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LEG, Swiss Prime log results; Minor International shareholders OK NH Hotel deal


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LEG, Swiss Prime log results; Minor International shareholders OK NH Hotel deal

* LEG Immobilien AG logged a 5.1% year-over-year increase in funds from operations I for the first half to €156.4 million. The company affirmed its FFO I forecast to be between €315 million and €323 million for the 2018 full year, and between €338 million and €344 million for 2019.

Additionally, LEG said it is on the verge of signing a deal for the purchase of around 3,750 residential units across the North Rhine-Westphalia state of Germany.

* Swiss Prime Site AG's realized profit climbed 7.8% to CHF152.0 million in the first half, compared to CHF141.0 million in the year-ago period. The company's EPS came in at CHF2.13, up from CHF1.97 in the first half of 2017.

* Minor International PCL received approval from shareholders to move ahead with its planned takeover of NH Hotel Group SA and close its €619 million deal with HNA Group Co. Ltd. for its stake in the Spanish hotelier. Minor International will purchase HNA's 8.4% stake in NH Hotel over the next two weeks to take its shareholding in the company to 44.0%.

The takeover is anticipated to close by October.

UK and Ireland

* Tritax Big Box REIT PLC paid £221.6 million to buy four big-box assets in a private deal in the 2018 first half. The real estate investment trust also completed a forward-funded development of a logistics fulfillment center in Darlington, U.K., after committing £120.7 million to the project.

* British Telecom is searching for a total of 200,000 square feet of space for its new headquarters in London and for a regional office in Manchester, according to CoStar U.K. The search follows its plans to move from its current head office in London's St Paul's area and sell the asset for £200 million.

The telecommunications giant has hired Cushman & Wakefield and JLL to search for the new premises.

* Workspace Group PLC is redeeming £57.5 million worth of 6.00% fixed-rate outstanding bonds due 2019. The bonds, issued in October 2012, will be redeemed ahead of schedule Sept. 10, at a price to be determined Sept. 6.

* Invesco Real Estate agreed to a £47 million forward funding deal to acquire The Brickworks student housing development in Dublin from Bain Capital Credit, Property Week reported. The 276-room project was purchased on behalf of Invesco's German separate account clients.

* The Adur & Worthing Council granted approval to Southern Housing Group for a planned mixed-use residential development at Free Wharf in Shoreham, U.K., PW reported. The completed development will feature 540 new homes and 30,000 square feet of commercial area, among other amenities.

* The Henderson family from Ireland agreed in principle to buy some 50 Poundworld stores in the U.K. through a deal with the administrator of the collapsed discount chain, Reuters reported. Poundworld, which is controlled by private equity group TPG Capital, went into administration in June after failing to secure a buyer to take over its business.

* The developer of the initial £100 million stage of the £500 million Swansea city center redevelopment in the U.K. has lodged papers for the project with local planners, Construction Enquirer reported. Plans for the wider regeneration include a 3,500-seat arena and a hotel, the report added.


* A HB Reavis Holding SARL unit divested for north of €200 million the 53,000-square-meter Gdanski Business Center II property comprising two buildings in Warsaw to Savills Investment Management Inc., which acted for an unnamed global pension fund.

* AEW Europe divested the Atrium Tower in Warsaw to Vienna Insurance Group's VIG FUND, Property Investor Europe reported. AEW first acquired the over 11,500-square-meter office building in 2001, the report added.

Germany and Austria

* Real IS formed a new German real estate investment vehicle with a total volume of roughly €400 million. The fund will invest mostly in office and retail assets, as well as mixed-use, logistics and hotel properties across Germany.

* German fund manager KGAL Group acquired two retail parks in Kärnten, Austria, from Andreas Messner for an undisclosed sum, on behalf of an open-ended special property fund managed by Hansainvest Hanseatische Investment-GmbH. The properties offer an aggregate of 15,300 square meters of space and are fully leased to 30 tenants.


* Fabege AB divested the Lagern 4 property in Solna to a unit of Pareto for an underlying value of 268 million kronor after tax. The asset houses schools and a care home for handicapped individuals, according to a release.

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Extra: Swiss Prime Site CEO welcomes rethink on foreign investment restrictions

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Celestyn Wong contributed to this report.