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Pre-Christmas M&A rush; Spain's Metrovacesa plans stock market comeback

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Pre-Christmas M&A rush; Spain's Metrovacesa plans stock market comeback

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Blazing the M&A trail

* German bigwig Vonovia SE signed a roughly €5.2 billion deal to acquire the outstanding shares of BUWOG AG. Vonovia is offering €29.05 per Buwog share, reflecting an 18% premium over the latter's Dec. 15 closing price on the Vienna bourse.

The offer document will be published in February 2018, with the deal slated for settlement in March.

* Singapore-listed Global Logistic Properties Ltd. wrapped up the US$2.8 billion acquisition of Gazeley logistics business and established two European funds offering investors exposure to the portfolio.

The portfolio consists of 1.6 million square meters of 98%-leased assets in the U.K., Germany, France and the Netherlands, with about 1.4 million square meters in its development pipeline.

* Blackstone Group LP became the owner of Hotel Investment Partners, Banco de Sabadell SA's acquisition, following a payment of roughly €630.7 million.

* Blackstone Group vehicles Wren Bidco Ltd. and Canary Bidco Ltd. have tabled a takeover bid for London-listed Taliesin Property Fund Ltd. in a deal that values the latter at around €260 million.

The bidders are offering €51 per scheme share of Taliesin, reflecting a 10% premium to Taliesin's Dec. 19 closing price. The transaction is expected to be completed in the first quarter of 2018.

* U.S.-based CyrusOne Inc. is buying U.K.-based hyperscale data center provider Zenium Data Centers from Quantum Strategic Partners Ltd. for $442 million as part of its push for growth in Europe.

Zenium has four properties in London and Frankfurt. CyrusOne is poised to own the two Frankfurt facilities.

On the cards

* Metrovacesa SA, which delisted from the Spanish stock exchange in 2013, is considering an IPO on the bourse, which if successful, could make it the third real estate developer to go public in Spain since the financial crisis, Property Investor Europe reported, citing company CEO Jorge Pérez de Leza.

Package deals

* iQ Student Accommodation acquired the 11-building, 3,644-room Regent portfolio, spread across London, Edinburgh, York, Bath and Brighton, for £869 million, Property Week reported.

The Pure Student Living business was acquired from LetterOne Treasury Services in a deal that is set to boost iQ Student's portfolio to £3.2 billion, making it the second-largest provider of purpose-built student accommodation in the U.K.

* Capital & Counties Properties Plc is in discussions with Saudi Arabian conglomerate Olayan Group for a £500 million sale of two estates in its Earls Court estate, Property Week reported, citing Keith Drew, chairman of the West Ken Gibbs Green Community Homes action group, which has been protesting against Capital and Counties' redevelopment plan for 760 existing homes within the scheme.

Property plays

* KPMG entered into a £400 million deal with Kingboard Investments to sell and lease back its 434,261-square-foot London headquarters.

KPMG will, upon closing of the sale in January 2018, sign a 25-year lease agreement for the 14-story asset at 15 Canada Square in Canary Wharf.

* The 50/50 joint venture partnership between Great Portland Estates Plc and Ropemaker Properties Ltd. is selling 240 Blackfriars Road in London for an asking price of £266.5 million, which is above the asset's September book value.

The deal reflects a net initial yield of 3.94%. Clients of Easa Saleh Al Gurg Group LLC unit Wolfe Asset Management Ltd. are slated to take ownership of the mixed-use property in January 2018.

* GEG German Estate Group AG is poised to purchase the 28-story Japan Center building in Frankfurt's banking district for a total investment value of about €280 million.

The fully occupied property, which is being sold by Commerz Real, offers about 29,000 square meters of leasable space and has 115 underground parking spaces.

Featured during the week on S&P Global Market Intelligence

Buwog deal primes landlord Vonovia for building spree

Vonovia CEO: We'll build more homes for Germany after Buwog deal

Keeping It Real Estate: Build-to-rent shapes up as UK real estate's next big move

Amisha Mehta contributed to this report.