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Corestate to pour €2.4B in micro apartments; Ho Bee wraps up £650M London buy


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Corestate to pour €2.4B in micro apartments; Ho Bee wraps up £650M London buy

* Corestate Capital Holding SA is investing €2.4 billion in its micro-living segment by buying micro apartments in Germany, European metropolises and university cities, Europe Real Estate reported.

* Singaporean developer Ho Bee Land Ltd.'s unit completed the purchase of the Ropemaker Place office building in the City of London for about £650 million from a joint venture including AXA Investment Managers - Real Assets. The 21-story property, which comprises about 602,000 square feet of grade A leasable area, was developed by British Land Co. PLC

UK and Ireland

* Office sharing company WeWork Cos. is poised to lease the entire office space, or eight floors, at the former Central Bank building in Dublin, the Irish Independent and The (U.K.) Sunday Times reported. The Central Plaza property is undergoing a €100 million redevelopment by Hines and Hong Kong company Peterson.

* In the City of London, WeWork and Rhone Capital's joint venture, WeWork Property Advisors, obtained planning permission to redevelop two offices, 51 Eastcheap and 120 Moorgate, which will be occupied by the shared office space provider upon completion, Property Week reported. Together, the properties will provide a total of 185,000 square feet of space.

* Real estate fund manager Clearbell Capital LLP held the final close of its third value-add fund, Clearbell Property Partners III, raising £310 million. So far, the fund has made four investments in the U.K.'s office, logistics and leisure sectors.

* U and I Group PLC and AshbyCapital launched the first phase of a £200 million project in Slough, U.K. The development consists of 100,000 square feet of prime office space in a new office building. The project, which will be completed in three phases, will encompass about 350,000 square feet of new office accommodation.

* Hammerson PLC is leasing 24,000 square feet of space on Broadstreet in Bristol's shopping quarter in the U.K. to Metro Bank and a 34,500-square-foot store to TK Maxx, PW reported.

* Samsung signed a leased deal to take up a 20,000-square-foot space at Coal Drops Yard in London's Kings Cross, PW reported. Argent owns the property.

* Central London office take-up reached 1.3 million square feet in May, surpassing the 10-year average of 1 million square feet, PW reported, citing CBRE's monthly report. The year-to-date take up in the region comes to 4.9 million square feet, up 15% from the year-ago period.

* Yew Grove REIT PLC agreed to pay €29 million for the One and Three Gateway office buildings in Dublin 3. The office buildings covers about 94,793 square feet and is 97% occupied.

* Bids for the 1.65-acre Hickeys site at Parkgate Street in Dublin 8 have reached €28 million, a premium of about 25% on the property's €20 million guide price, the Sunday Independent reported.

Germany and Austria

* With a view to trimming its shares to 112,085,269 from 1,120,852,699, Immofinanz AG plans to implement a reverse stock split. The proposal, which has approval from shareholders and is slated to take effect June 23, will have a 10:1 ratio.

* Matthias Hünlein is replacing Uwe Flatch as Deutsche Wohnen SE's new supervisory board chairman.

* Accentro Real Estate AG bought a 567-unit portfolio in Berlin in a joint venture for an undisclosed price. The company bought 26 buildings totaling roughly 44,000 square meters, taking its privatization portfolio to 3,700 apartments.

The Nordics

* Norway-based shopping center landlords Salto Eiendom AS and Scala Retail Property AS are merging in a deal that would form the country's fourth-largest retail owner, PropertyEU reported. The combined entity will have a 20-asset portfolio covering 250,000 square meters of retail space.

* Apartment prices in Sweden dropped 8% year over year in the period from March to May and 1% from the February-April period, Reuters reported, citing data from an association of Swedish real estate agents. Single-family home prices in the period, meanwhile, were flat.


* Hedge fund Dromeus Capital is setting up a €200 million investment fund that will target commercial real estate opportunities in Greece.

Middle East

* Developer Danube Properties has sold 85% of apartments at its 300 million-United-Arab-Emirates-dirham Jewelz project in Dubai within two months of its launch, Arabian Business reported. Investors bought 393 units out of the total 463 apartments available at the scheme.

Cam Nones contributed to this report.