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Kennedy-Wilson nears deal for UK campus; Instone plans €110M apartment project

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Kennedy-Wilson nears deal for UK campus; Instone plans €110M apartment project

* U.S.-based real estate investor Kennedy-Wilson Holdings Inc. is nearing a deal to buy the five-building Heights Brooklands office campus in Surrey, U.K., for roughly £138 million, for a 7% yield, Property Week reported. M&G Real Estate tapped Knight Frank to market the more than 330,000 square-foot property for sale in 2018.

Sony, Samsung, Daikin, Procter & Gamble, Alliance Boots, Experian, K2 and Altiostar are among the tenants at the more than 90%-leased Heights Brooklands in Weybridge, the publication added.

* Instone Real Estate Group AG acquired a roughly 13,000-square-meter site in Leipzig, Germany, where it is planning to build an around 330-unit apartment project spanning 23,500 square meters of floor area. The German residential developer said it expects a sales volume of roughly €110 million for the project. Instone will break ground on the project in 2021.

UK and Ireland

* A total of £1.39 billion worth of real estate transacted across 13 deals in the West End and the City of London in July, compared to £489 million worth of deals in June, REFI Europe reported, citing Savills. The City of London logged roughly £1.02 billion of transactions across nine deals, up significantly from over £318 million in June and almost twice of the £655.4 million transactions in July 2018.

Investors from the U.S. accounted for £1.5 billion, or 37%, of total investment in the City district year-to-date, while U.K. investors accounted for 31% of total volume. Asian investors spent roughly £480 million, more than double their investments for the rest of 2019, according to the publication, which added that London assets remain attractive to foreign capital due to high rents and good returns.

* Citing unnamed sources, Drapers reported that retailer River Island is asking landlords for a rent cut of of up to 40% across most of its portfolio. River Island operates 270 stores in the U.K. and Ireland, according to the report.

* British Land Co. PLC has secured four new tenants for its Meadowhall shopping center in Sheffield, U.K. Lifestyle brand Newbie signed a lease for 900 square feet, while jeweler Lovisa will take up 700 square feet. Cosmetics brand Rituals and fashion retailer Hobbs, meanwhile, will occupy 1,000 square feet and 2,000 square feet, respectively.

Germany and the Netherlands

* The KanAm Grund Group has acquired the TWO office property in the German city of Wiesbaden for Fokus Suddeutschland Fonds, Europe Real Estate reported. The 16,350-square-meter building is nearly fully let to five tenants. It features 14,125 square meters of office space, 202 outdoor and 143 underground parking lots, as well as fitness facilities, a canteen and a conference room.

* PropertyEU reported that Dutch asset manager Orange Capital Partners purchased two domestic residential portfolios for a total sum of €127 million.

Spain

* Real estate management firm Henderson Park has purchased the 9,300-square-meter Aloft Madrid Gran Via hotel in Madrid, Europe Real Estate reported. The asset, whose purchase price was not disclosed, is operated by Marriott's Aloft brand. It comprises 139 rooms and features a pool, a fitness facility, a café and a bar.

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.