trending Market Intelligence /marketintelligence/en/news-insights/trending/up9zqzsxahfe5pqwuvlpgw2 content esgSubNav
In This List

Covivio, Beni Stabili shareholders OK merger; London asset in nearly £280M sale


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Covivio, Beni Stabili shareholders OK merger; London asset in nearly £280M sale

* Respective shareholders of Covivio and Beni Stabili SpA SIIQ approved the companies' proposed merger at separate extraordinary special meetings. Covivo will exchange 8.5 of its shares for every 1,000 Beni Stabili shares in the merger.

* Royal London Asset Management agreed on terms for the purchase of the freehold interest in an office asset in London's Mayfair district for nearly £280 million, at a sub-4% yield, CoStar U.K. reported.

LaSalle Investment Management and Quantum Global Real Estate's joint venture, Plaza Global Real Estate Partners, placed the 23 Savile Row property on the market in early 2018, with a price tag of about £300 million.


* Civitas Social Housing PLC closed the roughly £38.3 million purchase of eight regulated social housing assets. The assets comprise 126 residencies and are leased in 25-year terms to Auckland Home Solutions and Falcon Housing Association.

* Mars Pension Fund replaced LaSalle Investment Management Inc. with AEW to manage its £500 million real estate investment mandate in the U.K. The Mars portfolio holds secondary shopping centers, seven of which were put on the market but failed to sell for £250 million in 2015. LaSalle Investment managed the mandate for 25 years.

* Paloma Capital raised £80 million in the first closing of its Paloma Real Estate Fund II, which has a fundraising target of £150 million. The fund, which primarily focuses on smaller, multi-let warehouse estates in urban areas, has £40 million worth of five purchase deals in its pipeline, reflecting a yield of 8.2%.

* The U.K.'s Shawbrook Bank and an unnamed asset manager committed £75 million to newly launched British property lender Glenhawk to boost the company's lending platform, IPE Real Assets reported.

* Malaysia's Felda Investment Corp. has placed the freehold of the 77-room Park City Grand Plaza hotel in London on the block for roughly £45 million, The Caterer reported. Felda acquired the 50,000-square-foot property in 2014 for £61 million, a deal which is believed to be under investigation by the Malaysian Anti-Corruption Commission, the report added.

* A partnership between Europa Capital and Ediston Real Estate divested the Plymouth Gateway Retail Park project for £22.7 million at a 5.9% yield. The 55,000-square-foot park is due for completion in September and is fully pre-let to Wren Kitchens, Tapi Carpets, Sofology, Mothercare, KFC and Costa, according to a release. The Royal London Mutual Insurance Society is the buyer.

* According to a State Street Corp. survey, a small majority of institutional investors intend to keep their U.K. asset holdings stable through early 2019 in the face of the ongoing Brexit negotiations, Reuters reported. The survey, which was rolled out between late-July and late-August, saw demand for U.K. asset holdings to be at the highest level in nearly two years at almost 21%, while the proportion of investors looking to trim their holdings also increased to 20%.

France and the Netherlands

* In a forward funding deal, La Française Real Estate Managers purchased a 9,300-square-meter office project in the Vaise district of Lyon, France, from developer PRD Office for an unknown sum, Property Investor Europe reported. Work on the project is scheduled to be completed in the second quarter of 2021.

* Retailer developer Neinver and property investment manager TH Real Estate's joint venture, Neptune, picked up a land plot at the Sugar City industrial area in Halfweg, Netherlands, for a retail outlet development. The Amsterdam The Style Outlets center will offer 115 stores across a gross leasable area of 19,000 square meters, with opening slated for the autumn of 2020, according to a release.


* Belgium-based Atenor SA marked its first investment in the Polish real estate market with the acquisition of a two-building office complex in Warsaw for an undisclosed amount, Europe Real Estate reported. The asset at Szturmowa 2/2a encompasses a total area of about 32,000 square meters.

Middle East

* Alain Debare stepped down as Action Hotels PLC CEO and from the board Sept. 6. Debare will be replaced by CFO Andrew Lindley on an interim basis.

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.

Cam Nones contributed to this report.