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Vonovia's offer for BUWOG exceeds acceptance mark; £1.2B London project approved

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Vonovia's offer for BUWOG exceeds acceptance mark; £1.2B London project approved

* Vonovia SE's takeover offer for BUWOG AG has surpassed the 50%-plus-one-share acceptance threshold, after it received 73.7% of BUWOG's shares as of the expiration of the initial acceptance period March 12.

An additional acceptance period will run from March 16 to June 18.

* Planning approval was granted to Clarion Housing Group's £1.2 billion plan for the conversion of three housing estates in southwest London to deliver approximately 2,800 new homes, as well as retail, leisure, office, work and community areas, Construction Enquirer reported. Existing homeowners at the sites will be provided over 200 new homes at no additional cost, while a further 1,800 homes will be made available for renting and acquisition, the report added.

UK and Ireland

* Inland Homes PLC agreed to purchase its partner's 80% interest in a development site in Middlesex, U.K., that has an estimated gross development value of £120 million. Inland Homes will become the sole owner of the Brooklands Helix Developments Ltd. joint venture following the deal.

* Singapore's Oxley Holdings Ltd. is on the verge of finalizing a sales deal for a 300-year lease on a building at its roughly €835 million Dublin Landings mixed-use project in the Irish capital. The nine-story D1 building will feature a total grade A net internal office area of 14,326 square meters upon its delivery by May.

* A unit of Hansteen Holdings PLC sold the Saltley Business Park in Birmingham, U.K., to the Secretary of State for Transport via a compulsory purchase order to allow the construction of the first phase of the HS2 high-speed rail route. Under the deal, a downpayment of roughly €37.0 million will be paid by High Speed Two (HS2) Ltd. on behalf of the Secretary of State, while the property's market value is in the process of being settled through a mutual valuation process.

* Construction group Mace was awarded a main contract by Malaysian developer AlloyMtd Group for the development of the £500 million One Crown Place residential and commercial project in London, Construction Enquirer reported. The two-tower project will deliver a clubhouse for the residents and a boutique hotel, among other facilities, upon its completion by the end of 2020, according to the report.

* Housing association Southern Housing Group entered into an agreement with Hyde Group to buy 524 general-needs, shared-ownership and supported housing units across eight local areas in the U.K. for £45 million, Property Week reported. The transaction is set to be finalized end-April, the publication added.

* CBRE Global Investors spent an unknown sum to buy a 37,463-square-foot portfolio of seven public houses and a restaurant in Central London for separate clients, PW reported. The properties are part of a larger 16-asset portfolio, which Savills placed on the market for a private investor in 2017, with a price tag of approximately £69.6 million.

* Partners CTP and U and I Group PLC sold the 78,000-square-foot 3 St Paul's Place office building in Sheffield, U.K., to M&G Real Estate for £24 million, according to PW.

France

* Norges Bank Real Estate Management and AXA France have jointly agreed to sell a campus comprising six office buildings in Meudon to a PGIM Real Estate-managed fund. The deal for the Meudon Campus will bring in €128 million for Norges Bank's 50% ownership interest in the asset.

* Effective March 19, Gecina will become part of the CAC Next 20 and CAC Large 60 indices due to its stock market performance and its larger float following its acquisition of real estate investment trust Eurosic in 2017.

Germany and Austria

* TLG IMMOBILIEN AG added Sascha Hettrich to its supervisory board.

* Pbb Deutsche Pfandbriefbank extended a €37 million loan facility to companies JR AMC Co. Ltd. manages on behalf of a consortium of Korean investors. The funds will be used for the acquisition of the 22-story Porr Tower office building in Vienna. The asset provides more than 30,000 square meters of floor area and is leased to local construction group Porr AG, according to a release.

* A joint venture between Proprium Capital Partners and Forte grew its residential portfolio in North Rhine-Westphalia and northern Germany to 4,600 flats with the purchase of around 2,000 residential units from an American investment group for a price that was not disclosed, Property Investor Europe reported.

Norway

* Swedish developer Skanska poured 566 million Norwegian kroner into an office project with a total leasable area of 19,500 square meters in Oslo's Lören area. The office building, dubbed Parallell, is scheduled to be ready in the spring of 2020.

Spain

* Asset manager AEW, on behalf of one of its funds, purchased the 21,000-square-meter, 40-unit Planetocio retail and leisure center in Madrid for €20 million from Axiare Patrimonio SOCIMI SA.

* Under an asset rotation plan, Lar España Real Estate SOCIMI SA divested two big box units at the Nuevo Alisal retail park in Santander and a retail warehouse in Madrid for a total sum of €33.2 million.

Other real estate news

* Brookfield Asset Management is looking to expand into the European student housing sector with the acquisition of a controlling stake in Germany-based International Campus Group, IPE Real Assets reported. Terms of the deal, subject to antitrust approval, were not made known. However, the asset manager is said to be funding International Campus' future expansion, the report added.

* Savills Investment Management paid approximately €31 million to buy two Dutch retail properties from Redevco for its newly launched Europe V Retail Fund. The new fund, which according to PIE has a target of €500 million, will aim for a total return of 10 to 12% net per year after accounting for costs, with a focus on retail assets in Europe.

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The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.

Celestyn Wong contributed to this report.

As of March 12, US$1 was equivalent to 7.76 Norwegian kroner.