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Accor, Unibail log H1 results; Intu tumbles after losses, transformation plan

Credit Analytics Case Study Poundworld Retail Ltd

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IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

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Real Estate

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Accor, Unibail log H1 results; Intu tumbles after losses, transformation plan

* AccorHotels' group-share net profit in the first half amounted to €141 million, compared to €2.18 billion in the year-ago period. The French hotelier expects to log full-year 2019 EBITDA of between €820 million and €850 million.

* Unibail-Rodamco-Westfield's first-half recurring EPS came in at €6.63, compared with €6.61 in the prior-year period. The French property giant increased its guidance for 2019 adjusted recurring EPS to a range of €12.10 to €12.30 from a previous guidance range of €11.80 to €12.00.

* After U.K. shopping center landlord Intu Properties PLC logged a loss of £830 million for the first half and CEO Matthew Roberts announced a "radical transformation" with a five-year strategy formed after a nine-month review, its shares fell to record lows July 31, London's Financial Times reported.

Intu said it will "keep all options under review," including raising equity. The company also said it is not paying a dividend for the time being to retain cash. The company's initial focus under the transformation plan would be on residential, hotel and flexible working space rather than retail.

* JLL predicts the European flexible office space market to grow by an average of 25% to 30% per year in the next five years as companies adopt technology to enable flexible and remote working. A number of services that help in finding flexible space are also on the rise, and such platforms are also expected to grow with more demand.

* VGP NV sold three business parks for €175 million to its 50/50 joint venture with Allianz Real Estate. The properties include three logistics buildings in Spain, one in Austria and four in Romania, as well as some future development potential.

The gross proceeds from the deal were approximately €96 million.

UK and Ireland

* Singapore-based Perennial Real Estate Holdings Ltd. did not exercise a call option to buy a 20% stake in the £1 billion Aviva Tower site redevelopment project in London, citing uncertainty regarding the project's timing. The option, giving Perennial a right to acquire the stake based on the property's value of £330 million agreed in January 2017, expired July 31.

The 1 Undershaft project is expected to be 73 stories tall with 130,000 square meters of office space and over 2,000 square meters of retail space upon completion.

* Segro PLC bought eight acres of land in Tottenham, London, for an undisclosed price to develop a new urban logistics center with up to 185,000 square feet, subject to planning consent.

* Legal & General's LGIM Real Assets made its self-storage debut with the acquisition of the Iron portfolio comprising three new facilities in the U.K. towns of Cannock, Northwich and Bolton, Europe Real Estate reported. The portfolio totals 140,000 square feet of lettable space. The purchase price was not disclosed.

* The independent committee of the board of Dublin-based Green REIT PLC has entered into discussions with an affiliate of Henderson Park Capital Partners UK LLP for a potential acquisition by the latter of the issued and to be issued share capital of the Irish office real estate investment trust.

Germany and France

* A fund of EQT Infrastructure agreed to sell German care home operator Charleston Holding to Italian healthcare group KOS and the real estate portfolio of Charleston to a Primonial REIM-managed fund. Charleston's portfolio comprises 20 care homes, and it manages 47 homes. The deal is expected to close in the second half, subject to customary conditions and antitrust approval.

* Warburg-HIH Invest Real Estate bought the 6,126-square-meter Element B office scheme in Berlin-Mitte for an undisclosed price. The property, acquired for an institutional real estate fund, includes 69 underground parking spaces and is undergoing a comprehensive upgrade by seller Quest Investment Partners.

* Spanish insurance group Mapfre SA and the French division of Swiss insurance giant Swiss Life Holding AG acquired nine buildings in Paris for €296.1 million. The office space in the acquired portfolio totals 22,000 square meters.

Spain

* Germany's Deka Immobilien GmbH sold the Ballonti shopping center in Bilbao to Bilball Centre Investments and Ballon Investments, Property Magazine International reported. The asset spans more than 52,600 square meters of gross lettable area and is 92% occupied.

Poland

* LaSalle Investment Management Inc.'s Encore+ fund bought the 43,000-square-meter Panattoni Park Warsaw West logistics property in Warsaw for an undisclosed price, IPE Real Assets reported. The asset was developed in 2017.

Now featured on S&P Global Market Intelligence

Pickup in Spanish office market helps boost Merlin's results: The recovery in the Spanish economy is finally filtering through to the country's office market, where strong rental growth is now happening, CEO Ismael Clemente said during a first-half earnings call.

UK homebuilder Taylor Wimpey sees Brexit uncertainty supporting housing demand: Low interest rates in response to the economic doubts around the U.K.’s imminent departure from the European Union are pushing consumer demand for housing, CEO Peter Redfern said during a first-half earnings call.

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.