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Colonial ups stake in French unit; Unibail sells Paris office for €465M

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Colonial ups stake in French unit; Unibail sells Paris office for €465M

* Inmobiliaria Colonial SOCIMI SA entered into a deal to boost its stake in its French subsidiary SFL to 81%, with the acquisition of a further 22.2% interest from the Qatar Investment Authority.

The deal carries a total investment value of €718 million and involves a noncash capital increase in Inmobiliaria Colonial and a share swap, as well as a €203 million cash payment to the Qatari sovereign wealth fund.

* Singaporean sovereign wealth fund GIC Pte. Ltd. agreed to acquire Unibail-Rodamco-Westfield SE's 64,500-square-meter Tour Ariane office building in Paris for €464.9 million, with a settlement expected to take place by the end of 2018.

UK

* Galliard Homes Ltd., in partnership with residential property developer Apsley House Capital PLC, will undertake the development of £500 million worth of residential projects in Birmingham. The partners' Galliard Apsley Partnership will kick off the plan with the construction of the 1.5-acre The Timber Yard scheme, comprising 379 apartments. Four more residential development projects are expected to deliver 2,800 apartments in total.

* Praxis purchased the 120,000-square-foot Blaydon Shopping Centre near Newcastle for £30 million, marking the company's third acquisition of a retail property in the past 12 months, Property Week reported. The property is anchored by a Morrison's supermarket, which occupies 70,000 square feet of space.

* A newly refurbished prime office building in Glasgow, Scotland, was acquired by The Bank of London and the Middle East for £55 million from Moorfield’s MREFIII fund. According to PW, the 121,737-square-foot 1 Atlantic Quay, leased to the Department for Work and Pensions, is the Islamic bank's first major investment in the city.

* Student accommodation specialist Urbanest tapped Balfour Beatty to develop a mixed-use student accommodation project in London. According to a Construction Enquirer report, the landmark building will house 643 student homes, affordable offices and innovation spaces for King's College London across 14 floors and will cost £85 million to build.

* Staffordshire University lodged plans for a new £40 million Catalyst tower that will replace the current Brindley Building at the university's Stoke-on-Trent campus, Construction Enquirer reported. The asset will feature an apprenticeship and digital skill center, a library and social learning areas, along with a restaurant and café.

* Developer Pocket Living and Transport for London are jointly developing 125 affordable one-bedroom homes in the British capital that will be priced lower than their market values, PW reported. Priority will be given to first-time buyers who live in the boroughs where the houses will be built, the report added.

* BGC Partners signed a deal to occupy about 130,000 square meters of space in the 12-story 5 Churchill Place office asset in Canary Wharf, PW reported. The building will be the global brokerage and financial technology firm's new headquarters in the U.K. when it moves its two existing offices into the property in 2019.

* Creative work space provider Spaces will take up 42,000 square feet of space in the 114,500-square-foot Foundry office building, which forms part of the Assembly London development, AXA IM – Real Assets' new three-acre urban estate, CoStar U.K. reported. Spaces signed a 15-year lease on the five-story property situated in Hammersmith, with a plan to operate a communal café-style facility in the atrium.

Germany

* Vonovia SE together with four other institutional investors formed a consortium to acquire an 80% stake in a portfolio of 4,000 housing units from SNCF subsidiary ICF Novedis, Property Magazine International reported. The signing of the deal is expected to take place in the next few days, with a closing subject to the approval of the European Commission.

* Deutsche Asset One bought 750 apartments located in Hamburg, Leipzig, Magdeburg and Saarbrücken on behalf of two Union Investment mandates via a €90 million off-market transaction, Property Investor Europe reported. Deutsche Asset One is looking to invest a further €500 million in the next two years to grow its residential portfolio in the country, the report added.

* Principal Real Estate purchased the Wohnpark Beethovenstrasse residential park at Beethovenstrasse 29-39 and Händelweg 2-4 in Germany for an undisclosed amount on behalf of the Care Invest I fund, IPE Real Assets reported. The property comprises seven bungalows and a 16-unit apartment building.

Italy

* Ardian and Prelios SGR SpA sold two office buildings, spanning approximately 23,500 square meters of total rental area, in central Milan to a foreign institutional investor, Property Magazine International reported.

Sweden

* Klövern AB plans to issue 250 million kronor worth of bonds under its 1.5 billion kronor framework, subject to market conditions. The company has appointed Nordea and Swedbank as financial advisers to test market conditions for its planned issue to boost its 800 million kronor outstanding hybrid bond loan.

Middle East

* Madinet Nasr for Housing & Development S.A.E said it will evaluate Sixth of October Development & Investment Co.'s mandatory tender offer for its shares and present the proposal at its upcoming board board meeting.

Other real estate news

* Global investment manager InfraRed Capital Partners's fourth European real estate fund exceeded its £500 million target after securing £522 million of total equity commitments at its final close.

* Gramercy Europe plans to establish a fourth logistics and industrial fund, with an eye on raising €400 million of equity. The new fund's investment will be focused on speculative and build-to-suit developments, sale-leaseback deals and buying existing leased assets in the logistics and light industrial property sector.

* German Insurer Allianz Group's real estate arm will buy for US$175 million a 35% stake in KaiLong's second Greater China commercial real estate fund. The fund is looking to raise a total of US$500 million in equity.

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.

Celestyn Wong contributed to this report.