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European REIT to shed final asset; Civitas wraps up UK portfolio buy

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.


* European REIT Ltd. is set to divest its last real estate asset, in La Gaude, Nice, for net proceeds of roughly €5.8 million, representing a 38% discount from the property's last reported valuation in June 2016. The company said the sale is expected to be completed before the end of June, subject to the fulfillment of certain conditions.

Following the asset sale, European REIT will execute its liquidation process.


* Civitas Social Housing PLC wrapped up the purchase of a portfolio of regulated social housing for £17 million, reflecting a net initial yield of 6.0%. The portfolio comprises freehold interest in 16 supported living properties in the south of England.

* Jones Lang LaSalle Inc.'s Hotels & Hospitality Group sold the DoubleTree by Hilton Hotel in Dundee, U.K., to a Singaporean buyer, 7 Hospitality, for £5.5 million. It is one of the three hotels that JLL is marketing as part of the BDL Select Portfolio, the other two being the Best Western Grosvenor Hotel in Stratford Upon Avon and the Best Western Marks Tey in Colchester.

* Standard Life Investments Property Income Trust Ltd. closed the acquisition of an eight-unit industrial asset in Bristol for £5.3 million. The asset is fully let to seven tenants.

* Empiric Student Property Plc acquired a Revcap Advisors Ltd. investment fund's 50% stake in the Empiric (Glasgow) Ltd. joint venture for an initial payment of £4.7 million. The joint venture was formed to redevelop the former Willowbank Primary School site, a project that was completed in September 2016 and comprises 178 student beds. Following the transaction, Empiric Student owns 100% of the interest in Willowbank.

* Capital & Regional Plc is planning to spend up to £1 million to expand The Mall Wood Green in London with a new 17,000-square-foot retail unit, which will be occupied by Aldi, and a 70-space surface car park. The company has already submitted a planning application to Haringey Council.


* Klövern AB, in a swap deal with Genova, sold three properties in Lund for an underlying value of 129 million Swedish kronor and simultaneously acquired the leasehold of the Borg 4 property in Stockholm's Kista district for an underlying value of 41 million kronor. The acquisition is due to be completed June 1.

In a separate deal, Klövern sold all of its 11 properties in Ystad and the Gustavshem 2 property in Lund, to Riksbyggen for a total underlying value of 80 million kronor. The deal is scheduled to close May 4.

* Kungsleden AB completed the acquisition of the Emporia Office property at the Emporia shopping center in Malmö's Hyllie district, in Sweden, from Steen & Ström AB. The office offers 10,250 square meters of leasable space.

The Netherlands/Belgium

* Aedifica SA's Aedifica Nederland BV subsidiary acquired the Het Gouden Hart care facility in Kampen for approximately €7 million and the Huize Dennehof senior housing facility in Driebergen-Rijsenburg for roughly €1 million. The facilities are operated by Het Gouden Hart. The Kampen facility has 37 units, while Huize Dennehof comprises nine units.

Additionally, the company said that extension works at its rest homes in Koersel and Veerle-Laakdal, both in Belgium, are complete and the properties are available for use.

Additional Coverage

Hong Kong PE firm under offer to buy London office asset for £133M: Joint Treasure's bid represents a yield of less than 4%, Property Week reported.

Intu Properties to invest £100M in UK mall expansion: The expansion will target operators of leisure and food and beverages, according to Property Week.

Starwood sets hotel record in Manchester, UK: Dominvs Group sold the Holiday Inn Manchester City Centre, which it said to be the biggest hotel deal in the city year-to-date and the largest single-asset hotel transaction in Manchester on record.

CapCo confirms talks for venues business sale: Capital & Counties said the selling price for the venues business, including Olympia and other related property assets is "in line" with the valuation as of Dec. 31, 2016, which amounts to £292.7 million.

Scottish regeneration deal fizzles out as developer abandons purchase: CLS Holdings Plc sold the Atholl House, a 53,625 square-foot office building in the U.K.'s city of Aberdeen, to Atholl Square Developments in 2016.

GCP Student Living completes London buy, secures new debt financing: The Woburn Place asset was bought from Unite Group Plc for roughly £135 million, funded via a combination of available cash resources and the new borrowing arrangements.

Berenberg, Universal-Investment launch €350M open-end property fund: Berenberg Real Estate and Universal-Investment launched the Berenberg Real Estate Berlin fund that will focus on property investments in Berlin, Property Investor Europe reported.

Patron Capital JV buys 3 malls in Spain: The investor expects to spend up to €300 million more in Spain's property market, IPE Real Estate reported.