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Lendlease, Starwood in £1.2B London buy; enquiry called for £1.6B Battersea deal

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Lendlease, Starwood in £1.2B London buy; enquiry called for £1.6B Battersea deal

* Australia's Lendlease Corp. Ltd. and private equity group Starwood Capital Group are buying out the £1.2 billion Silvertown Quays mixed-use development project in east London. The two companies are purchasing The Silvertown Partnership from a consortium including First Base Ltd., Chelsfield Properties and Macquarie Capital.

Plans for the development include up to 3,000 homes, as well as office and retail space.

* Malaysia's governing party leader, Anwar Ibrahim, has called for an investigation of Malaysian asset manager Permodalan Nasional Bhd. and Employees Provident Fund Board's £1.61 billion acquisition of assets in the second phase of the Battersea Power Station project in London, according to The (U.K.) Guardian.

Ibrahim asked for the inquiry in light of "dubious" investments carried out by the previous administration, the report noted. The exclusivity period for the Battersea deal was extended to June 29 in May.

UK

* M&G Investments and Anglo American PLC signed a £265 million agreement to refurbish the mining company's headquarters building in London headquarters. The property will contain around 146,000 square feet of office space, 27 residential apartments and warehouse space.

* Barking and Dagenham Council is seeking developers for the construction of its £1 billion regeneration of the Barking town center, Construction Enquirer reported. The entire development, set for completion by 2024, will comprise over 40 projects, featuring 2,200 homes, new commercial and social infrastructure, as well as green open spaces, the report noted.

* MGT Investment Management and U.S.-based Lincoln Property Co. jointly purchased the Station Hill development site in Reading from Sackville Developments Reading Ltd. for roughly £70 million. The 6.5-acre property has secured an outline planning permission for an office and residential project, with a gross development value of more than £750 million.

* Henderson Park forayed into the London office sector by acquiring the 147,000-square-foot Athene Place building at 66 Shoe Lane for an undisclosed sum. The asset was placed on the market in June 2017 with a price tag of £120 million.

* Lambeth Council's pension fund has provided £42 million of financing to Invesco Real Estate's built-to-rent program, which has so far attracted £350 million in capital since its launch in 2014, Property Week reported. Invesco recently teamed up with Patten Properties and Panacea Property Development on a 383 build-to-rent in central Liverpool, the report added.

* The International Music & Performing Arts Charitable Trust Scotland has started the bidding process to choose contractors for its £45 million concert hall project in Edinburgh, Construction Enquirer reported. Plans for the hall comprise a 1,000-seat auditorium and a 200-seat studio.

France and the Netherlands

* Aroundtown SA plans to convert €300 million of its 1.5% bonds due 2021 into ordinary shares. The company is negotiating with bondholders for the possible conversion.

* W. P. Carey Inc. signed a deal with private developer Borghese Logistics Participaties II BV to expand its existing logistics facility in the Port of Rotterdam area. The plan will add roughly 32,600 square meters of floor space to the property, which is leased to Nippon Express Nederland BV. The building will offer a total of 103,951 square meters upon completion.

* Barings Real Estate, in a forward-funding deal, acquired an office development in the Parisian suburb of Pré Saint Gervais from Nexity Immobilier d'Entreprise for an undisclosed amount, Property Investor Europe reported. The 6,500-square-meter Canopy office project is set to be completed in October.

* Developer OVG Real Estate divested the MM25 office building in Rotterdam, Netherlands, to a Middle East-based private family office, PIE reported. The 15,000-square-meter high-tech property, which was fully renovated, is leased to Coca-Cola, engineering firm Croonwolter & Dros, telecom company Mobilis and construction firm Servicis, according to the report.

Spain

* Thai hospitality group Minor International PCL confirmed that it intends to keep NH Hotel Group SA publicly listed if it succeeds with its €6.40 per-share buyout of the Spanish hotelier. Earlier in June, Minor bought HNA Group Co. Ltd.'s stake in NH Hotel for €619 million, raising its interest to 34.7% from 9.5%.

Germany

* Aberdeen Standard European Logistics Income PLC paid €33 million to purchase two multi-let logistic buildings at a U.S. air base in Germany, marking its second investment since the company's IPO in late 2018, PW reported. The deal reflects an estimated net initial yield of about 5.4%. The properties will offer 285,000 square feet of prime space upon completion in September.

Middle East

* Azizi Developments is scheduled to complete Azizi Star, its largest project in the Al Furjan district of Dubai, by 2018-end, Arabian Business reported. The 528,531-square-foot development will feature 458 residential units and 9,500 square feet of retail space upon its completion.

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Anusha Iyer contributed to this report.