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Eurocommercial in €170M Brussels deals; Orion Capital investing €100M in Milan

* Eurocommercial Properties NV entered two agreements worth €170 million to purchase the remaining space it does not own in the Woluwe Shopping Centre in Brussels from AG Insurance SA.

The company bought the property for €468 million in March 2018, including half of its total 46,000-square-meter gross lettable area and all the adjoining land, parking and common areas, in addition to strategic control of the shopping center.

* A property fund sponsored by private equity firm Orion Capital Managers LLP agreed to purchase the office part of the SEIMILANO regeneration project in Milan from a partnership between Italian developer Borio Mangiarotti SpA and Värde Partners Inc.

Orion plans to spend over €100 million to develop more than 30,000 square meters of gross leasable area of grade-A modern office buildings as part of the project that will also feature about 100,000 square meters of residential space and approximately 10,000 square meters of ancillary retail.

UK and Ireland

* Online estate agency Emoov Ltd. was acquired by letting platform Mashroom and is set to be relaunched in late January under new management, more than a month after it entered into a voluntary administration.

Property Week reported that the deal was worth about £300,000 and came eight months after Emoov was valued at up to £125 million by Cenkos Securities.

* RDI REIT PLC refinanced its £275.0 million bank facility ahead of time under a club deal with Barclays, HSBC and RBS. The facility, which comprises a £137.5 million term loan and a £137.5 million credit revolver, was extended for five years and is drawn to £250.0 million.

* BlackRock Inc. paid £46.5 million to privately buy a 74,000-square-foot Morrisons supermarket in Borehamwood, U.K., on behalf of its UK Long Lease Property Fund from a private investor, according to PW. The deal reflects a net initial yield of 3.5%.

* Asset manager Schroders PLC's Regional Office Property Unit Trust wrapped up its £31 million purchase of a three-property portfolio in the U.K. from NorthStar Realty Europe Corp., marking a net initial yield of 6.5%, PW reported. The portfolio comprises a 21,762-square-foot building in Chiswick, a 20,949-square-foot office property in St Albans and the 34,096-square-foot Delta House office building in Glasgow.

* Regal London secured a £29.2 million loan from OakNorth for the development of an eight-story mixed-use building on a site at 340a Clapham Road in Clapham, U.K., PW reported. Plans for the project involve 62 homes and 17,000 square feet of commercial space.

* Flexible workspace provider WeWork Cos. Inc. is in lease negotiations for the former New Ireland Assurance headquarters at Dawson Street in Dublin, The Irish Times reported. Local developer Oakmount is set to revamp and expand the building after it had been acquired by a development company in 2018 for €38 million.

* The Tatton Estate is divesting the 40-acre Tatton Park Gate Village site in Cheshire, U.K., which has planning permission in place to develop 225 homes, PW reported.

* British homebuilder Avant Homes bought a land parcel in Chesterfield, U.K., for the £36 million development of 177 new homes. The project, subject to the local council's approval, will form part of the £340 million Waterside development in the city.

* Brexit's impact on the residential market caused buy-to-let landlords in London to lose up to £1,806 in rent per property in 2018, PW reported, citing Landbay research. Year-over-year rental growth in the city during the year was lower by as much as 4.15% than a forecast made in June 2016, just before the Brexit vote, the report added.


* Münchener Hypothekenbank eG loaned €74.3 million to Hana Financial Investments Ltd. to finance the South Korean company's purchase of the Helix office building in Eschborn. Commerzbank AG divested the building, which has 36,000 square meters of office space, under a sale-and-leaseback deal.

* Warburg-HIH Invest Real Estate's Deutschland Selektiv Immobilien Invest Fund disposed of three properties in Munich, Cologne and Frankfurt for an unknown sum, Property Investor Europe reported. A joint venture between Braun Leberfinger Ludwig, real estate company Tel Sun Deutschland and an unnamed education institute bought the properties that collectively offer roughly 8,432 square meters of leasable space.


* On behalf of its Hausinvest fund, Commerz Real AG re-entered into the Finnish real estate market with the purchase of the Tripla Workery development in Helsinki from YIT Oyj's YIT Construction unit for an undisclosed amount. The property will contain 49,500 square meters of leasable space and 500 parking spaces, with completion planned in 2020.

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Extra: Brexit vote defeat tests confidence of international investors in UK property

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