S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week.
Progress Down Under
* France's Unibail-Rodamco SE's planned US$15.68 billion takeover of Australian mall giant Westfield Corp. is one step closer to completion following approval from the latter's shareholders.
The deal, which implies a total enterprise value of US$24.7 billion, secured 97.55% of the votes cast at Westfield's May 24 annual general meeting.
* In another potential cross-continental deal, the Federal Court of Australia gave the go-ahead for the A$1.18 billion scheme of arrangement between Paris-based AccorHotels and Australian hotel operator Mantra Group Ltd., making the merger legally effective.
The scheme, under which AccorHotels subsidiary AAPC Ltd. will buy all Mantra shares, is slated for implementation May 31.
Going public
* Kojamo Oyj, Finland's largest private residential real estate company, is planning an IPO and listing on the official list of Nasdaq Helsinki Ltd., with plans to raise gross proceeds of about €150 million. The IPO is expected to be completed in the second quarter, subject to market conditions.
* Tritax Big Box REIT PLC's investment manager, Tritax, is exploring the option of a London IPO for Tritax EuroBox PLC, a new U.K. investment trust focused on the Continental European logistics market.
In new hands
* Retail real estate investment trust NewRiver REIT outbid private equity firm Patron Capital Ltd. and pub operator Admiral Taverns Ltd. to buy U.K. pub landlord Hawthorn Leisure Holdings Ltd from an Avenue Capital Group LLC affiliate for an enterprise value of £106.8 million.
* Google Inc. completed the acquisition of the mixed-use Bolands Quay project in Dublin's Docklands. The asset is estimated to be worth about €300 million, the Irish Independent reported. The internet giant had reportedly been in talks with National Asset Management Agency-appointed receiver Savills Ireland for the deal since November 2017.
* In Spain, Testa Residencial SOCIMI SA paid €207 million for 1,329 of the 1,458 apartments it agreed to buy from a real estate subsidiary of CaixaBank in March. The company will pay BuildingCenter SA €21 million over the coming months for the remaining 129 units.
Shaking it up
* Capital & Counties Properties PLC is mulling a division of the company into two separately listed businesses based around its prime central London estates, including its Covent Garden and Earls Court assets. As of Dec. 31, 2017, the company's Covent Garden properties were independently valued at more than £2.5 billion, while its property interests in Earls Court were valued at £759 million.
* Great Portland Estates PLC is considering the sale of its long-dated assets as part of a two-year divestment plan, Property Week reported, citing CEO Toby Courtauld. The British developer's properties in the asset class are worth £455 million.
Meanwhile, for the year ended March 31, Great Portland posted an adjusted pretax profit, as measured by International Financial Reporting Standards, after a revaluation surplus totaled £76.7 million, versus a loss of £140.2 million in the prior-year period.
Featured during the week on S&P Global Market Intelligence
Accounting revamp to accelerate UK retailers' push for shorter leases
Great Portland CEO: London office market offers 'limited value'
Amisha Mehta contributed to this report.
