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Kennedy Wilson merger OK'd; Unibail extends buyback; Ireland hikes stamp duty

* Kennedy Wilson Europe Real Estate's scheme shareholders approved the takeover of the company by Kennedy-Wilson Holdings Inc. in a scheme court meeting. Shareholders also approved implementation of the merger in a general meeting held the same day.

* Unibail-Rodamco SE's management board extended an up to €750 million share buyback program to Dec. 29, originally set to run through Oct. 10.

* The Irish government increased the tax paid on commercial property transactions, known as stamp duty, to 6% from 2% in its annual budget announcement.

Ireland's 2018 budget is also set to include a €750 million fund for builders, a further €75 million to unlock residential development sites and room for 3,800 new social homes, the Irish Independent reported. The Department of Housing is expected to splash more than €1.8 billion in 2018, with the budget for Housing Assistance Payments increasing to €301 million from €149 million.


* M7 Multi-Let REIT plc plans to raise up to £300 million via an IPO on the main market of the London Stock Exchange, with the intention of becoming a real estate investment trust.

The company will issue ordinary shares priced at 100 pence apiece, conditional upon raising minimum net proceeds of £147 million. The company's asset manager, M7 Real Estate, plans to subscribe for 7,280,000 ordinary shares, or 2.42% of the issue, if the offering is fully subscribed for 300 million ordinary shares, subject to conditions.

* SEGRO Plc and Roxhill have partnered to launch a 700-acre "inland port" development that will add a new rail freight terminal that links the M1 and East Midlands Airport.

* Lodha UK landed a £517 million loan from M&G Investments for its planned 48-unit luxury residential scheme in Mayfair, London. The site at No. 1 Grosvenor Square was reportedly sold to the developer for more than £300 million in 2014.

* Investment volumes in South East England totaled £1.3 billion during the three-month period ended Sept. 30, making it the region's best quarter since 2013, Property Week reported, citing Knight Frank. In addition, the recorded £2.3 billion volume for the first nine months was 60% higher than the 10-year average.

Russia and Romania

* Deutsche Bank is loaning €118.8 million to RIGroup for the development of the 92,000-square-meter, grade A Myakininskaya Poima office complex in Moscow, Europe Real Estate reported. A first tranche of €7.3 million was already extended, according to the report.

* Secure Property Development & Investment Plc is looking to buy up to a 50% stake in the Olympians portfolio, which contains fully let logistics properties in Romania, with a gross asset value of about €50 million.

* S IMMO AG expanded the Sun Plaza in Bucharest to open more than 25 new retail units at the shopping center. The company plans to open up to 40 additional new shops spanning over 20,000 square meters by March 2018.


* German pension fund Bayerische Versorgungskammer raised the residential mandate for a fund advised by CapMan Real Estate to €500 million.

* TH Real Estate, on behalf of its latest logistics fund, signed a forward-funding agreement for a 17,200-square-meter distribution facility to be developed by Panattoni Europe, Property Investor Europe reported. Work on the project is expected to commence by the end of 2017.

France and the Netherlands

* In France, Euro Disney S.C.A. and Pierre & Vacances-Center Parcs held an opening ceremony for Villages Nature Paris, an eco-tourism destination with 868 apartments and cottages and five interactive universes.

* Germany's Deka Immobilien nabbed the 185-room W Amsterdam hotel from Cyprus-based Fentonir Trading & Investments for €260 million. The asset behind Amsterdam's Royal Palace comprises two buildings, which Fentonir redeveloped in 2014, and previously housed the Dutch post authority and Kasbank.


* Entra ASA issued the first tranche of its 1.18% commercial paper amounting to 300.0 million Norwegian kroner.

* The Oslo City Court ruled in favor of Pandox AB in a suit involving a long-term deal with Tribe Invest AS. The latter, a previous tenant of Pandox, declared bankruptcy in 2013 and tried to block Pandox from receiving claims from its bankruptcy estate.

Pandox already received 60 million Swedish kronor as compensation in 2015 and will review additional claims following the current verdict.


* Europa Capital and LyC Consultores paid €53 million to purchase the 37,300-square-meter Gran Via retail property in Alicante, PIE reported. The 80-unit shopping center is anchored by a Carrefour hypermarket and clothing retailers Primark and H&M.

Middle East

* Al Ghurair Group's real estate arm revealed plans for 58 new residential projects worth a total of 5 billion United Arab Emirates dirhams. The projects across Dubai are expected to be completed by Expo 2020, Arabian Business reported.

* Developer Jumeirah Golf Estates, with immediate effect, appointed Al Qabdah Building Contracting for a 400 million-dirham contract to build its Alandalus residential community in Dubai, Arabian Business reported. Al Qabdah will work on six apartment buildings in the community project, which includes two other buildings under construction.

* InterContinental Hotels Group Plc agreed to a management deal with Kingston Holdings International Ltd. for the development of Holiday Inn & Suites in Dubai Business Bay. The hotel will feature 350 rooms, two restaurants, meeting rooms and other amenities upon its anticipated opening in 2021, according to a release.

Other real estate news

* Valor Real Estate Partners and American International Group launched a long-term investment fund, with an aim to invest in assets worth €300 million with the first tranche of committed capital. Valor Industrial Partners 1 will target industrial real estate in the U.K. and other European distribution markets.

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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.

Cam Nones contributed to this report.

As of Oct. 10, US$1 was equivalent to 7.94 Norwegian kroner, 8.07 Swedish kronor and 3.67 United Arab Emirates dirhams.