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Builder hired for Facebook's London HQ; Wereldhave closes €516M Finnish deal

* BAM Construction was awarded an over £200 million contract to deliver Facebook Inc.'s new London headquarters in London's King's Cross district, Construction Enquirer reported. The technology company's new premises will span 415,000 square feet, with completion slated for early 2021.

* Wereldhave NV completed its exit from Finland with the close of its €516 million sale of the Itis shopping center in Helsinki. The sale was part of the company's strategy to focus on convenience centers. Wereldhave will use proceeds from the sale to strengthen its balance sheet.

UK and Ireland

* South Korea-based Hana Alternative Asset Management Co. Ltd. settled its £185 million purchase of a WeWork Cos. Inc.-leased office property at One Poultry in London from an Aermont Capital LLP-advised fund. Hana used a £104 million loan from Bank of Ireland to fund the deal.

* Construction group Laing O'Rourke PLC is more than two months behind in submitting its U.K. accounts as it faces increased pressure and scrutiny from lenders and accountants, The (U.K.) Times reported. The company's banking partners have also delayed signing off on a refinancing for the company amid inspections.

* Savills PLC acquired East London property services company The Currell Group Ltd. Currell offices and teams will continue to operate under its existing name and branding for the next few months.

* U and I Group PLC and Calthorpe Estates lodged detailed plans for the first phase of the £300 million New Garden Square mixed-use development at Edgbaston in Birmingham, U.K., Construction Enquirer reported. The initial stage includes an eight-story office building, with the wider project to feature 620,000 square feet of offices and up to 400 residential units, among other offerings.

* Aviva Investors is investing in Reef Group's £50 million mixed-use redevelopment project in Stevenage, U.K., which forms the initial phase of a £1 billion, 20-year regeneration program of the town, Property Investor Europe reported. The Queensway North redevelopment will include 116 apartments, 4,000 square meters of new retail and restaurant space, and office area.

* Turnstone Estates is seeking approval for the £50 million Seaway leisure development in Southend-on-Sea, U.K., to deliver an 11-screen Empire Cinemas complex, a Travelodge hotel, a Hollywood Bowl bowling alley, and other restaurant and leisure facilities, Property Week reported. Construction of the 150,700-square-foot project is expected to begin later in 2019, subject to approval from the local council.

* Developer Elmloch secured planning consent to revamp the Hotspur Press site in Manchester, U.K., that will see the development of a 28-story mixed-use building behind an existing warehouse, PW reported. The new building will contain 171 apartments, ground-floor commercial units and rooftop terrace space, the publication added.

* The €80 million sale of the K Club hotel and golf complex at Straffan in County Kildare, Ireland, is understood to have been called off due to slow progress on a potential deal, The Irish Times reported. The asset's owner and businessman Michael Smurfit has yet to lower the asking price for the property amid rumors that an international hotel brand may be brought in to operate the 550-acre resort, the report added.


* Investis Holding SA agreed to divest its 83.3% stake in the La Foncière de la Dixence SA project company for an undisclosed sum to mjd Développement SA Nendaz. The project company is planning and financing the development of the Dixence Resort in Hérémence, and has so far invested CHF31 million in the project.


* Banco de Sabadell SA is selling 80% of the share capital in its real estate management division, Solvia Servicios Inmobiliarios SL, to Sweden-based Intrum AB (publ), in a deal valuing the business at €300 million. The Spanish bank will retain a 20% stake in Solvia.

Middle East

* Saudi Arabia's property market ranked last on Knight Frank's Global House Price Index for the third quarter of 2018, making it the worst performer out of the 57 markets covered by the agency, Arabian Business reported. According to the report, average property prices in the country dropped by 3.7% year over year during the quarter.

* A Hyatt Hotels Corp. affiliate signed a management deal with wasl Asset Management Group to open Dubai's first Andaz hotel at the La Mer district in Jumeirah. Andaz Dubai La Mer will offer 150 rooms and suites and other amenities upon its completion in 2020, according to a release.

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