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CA Immo to reject Starwood affiliate's offer; Great Portland plans £455M sale

* CA Immobilien Anlagen AG management board has resolved to not tender the company shares or the Immofinanz AG stake it holds into the offers made by SOF-11 Starlight 10 EUR Sarl, an affiliate of Starwood Capital Group.

SOF-11 offered €27.50 per share for up 26% of CA Immobilien's overall issued bearer shares and €2.10 apiece for up to 5% of Immofinanz's overall issued bearer shares. The latter offer has already been recommended for rejection by the Immofinanz board.

* After swinging back to profit in the year ended March 31, Great Portland Estates PLC is believed to be planning to sell £455 million worth of long-dated assets over the next two years, as the company holds off on further acquisitions in the face of the current market conditions, Property Week reported, citing company CEO Toby Courtauld. The assets represent an average yield of 3.2% and an unexpired lease of 11.2 years, according to the report.

UK and Ireland

* Tritax Big Box REIT PLC investment manager Tritax is planning to debut a new U.K. investment trust named Tritax EuroBox PLC with an IPO on the London Stock Exchange. The trust will target the Continental European logistics market.

* IFM Investors forayed into the U.K. social and affordable housing sector with a deal to issue a £60 million nine-year floating-rate note to residential property group A2Dominion Housing Group Ltd. The funds will partly be used for the development of mixed-use housing.

* EJF Debt Opportunities Master Fund LP, a 26.2% shareholder of Eurocastle Investment Ltd., urged the board of the U.K. company to change its strategy by exiting from doBank SpA and adding new board members.

DoBank SpA represents 49% of Eurocastle's net asset value as of March 31, leading to EJF's argument that the company should not keep half of its NAV in a single exchange-traded position.

* Online fashion retailer ASOS agreed to lease a 190,000-square-foot distribution facility at West Moor Park close to Doncaster, U.K., PW reported. The park is owned by Mayfair Capital-managed Property Income Trust for Charities fund.

* Wates Residential signed a £23.4 million agreement with the London Borough of Brent to deliver 149 new homes across two new buildings in Brent by December 2021, Construction Enquirer reported.

* The number of unsold homes under development in London climbed to an all-time high of 19% in 2017 since the compilation of data began in 2009, Bloomberg News reported, citing Molior London. The report noted that most unsold homes are priced between £1,000 and £1,499 per square foot, a range that is unaffordable for many buyers in London.

* Irish developer JCD Group revealed plans for the €125 million development of 250,000 square feet of offices space across a 1.8-acre site at Penrose Quay in Cork, Ireland, the Irish Independent reported. The Pennrose Dock development will house 2,200 employees across two office buildings next to the existing 12,000-square-meter Penrose House in the city's docklands.

Southern Europe

* Testa Residencial SOCIMI SA paid €207 million to purchase a portfolio of 1,329 apartment units in Spain from BuildingCenter SA, the real estate arm of CaixaBank. The units bought represent 90% of the 1,458 apartments involved in a purchase deal signed in March between the two companies, with the remaining units to be purchased for €21 million in the next few months, the company noted in a release.

* Beni Stabili SpA SIIQ board of directors is set to approve the company's merger with its parent company, Foncière des Régions, at a meeting May 25. FdR proposed to buy out its 52.4%-owned subsidiary by offering 8.5 of its shares per 1,000 Beni Stabil shares. The Italian company's board has agreed to hold an extraordinary shareholders meeting Sept. 5 to solicit approval for the merger.

* Hilton Worldwide Holdings Inc. is set to open its first Hampton by Hilton hotel in Spain after entering into a franchise deal with Project HbH Alcobendas SL for a 138-room hotel in Madrid, Europe Real Estate reported. The hotel, scheduled to open in June 2019, will be managed by Panoram Hotel Management.

Germany

* DIC Asset AG bought a 13,300-square-meter office asset in Leverkusen-Mitte from developer Landmarken AG for €51 million. The newly constructed property is anchored by health insurance company pronova BKK.

* Developer GerchGroup signed a sale-and-leaseback deal for a 32,000-square-meter site in Bonn, which the company plans to develop into a 40,000-square-meter mixed-use scheme under a €130 million development project, Property Investor Europe reported. Deutsche Postbank will occupy the site until 2021-end, following which the project will commence, with completion slated for the end of 2023, the publication noted.

France

* Institutional investors committed €150 million to La Française Real Estate Managers' LF Résidences Seniors retirement homes fund, giving the investment vehicle an overall capacity of €200 million, PIE reported. The fund, launched in October 2016, will primarily invest in retirement home developments, with a focus on assets in the range of €10 million to €40 million, the report added.

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Anusha Iyer contributed to this report.