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BNP sells HQ for €500M; Berlin rent freeze stalls construction


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BNP sells HQ for €500M; Berlin rent freeze stalls construction

* PropertyEU reported, citing confirmation from BNP Paribas Real Estate, that it sold its future headquarters property in Boulogne-Billancourt near Paris to CDC Investissement Immobilier for €500 million.

* London's Financial Times featured a report on the impact of Berlin's upcoming rent-freeze legislation for five years on the construction sector, which is already seeing a slowdown before the law comes into effect in March. The law will freeze rents at mid-2019 levels for flats built before 2014, and imposes upper limits for newer buildings based on different criteria.


* The private family office of C C Land Holdings Ltd. founder and Chairman Cheung Chung Kiu struck a deal to acquire the 45-room home at 2-8a Rutland Gate in London, Bloomberg News reported, citing a spokesperson. The deal value is set to be £210 million, the news outlet added, citing a person with knowledge of the transaction.

* ICG-Longbow received £500 million of capital commitments for its latest senior debt fund at first close, IPE Real Assets reported.

The real estate arm of private equity firm Intermediate Capital Group PLC will use the fund to preserve capital and generate income returns by investing in senior debt secured by middle-market U.K. real estate assets with loans ranging from £10 million to £100 million.

* Edinburgh's office market saw a 35% year-over-year decline in take up in 2019 due to political uncertainty, Property Week reported, citing JLL data. JLL expects the market to be more active in 2020, the report noted.

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