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Blackstone buying €178.6M Greek assets; 24 UK RE firms sign zero carbon pledge

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* Blackstone Group Inc. unit Blackstone Real Estate Partners Europe agreed to buy five hotel businesses in Greece from the Louis Group, formally known as Louis PLC, for a €178.6 million total enterprise value.

The hotel businesses totaling 1,464 rooms are on the islands of Corfu, Zante and Crete. The Louis Group will continue to run the hotels under the management of hospitality company HIP, which is owned by funds managed by Blackstone.

* PropertyEU reported that 24 prominent British property companies have signed a major zero carbon pledge to develop assets with net zero carbon emissions. The commitment is aimed at tackling the growing risks of climate change.

UK

* BauMont Real Estate Capital, in partnership with operating partner Addington Capital, acquired a 182-apartment residential portfolio from a private family office, Europe Real Estate reported. The report noted that the portfolio was acquired for an undisclosed sum believed to be about €42 million.

The portfolio comprises units of mostly converted Victorian and Edwardian houses in South London let on assured shorthold tenancies with 35 freehold buildings. AddLiving, Addington's sister company, will provide provide property management services.

* A NewRiver and Bravo Strategies III joint venture exchanged contracts to purchase the Poole Retail Park in Dorset, U.K., from LS Poole Retail Ltd. for £44.7 million, Property Magazine International reported. The acquisition represents a net initial yield of 8%.

NewRiver will hold a 10% interest in the fully let retail park, which comprises 14 units totaling 208,000 square feet of retail space. The firm will also act as the asset manager and will receive 10% of the net rental income from the park. The asset has a weighted average unexpired lease term of 6.7 years and has tenants such as John Lewis at Home, DW Sports and Next Home, among others.

* Stenprop Ltd. purchased 100 industrial units for an aggregate price of £16.7 million. The assets, which were acquired through five separate transactions, consist of the Hillfoot Industrial Estate in Sheffield, the Armthorpe Enterprise Centre in Doncaster, the Trident Business Centre in Middlesbrough, units 1 to 10 at Parkway Business Centre in Deeside, units 1 to 8 at Forth Industrial Estate in Edinburgh, and unit 5 at Holbrook Enterprise Park in Sheffield.

Following the acquisitions, multi-let industrial assets account for 43.9% of Stenprop's portfolio, with these assets expected to comprise approximately 60% of Stenprop's total portfolio of properties by March 31, 2020, according to a release.

Germany

* Principal Real Estate Europe and France-based PAREF Gestion launched a second German retail real estate fund, dubbed SCPI Novapierre Allemagne 2, designed to provide core plus assets to investors in France, IPE Real Assets reported.

Greece

* National Bank of Greece SA launched the sale of a €1.5 billion new property-backed portfolio of nonperforming loans, dubbed Project Icon, PropertyEU reported.

Italy

* U.S.-based Bain Capital LP is leading the race to acquire property assets worth approximately €200 million from Italian lender Banca Popolare di Vicenza SpA, PropertyEU reported.

The Netherlands

* Heijmans NV will build 1,400 homes in the Dutch residential district of Europakwartier Oost in Almere, Property Magazine International reported. Proposed investors Syntrus Achmea and De Alliante are planning with the Dutch company to build the district in four phases, with construction of phase one expected to commence at the end of 2020.

Heijmans is working on plans to start construction of approximately 250 owner-occupied homes, with the parties also signing a purchase agreement for the construction of 300 private sector rental homes.

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