* Norges Bank Real Estate Management acquired the Vendôme Saint-Honoré property in central Paris for €1 billion. The office and retail asset was purchased from Trajan Luxembourg Sarl and Trajan Luxembourg II Sarl, both of which are controlled by private investors John Magnier and JP McManus.
The 26,800-square-meter property, located at 9 Place Vendôme and 368-374 rue Saint-Honoré, is made up of 80% office and 20% retail space.
* Pivotal Fund Ltd. will delist on the Johannesburg Stock Exchange on Jan. 10, 2017, pursuant to an updated merger scheme with Redefine Properties Ltd.
The merger involves Redefine's acquisition of Pivotal's entire issued shares in exchange for the issuance of 460.0 million Redefine shares to the scheme's participants and Redefine's issuance of 31,153,281 shares in its subsidiary, Echo Polska Properties NV, according to a filing.
* According to STR, there were 156,368 rooms in 1,017 projects under contract in Europe in November, up 13.3% year over year. The U.K. had the highest number of rooms under construction in November, with 17,551 rooms spread over 149 hotels.
Germany had 11,418 rooms under construction in 54 hotels, and Turkey and Russia had 8,369 rooms in 50 hotels and 7,452 rooms in 38 hotels, respectively.
UK and Ireland
* Housing association Your Housing Group entered into a £2.50 billion joint venture with renewable energy company Welink and state-owned China National Building Material Co., or CNBM. The vehicle was formed for the development of 25,000 modular homes by 2022, Property Week reported.
Welink's subsidiary Barcelona Housing Systems will provide construction systems for the project, while CNBM will contribute financial support and leverage.
* Lidl UK secured planning permission from the Royal Borough of Kingston for its new 240,000-square-foot headquarters in London, PW reported. The supermarket has plans to invest £70 million on its new offices, which will accommodate its 450 office workers relocating from their offices in Wimbledon.
* Salford City Council gave planning consent to Scarborough International Properties for the second phase of the 24.5-acre Middlewood Locks development in Manchester, according to Construction Enquirer. Phase two of the £1 billion development will deliver 546 flats across four separate buildings of up to 10 floors each.
The first phase of the development contains 571 units and is expected to be completed in October 2018.
* London's Stansted Airport is seeking planning approval for a new £130 million arrivals building, which will include a larger immigration and baggage reclaim area, new retail facilities and a public forecourt, Construction Enquirer reported. The proposed three-story, 34,000-square-meter building will be delivered inside the existing footprint of the airport, located adjacent to the current terminal and the Radisson Blu Hotel, the report noted.
* Over in Ireland, CapitaLand Ltd.'s subsidiary The Ascott Ltd. expanded its global portfolio with its purchase of the 136-unit Temple Bar Hotel in Dublin for €55.1 million. The acquisition marked the serviced residence unit's first investment in Ireland.
The Dublin purchase will complement Ascott's €1.2 billion European portfolio and support its objective of reaching 10,000 units in the continent by 2020.
* Irish Life is in advanced talks to forward purchase new office headquarters at City Quay in Dublin 2 on behalf of business advisory company Grant Thornton, The Irish Times reported. Irish Life will acquire the site at a price of more than €125 million, following its winning bid over five overseas investment funds, according to the report.
* The value of commercial property transactions in Ireland is forecast to firm to €4.3 billion, the Independent Irish reported, citing Knight Frank. This performance estimate includes the sale of the Blanchardstown Town Centre for €950 million, the sale of the One Spencer Dock for €242 million and the impending sale of the Liffey Valley Shopping Centre for about €600 million, the report noted.
Private equity group Orion Capital Managers sold a German office portfolio of eight assets to an undisclosed investor for €72 million, Property Investor Europe reported. The Thor portfolio consists of 65,000 square meters of gross leasable area.
Local investor KLP Eiendom bought a 7,000-square-meter office property in Oslo from Selvaag Eiendom for €85 million, PIE reported. The six-story property was designed by Renzo Piano and is leased to law firm BA-HR until 2031, generating an annual rental income of about 28 million Norwegian kroner.
* Union Properties settled longstanding plans for an approximately US$163.4 million mixed-use development in Dubai's Motor City, Arabian Business reported, citing Chairman Khalid Bin Kalban. The company's initial plans for a US$544.5 million Formula One theme park, originally named F1-X Dubai, were postponed following the global financial crisis in 2008, the report noted.
Dubai Municipality has granted planning approval to the Union's revised plans and the project awaits consent from master developer Dubailand.
* Emaar Properties PJSC's unit plans to hand over office units at the Jeddah Gate development on King Abdullah Road in Saudi Arabia to its investors and owners in December.
Through a third residential project at the Jeddah Gate site, Emaar Middle East also seeks to develop three new residential buildings under the Emaar Residences brand that will stand between 17 and 21 stories, providing 283 units of one- to four-bedroom apartments and penthouses.
* DAMAC Properties launched the MOD townhouse development located within the AKOYA Oxygen golf course in Dubai. The townhouses are expected to go on sale Dec. 21, according to a news release.
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.