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JV signs on €250M Italian project; Frasers Centrepoint in €257M portfolio buy


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JV signs on €250M Italian project; Frasers Centrepoint in €257M portfolio buy

* Värde Partners has partnered with Italy-based Borio Mangiarotti to work on a 150,000-square-meter development scheme in Milan, with an estimated investment of approximately €250 million, PropertyEU reported.

* Frasers Centrepoint Ltd. has agreed to a roughly €257 million cash acquisition of a portfolio of six cross-dock facilities in Germany. The Singapore-listed company is purchasing the portfolio from German developer ECE Projektmanagement GmbH in a bid to enter the German last-mile logistics sector.


* Great Portland Estates Plc entered a deal to divest the 30 Broadwick St. asset in London to a client of Savills IM for a headline price of £190.0 million, reflecting a headline net initial yield of 4.0%. The sale price comes to £186 million following deductions for tenant incentives, the company said in a release. The deal for the eight-story, 94,300-square-foot grade A building is scheduled to close in January 2018.

* Regional REIT Ltd. closed the purchase of two portfolios comprising 20 properties. The company also raised gross proceeds of £73.00 million in its proposed capital raise, which was completed Dec. 19.

* LXB Retail Properties Plc agreed to sell its two remaining investments at Stafford to Pavilion Property Trustees Ltd. and Pavilion Trustees Ltd., both serving in their capacity as joint trustees of the Gelos Property Unit Trust. The deal is expected to close on or about Jan. 23, 2018, when cash proceeds of £35.9 million will be received.

* Real estate developer Select Property's unit, Origin Homes, sold 53% of its Laurence Place project in Manchester to investors from Kuwait, Bahrain and Saudi Arabia, Arabian Business reported. The development project consists of 209 apartment units, the report noted.

* Hermes Investment Management has purchased The Co-Op Group's 50% interest in the companies' NOMA joint venture, a 50/50 partnership that was created in 2014 to develop new office, home, hotel, retail and leisure projects on 20 acres in Manchester's city center. The urban regeneration scheme is the largest development project in North West England.

* House price growth in the U.K. is expected to come to a standstill or rise marginally in 2018 due to a potential increase in interest rate, as well as Brexit, The (U.K.) Guardian reported, citing experts.

The Netherlands

* Hines acquired the 18,000-square-meter Noortse Bosch office building, one of the largest office buildings in central Amsterdam, from Real IS for its Pan European Core Fund. The market sources have pegged the deal value at about €118 million.

* A unit of First Sponsor Group Ltd. is buying the majority apartment rights of Amsterdam's Meerparc mixed-use office building for a sum of €55.5 million, including costs. The five-story, strata-titled Meerparc is in the city's main central business district and is 73% occupied with weighted average lease term of 5.0 years.


* ACCENTRO Real Estate AG paid roughly €34 million to purchase seven apartment buildings in Berlin.

* GEG German Estate Group AG bought the HCC Harenberg City Centre office building at Königswall 21 in central Dortmund from an investment fund managed by JP Morgan Asset Management for approximately €70 million, Property Investor Europe reported. The 19-floor asset features approximately 21,500 square meters of total rental space, according to the report.


* Griffin Premium RE closed a roughly €160 million acquisition deal with Echo Polska Properties (Cyprus) PLC and Echo Polska Properties NV for three office complexes in Poland. The company signed an agreement to borrow €165 million from Globalworth Finance Guernsey Ltd. to fund the acquisition.

Meanwhile, a unit of Globalworth Real Estate Investment Ltd. increased its shareholding in Griffin Premium by a further 3.76% to 71.7% after acquiring the stake from Oaktree Capital Group LLC-controlled companies, Griffin Netherlands II B.V. and GT Netherlands III B.V.


* Kungsleden AB is purchasing three Swedish office properties for 485 million kronor. The Gladan 5, Gladan 6 and Gladan 7 assets will expand the company's presence in the existing Stockholm City West cluster at Kungsholmen to a total leaseable area of roughly 46,400 square meters.

Middle East

* ENBD REIT (CEIC) Ltd. signed a deal acquire a community retail center in Dubai Silicon Oasis from Souq Extra LLC for 210 million United Arab Emirates dirhams, with the 36,000-square-foot phase one closing at 84 million dirhams. The company also agreed to buy the 55,000-square-foot phase two of the development on completion in the last quarter of 2018.

* Eshraq Properties PJSC gained approval from the Executive Council of Abu Dhabi to own real estate in the emirate. Eshraq is now entitled to own and develop real estate properties and projects throughout the region, whether inside or outside investment zone areas.

* ROI Land Investments Ltd. will develop the world's first luxury hotel and residential property under the Swarovski brand after obtaining an exclusive license to design and construct the Swarovski Towers building in the Dubai territory. The project is expected to be launched in 2018.

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

Anusha Iyer contributed to this report.

As of Dec. 26, US$1 was equivalent to 3.67 UAE dirhams and 8.34 Swedish kronor.