount Capital lists on London bourse; CBRE GI sells €650M assets

* Property services company Dukemount Capital plc began trading on the London Stock Exchange's main market after listing its total share capital comprising 338,300,000 shares valued at 0.10 pence each. The company is looking to develop and manage a portfolio of properties sold on a sale and leaseback agreement.

According to a Property Week report, the company expects to have £100 million worth of real estate assets within its first year of operations and up to £300 million in the following year, the report added.

* CBRE Global Investors sold a €650 million portfolio comprising 11 properties in central and eastern Europe to CPI Property Group, according to PW. The 2.8 million-square-foot portfolio holds mainly retail properties in the Czech Republic, Poland, Romania and Hungary.

UK and Ireland

* PW rounded up comments from real estate industry experts following the triggering of Article 50, which officially started Britain's formal departure from the European Union. The property market is of the view that a partnership between businesses and the government will play an important role to help the U.K. achieve a best possible deal, the report noted.

* The Wall Street Journal featured a report on the momentum of foreign investors in the London office property market remaining undeterred in the face of Brexit, as investors from China and Hong Kong remain active. The report added that 85% of the £3.86 billion worth of central London office deals involved foreign investors, year to date, according to the publication, citing Colliers International.

Despite the optimistic view on demand in the sector, Morgan Stanley thinks office values in London could fall between a quarter and a third, amid fears brought on by Brexit and potential buyers losing confidence in their ability to charge more for vacant and available spaces, Bloomberg News reported.

* In the wake of Britain's departure from the European Union, investment bank JP Morgan is believed to be mulling the relocation of its employees to the Capital Dock scheme in Dublin from London, the Irish Independent reported. The 31,600-square-meter Capital Dock is being developed by Kennedy Wilson Europe Real Estate.

* Anwyl Construction received consent form the Liverpool city planners for the construction of a 21-story residential building, Construction Enquirer reported. The scheme in the city's Pall Mall district will offer 336 rental flats upon its completion.

* New mortgage approvals in the U.K. failed to meet expectations in February, with around 68,300 loan approvals for house purchases, down from 69,000 approvals in the month before, London's Financial Times reported, citing the Bank of England. Economists earlier predicted a firmer figure of 69,100 mortgage approvals for the month.

Germany

* Deutsche Wohnen AG is planning to invest between €350 million and 400 million for the development of approximately 1,400 flats in Potsdam, Germany, Property Investor Europe reported, citing a company statement. The company and the City of Potsdam signed a deal for the plan, which will involve the redevelopment of the former barracks in the city's Krampnitz district and the construction of the new flats.

* Hamborner REIT AG proposed the appointment of Andreas Mattner to serve as a supervisory board member. Mattner will succeed Robert Schmidt, who resigned Dec. 31, 2016.

Spain

* Neinor Homes SAU shares rose 9% on their first day of trading in Spain, signaling a growth in investor demand for the country's real estate sector, which is on the mend after the 2008 financial crisis, FT reported. The property developer in mid-March priced its IPO of more than 6 million new shares to raise gross proceeds of about €100 million.

Sweden

* Fabege AB received shareholders' approval for the proposed 4.00 Swedish kronor per share dividend for financial year 2016. The dividend is expected to be paid April 5 through Euroclear Sweden AB.

Slovakia

* HB Reavis secured construction approval for the €345 million Stanica NIVY urban quarter development in Bratislava, PIE reported. The 130,000-square-meter scheme will offer 70,000 square meters of retail space, a 30,000-square-meter office building and a 30,000-square-meter bus station, the report noted, citing a statement from the local developer.

Middle East

* DAMAC Real Estate Development Ltd. issued US$125 million worth of senior unsecured 18-month certificates through a private placement. Proceeds from the issuance will be used for general corporate purposes and for land acquisitions.

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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.

Celestyn Wong contributed to this report.