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Wing Tai to buy Commerzbank London HQ; Accor closes CHF 560M Mövenpick buy

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Wing Tai to buy Commerzbank London HQ; Accor closes CHF 560M Mövenpick buy

* Singapore's Wing Tai Holdings Ltd. is in talks to acquire the 400,000-square-foot 30 Gresham St. building in the City of London from Samsung Life Insurance Co. Ltd. The building, which is home to Germany's Commerzbank AG, was placed on the market by the South Korean investment manager for roughly £425 million.

* AccorHotels closed the purchase of Mövenpick Hotels & Resorts at an enterprise value of CHF 560 million. The deal involved the purchase of the 100% share capital of the target company and ownership of the Mövenpick brand for hospitality business-related activities.

UK

* Asset manager Aermont Capital LLP is reportedly selling the One Poultry office building being redeveloped for WeWork Cos. in London for about £185 million to South Korea-based Hana Financial Group Inc. Terms of the deal have not yet been finalized and there is no certainty that the sale will be completed.

* Atrium European Real Estate Ltd. priced a €300 million unsecured seven-year euro bond, with a fixed 3.0% coupon, at an issue price of 98.457%. The bond matures in September 2025.

* Marriott International Inc. agreed to a 15-year lease for 30,000 square feet of space across two levels at Europa Capital and Hobart Partners' Fetter Yard office project in London. The area will be used to house the hotel company's Europe Continent office.

* The Littlewoods Pools building in Liverpool, which was hit by a fire Sept. 2, has now been deemed structurally sound by an engineer from the city council after local firefighters brought the situation under control, Construction Enquirer reported. Developer Capital & Centric Ltd. had planned to convert the vacant property into a film studio in a £50 million redevelopment project.

* British private equity group Pollen Street Capital acquired a stake in the BidX1 online auction house in Ireland and plans to invest up to £15 million to expand the platform in Greece, Spain and South Africa, The Irish Times reported. BidX1 is already set to open its operations in Madrid by October-end, the report added.

Sweden and Finland

* Klövern AB is paying 17 kronor per share to buy 3,237,500 ordinary shares in its Tobin Properties AB unit, which will take the Swedish property company's ownership to 69.8% of shares and 71.3% of voting rights in the latter. Klövern AB will purchase the shares via its Dagon Sverige AB subsidiary.

* Union Investment sold the Plaza Pilke and Plaza Hehku office assets in the Aviapolis submarket of Helsinki for north of €34 million. The two buildings provide an aggregate rental area of approximately 11,000 square meters. Tristan Capital Partners' CCP 5 LL investment fund emerged as the buyer of the two properties.

The Netherlands

* European property investor Avignon Capital and private Lebanese bank Cedrus Invest Bank picked up a new 6,650-square-meter office property at Danzigerkade 16 in Amsterdam for €24.4 million. The modern, grade A building benefits from an Energy Performance Certificate rating of A++, according to a release.

Middle East and Africa

* United Arab Emirates-based Alef Group has hired Al Hamad Building Contracting Co. to work as a main contractor for its 3 billion-dirham Al Mamsha project in the Sharjah emirate, Arabian Business reported. Once completed, the development will span three million square feet of space, and feature modern living, retail and leisure space, as well as community facilities, the report added.

* Elton Bosch will become Vukile Property Fund Ltd.s CFO designate, effective Sept. 1, to replace Michael Potts, who tendered his resignation as financial director. Bosch will also join the company board as an executive director April 1, 2019.

Other real estate news

* European specialty real estate markets such as logistics, industrial, healthcare and hospitality are expected to attract a large chunk of investments to double the market capitalization of the benchmark FTSE EPRA/NAREIT Developed Europe Index to €500 billion by 2022-end, compared to roughly €250 billion at 2017-end, London's Financial Times reported. The specialty markets across the continent are growing at a faster speed than the office and retail sectors, according to the report.

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.

Cam Nones contributed to this report.