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Sweden sees biggest property deal since 2008; Emaar restructures Indian operations


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Sweden sees biggest property deal since 2008; Emaar restructures Indian operations

* In the midst of a reorganization,Castellum ABsaid that it hasagreed to acquire Norrporten AB for 10.4 billion Swedish kronor in cash and23.4 million of its shares, confirming recent . Thetotal deal amounts to 13.4 billion kronor.

Norrporten's owners, Second and Sixth Swedish NationalPension Funds, will receive a total of 14.0 billion kronor from the deal, whichincludes the cash consideration, the shares' value and 464 million kronor individends.

PropertyEUreportedthat the deal is the largest real estate transaction in Sweden since 2008.

* Dubai's Emaar PropertiesPJSC agreed to a reorganization of Emaar MGF Ltd. by way of ademerger in a move to increase focus on its Indian operations.

It was reportedthat Emaar MGF Land Ltd. is a joint venture between Emaar Properties and India'sMGF Development Ltd. The partners have decided to go their separate ways after10 years of partnership. As a result, the vehicle will be vertically split intotwo parts. The firms have yet to finalize a deal on the division of assets.

* At the developer's request, London Mayor Boris Johnson has to defer a publichearing due to be held on April 18 about Hammerson Plc's £800 million Bishopsgate Goodsyardproject.

A notice of the new date for the hearing will be givenin due course.

* PATRIZIA Immobilien AGsaidit paid €320 million for a retail real estate portfolio which includes theentire real estate portfolio of Savills Investment Management's German RetailFund CSGRF. The portfolio comprises 25 mainly big-box retail properties inGermany.

* French developer PERL is seeking opportunities to deliver affordablehousing projects in the U.K. and Germany, PropertyInvestor Europe reported,citing an interview with PERL's Marc Bonjour.

* Kildare's second fund focused on the European real estate market has sofar attracted commitments of roughly US$1.5 billion, IPE Real Estate reported.The fund, which has a US$2.5 billion cap, will focus on assets in the U.K.,Germany, The Netherlands, Portugal and Italy.

* According to STR, there are 163,943 hotel rooms that were undercontract in March, a 6.7% increase from the previous year. There are also63,150 rooms under construction in 448 projects across the continent during themonth.


A PATRIZIA spokesperson was quotedby Reuters as saying that Matthias Moser, from the company's alternativeinvestments unit, has been dismissed in relation to "differing opinions"over the company's strategy for the future.

The news outlet noted that Moser advised the companyon several major deals like its €1.2billion deal with peer DeutscheWohnen AG in November 2015.

Moser, who was hiredin 2011, left the company April 8.

UKand Ireland

* Kennedy Wilson EuropeReal Estate Plc announceda draw-down under its euro medium-term note program, with an issuance of €150million aggregate principal amount of senior unsecured notes.

* Urban&Civic plchas joined a short list of three companies vying to build the Mayfield Quarterin Manchester, U.K., Property Week reported.The other developers chosen by the Mayfield Partnership are Argent Related anda consortium between PATRIZIA, A Carillion and Ask.

Mayfield Quarter is a major regeneration project thatwill include 1,300 homes, 800,000 square feet of offices, a 350-bedroom hotel,plus retail, leisure and a 6-acre park on a derelict site, as previouslyreported.

* Taiwanese insurer Fubon Life Insurance Co. Ltd.'s £500 millionacquisition of a London asset has been calledoff. It failed to get regulatory approval to buy the Cannon Placebuilding in the City of London.

* In Ireland, BBC Northern Ireland advised Lambert Smith Hampton toexpedite the search for its new headquarters in Belfast. CoStar U.K. reportedthat the broadcaster is looking for a 100,000-square-foot office.

* Blue Haven, Irish Life and Marathon emerged as the finalists for theChilders Road Retail Park in Limerick, Ireland. The parties, as reportedby The Irish Times, have lodged bids topping the property's €44 millionguide price.

* CBRE has releasedits bi-monthly research report, stating that the Irish commercial propertysector is off to a "good start" in 2016. PW,the IrishIndependent and TheIrish Times reported on the data.

* Back in the U.K., the Royal Institution of CharteredSurveyors chief economist, Simon Rubinsohn, believes that the residentialmarket "is starting to slow," The(U.K.) Telegraph reported.The (U.K.) Guardian also reportedon the results of the surveyors' recent survey, which also found that there isa "damper outlook" in London's market due to the upcoming EUreferendum.


GrivaliaProperties REIC is reportedly in advanced negotiations with aChinese shipping conglomerate for the joint development and operations of arail freight terminal near Athens, Reuters reported,citing local media.

COSCO and the Greek developer are said to be planninga bid for the €250 million project with logistics provider PAEGAE.


* Goodman Groupis expanding its Kraków Airport LogisticsCentre with the speculative construction of a 12,000-square-meterwarehouse. The facility is expected to be completed in the second quarter,according to a news release.

The center is owned by the Goodman EuropeanPartnership and managed by the Australia-listed Goodman Group.

* Union Investment bought the Ferio Konin shopping center in the city ofKonin from Rockspring Property Investment Managers LLP. Cushman &Wakefield, the adviser to the seller, said in a statementthat the facility has 74 units on 35,585 square meters of retail space.

Financial terms of the deal were not disclosed.


A fund created by Meyer Bergman sold a mall toLondon-listed New Europe PropertyInvestments plc for €82.6 million. The Forum Ústi nad Labemshopping center spans 27,800 square meters.


BBVA is offloading a portfolio of 441 assets on themarket, PIE reported,citing local media. The Detroit portfolio comprises 327 industrial warehouses,28 industrial or logistics plots and 86 parking spaces.


KeepingIt Real Estate: Are Boris Johnson's planners about to get tougher on tallbuildings?: Mayor Boris Johnson's planning team at the GreaterLondon Authority has recommended that Hammerson and Ballymore's controversialBishopsgate Goodsyard development be refused for planning permission, citing alitany of "unacceptable" design flaws. Is there a sea change inattitudes to high-rises on the way at City Hall?

IPO Monitorfor the week ending April 13: A new U.K.-based logistics REITmaking its trading debut on the London bourse and COIMA RES downsizing theminimum offering size of its IPO made news during the week.

The Daily Dose Europe,Real Estate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.