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Essential IR Insights Newsletter - February 2023

Spanish REIT Árima eyes €300M IPO; Hammerson closes £164M retail asset sale

* Spanish real estate investment company Árima Real Estate SOCIMI SA plans to raise gross proceeds of €300.0 million through an initial public offering of up to 30 million new ordinary shares at €10.00 apiece. The company expects to list the shares on the Madrid, Barcelona, Bilbao and Valencia stock exchanges in Spain on or around Oct. 19.

Árima will mostly invest in commercial properties, with a focus on office assets in central Madrid, as well as in Barcelona and other major logistics hubs in the country.

* Hammerson PLC closed the £164 million divestment of two retail parks in Bristol, U.K., and Fife in Scotland to property investment company Capreon, as part of its strategy to dispose of £600 million worth of properties. The sale of the two retail parks takes the real estate investment trust's total sale proceeds to £300 million year to date.

UK and Ireland

* The management of the 546-bed The Collective Old Oak residential building in west London entered a deal to buy the 75% stake it does not already own in the asset from Singaporean and U.K.-based private wealth investors, in a deal valuing the property at about £125 million. Deutsche Bank AG and Catalina Re are helping to fund the management's buyout of the world's largest purpose-built co-living building.

* London property developer Telford Homes PLC forecasts a pretax profit of more than £50 million for the year ending March 31, 2019, assuming the market does not worsen further as Brexit gets closer. The company has less than 90 homes left to sell to hit its target, alongside affordable and build-to-rent contracts that it expects to exchange during the next six months.

* Construction company ISG won a contract to develop the roughly £70 million headquarters for fashion brand TK Maxx, which is located across from the Watford Junction station in Hertfordshire, U.K., Construction Enquirer reported. Plans for the project involve seven-, 10- and 12-story buildings, with main building works expected to commence in 2019, the report added.

* The Liverpool City Council in the U.K. granted permission to the £64 million redevelopment of the former Royal Mail sorting office into new student facilities for the Liverpool John Moores University, Property Week reported.

* Bloomberg News' £1 billion, 1 million-square-foot headquarters in the City of London was awarded the 2018 Riba Stirling Prize by the Royal Institute of British Architects, making it the world's most sustainable office building, London's Financial Times reported. The asset was designed by Foster + Partners.

* Private equity group Oaktree Capital Group LLC and Dublin's Sigma Retail Partners have postponed plans for the launch of the first Irish retail REIT due to volatile equity markets, The Irish Times reported. The partners conducted an early-look investor roadshow with stockbroker Davy, with initial plans to list the new REIT in the summer. The companies will now focus on developing assets before assessing the market in 2019 for a possible float, the report added.

Nordic countries

* Kinnerton Credit Management plans to amass up to €250 million for its second Nordic residential property development loan fund by its final close, which is expected to take place in 2019. The Kinnerton Residential Development II DAC fund attracted a little under €130 million by its Sept. 27 first close, with an aim to invest in recently issued short-term credit facilities for residential projects in the Danish and Swedish markets.


* French developer Générale Continentale Investissements paid an unknown sum to acquire a 7,500-square-meter office property at 5-7 Rue des Italiens in Paris' Opéra area for its joint venture investment with a family office, Property Investor Europe reported. The company intends to fully remodel and modernize the asset by the first quarter of 2021 to meet tenant demands for prime office space, the report added.

Middle East

* After opening six hotels year-to-date in the United Arab Emirates, Marriott International Inc. plans to expand its footprint further by opening five more properties by 2018-end. The 11 hotels will span a total of 2,600 rooms, boosting Marriott's presence in the country to 59 properties with more than 17,000 rooms across six emirates, according to a release.

* The Rental Disputes Centre in Dubai has introduced the Rental Good Conduct certificate service to lower the number of disputes between tenants and landlords and establish trust between them, Arabian Business reported. By using the service, a prospective tenant or landlord can find out if a rental case was filed against them, while a renter can find information on landlords.

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Celestyn Wong contributed to this report.