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Native Land consortium to build £1B complex; Landsec to sell £650M portfolio

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Native Land consortium to build £1B complex; Landsec to sell £650M portfolio

* A consortium led by Native Land agreed to commence construction on a £1 billion mixed-use speculative project in London, the London Evening Standard reported. The riverside complex between Tate Modern and Blackfriars Bridge will comprise 230,000 square feet of office space, along with shops and 240 flats. It will be the first phase of the 1.4-million-square-feet Bankside Yards project.

Members of the consortium also include Singapore's Temasek Holdings (Pte.) Ltd. and Malaysian developer Amcorp Properties Bhd.

* U.K. real estate investment trust Landsec has reportedly agreed to sell its 95% stake in X-Leisure unit trust to private equity investor CIT for £650 million, according to The Sunday Times. The fund owns a portfolio of 15 leisure projects such as Brighton Marina, Xscape in Milton Keynes and Castleford, and bars and restaurants around Oxford Castle.

The sale is part of Landsec's plan to build a war chest for deals in London's property market.

* Germany's Deka Immobilien Investment GmbH acquired an office building in Vilnius, Lithuania, from Schage Eiendom AS for €156.1 million, IPE Real Assets reported.

The fully leased Quadrum BC building has more than 44,000 square meters of net leasable area and is one of the largest office complexes in the Baltic region. It was completed in three phases between 2016 and 2019. Luminor bank is the anchor tenant, occupying roughly 30% of the property.

* CBRE Global Investors Inc. is seeking a buyer for the €150 million Parc Central shopping center in Tarragona, Spain, according to PropertyEU.

UK

* WeWork Cos. Inc. posted a £75.9 million loss in the U.K. in 2018 compared to £7.6 million the previous year despite recording a revenue of £37.8 million, up from £18.8 million in 2017, Property Week reported, citing the company's latest set of accounts filed at Companies House.

* Birmingham, U.K., property companies Key Land Capital PLC and Urban Village formed a joint venture to invest in and develop residential projects, Property Funds World reported. The joint venture, Urban Village Capital, intends to have a multimillion residential developments portfolio across the U.K.

Germany

* Bauwens GmbH & Co. KG invested £6.7 billion in cryptocurrency tokens issuer Fundament Group, Property Funds World reported.

Through the investment, Fundament Group will gain access to a pipeline of of projects in metropolitan areas such as Munich, Hamburg, Berlin and Frankfurt.

* AEW Capital Management LP acquired an office property in Cologne from a Luxembourg special fund for an undisclosed sum, IPE Real Assets reported. The real estate manager, on behalf of an institutional German investor, purchased the 22,000-square-meter Trinity office building in the city's Zollstock district.

Netherlands

* Cromwell Property Group sold three Dutch buildings totaling 12,807 square meters from the Hummingbird portfolio it manages on behalf of Goldman Sachs for an undisclosed amount, Europe Real Estate reported.

Bordewijklaan 18 is a 7,634-square-meter office building in the Mariahoeve district comprising 10 stories with tenants including Total E&P Nederland B.V. and Total Funding Nederland BV.

Siriusdreef 1-15 and Siriusdreef 17-27 are in Beukenhorst Oost business park in Hoofddorp near Amsterdam. Tenants include Regus, Stiching Onderwijs Advies and Zorg van de Zaak.

Finland

* Fleming Properties, a property company set up by Pareto Securities AS, received €78 million from Deutsche Pfandbriefbank AG to acquire an office asset in Helsinki, REP Europe Real Estate reported.

The 41,000 square meter office block consists of two buildings and an underground parking. It is occupied on a long lease by Suomen Osuuskauppojen Keskuskunta Oy.

Hungary

* Futureal Holding Co. Ltd started the development of the last office complex on Corvin Promenade in Budapest, REP Europe Real Estate reported. The nine-story Corvin7 complex consists of two phases and will offer a gross leasable area of 30,000 square meters.

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.