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* Germany-based TLG Immobilien AG acquired a 9.99% stake in Aroundtown SA from Avisco Group for roughly €1.02 billion, with the price agreed for the stake acquisition valuing Aroundtown at a price of €8.3 per share. TLG and Aroundtown will now explore a potential merger aimed at creating a leading European real estate company focused on offices and hotels in Germany and the Netherlands.
Avisco and TLG also entered into an optional agreement under which the latter can buy an additional 4.99% stake in Aroundtown, which would make TLG the largest shareholder in the company with a 14.99% stake.The optional agreement is exercisable by either party prior to Feb. 28, 2020, subject to certain conditions. Furthermore, Avisco and TLG agreed to a lock-up of 9.99% shares in Aroundtown until Aug. 31, 2020, or until the potential merger's completion.
* As per a report from alternative assets information specialist Preqin, investments in real estate funds could decline over the coming 12 months due to less investor commitments, PropertyEU reported. Roughly 27% of surveyed investors expect to invest less capital in the funds compared to their investments in the previous 12 months, according to the report.
UK
* Glasgow City Council granted full planning permission to Osborne+Co for the development of a roughly €154.4 million office scheme at Argyle Street in the international financial services district of Glasgow, Europe Real Estate reported. The overall scheme will provide approximately 270,000 square feet of grade A office space over 14 floors, and provide large open-plan office plates of up to roughly 23,000 net square feet on completion.
* Investment banking group Numis Corp. PLC is relocating to the roughly 170,000-square-foot Gresham St Paul's office building on Gresham St. in London from its offices in the London Stock Exchange building in Paternoster Square, Property Magazine International reported. Stanhope and the Swiss investment foundation AFIAA let the top three floors of the new, green office building to Numis, which will expand its office space to 50,000 square feet. Financial services firm Smith and Williamson will occupy the office building's ground to fifth floors, leaving only the sixth floor still available for lease.
* Plans have been unanimously approved for a new 107,000-square-foot cruise terminal situated within Peel L&P's £5 billion Liverpool Waters scheme in Liverpool, PW reported. The terminal, which will comprise facilities such as a baggage hall, lounge, public spaces and landscape areas, will replace the Princess Jetty. Peel provided the land to Liverpool City Council for the terminal, with preparation works expected to commence in the new year, according to the report.
* According to the Nationwide house price index, U.K. house prices rose 0.6% in August, compared to the same period a year earlier, Property Week reported. Meanwhile, the average house price fell to £216,096 in August from £217,663 in July, according to the report.
* Yorkshire Building Society launched a 15-year fixed-rate mortgage deal, after demand for its 10-year fixed-rate mortgage products doubled year over year, the London Financial Times reported. The move comes as borrowers aim to secure low interest rates for longer periods. Yorkshire Building Society becomes the second U.K. lender to launch a 15-year fixed-rate mortgage deal, the publication noted.
Greece
* Hines Global REIT Inc. entered into a joint venture with the National Bank of Greece SA to redevelop the Athens Heart Mall in Athens' Gazi district into a 22,000-square-meter premium outlet mall dubbed Gazi Outlets, Europe Real Estate reported. The redevelopment is expected to be completed by early 2021, featuring a new cinema alongside leisure and food offerings. The mall already has anchor tenants in place, according to the report.
Finland
* Riihimäen Tilat ja Kehitys Ltd. paid €2.0 million for Neo Industrial PLC's shares in Finnish real estate company Riihimaen Kaapelitehdas Oy, with the sale a part of a total arrangement where Riihimäen Tilat acquired a 68.05% stake in Riihimaen Kaapelitehdas. The firm acquired a further 20.2% stake in the company from Neo Industrial subsidiary Reka Kaapeli Oy, or Reka Cables Ltd.
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