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AccorHotels buys luxury home rentals company; trio to join forces for £1.4B London resi consolidation

Commercial Real Estate: 2020 Review

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

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AccorHotels buys luxury home rentals company; trio to join forces for £1.4B London resi consolidation

*AccorHotels acquiredthe international hospitality group onefinestay for €148 million, and committeda further €64 million for its expansion. The high-end hospitality groupspecializes in luxury serviced home rental and has a portfolio of 2,600properties across London, New York, Paris, Los Angeles and Rome, and the assetvalue of its managed properties is estimated at more than €4 billion.

*Qatari Diar Real Estate Investment Co., Delancey Real Estate Asset ManagementLtd.'s flagship client fund DV4 and Dutch pension fund APG Asset Management NVseek to form a private rented sector vehicle by combining the entities that ownthe East Village project in Stratford and the Elephant and Castle Town Centreredevelopment in London.

Thetrio's joint venturewill result in a £1.4 billion consolidation of the two London developments. Thepartnership's initial portfolio comprises 1,000 houses being constructed, 1,500more that are already completed and substantially let and another 1,500 homesthat have planning approval.

*Qatari Diar is planning to convert the U.S. embassy in London's Mayfair into a137-room luxury hotel along with six high-end shops and five restaurants afterthe embassy staff's planned move to a new Nine Elms location in 2017, the London Evening Standard reported.The conversion is part of a £1 billion restoration of Grosvenor Square. Plansfor the conversion will be submitted to the Westminster council in May,following a public exhibition on the scheme from April 11 to April 16, thepublication said.

*European real estate investments increased 17% year over year to reach €259billion in 2015, of which foreign inflows accounted for 52%, Property Investor Europe reported,citing BNP Paribas Real Estate. Of the foreign share, U.S.-based investors wereresponsible for 32.8%, the report noted.

U.K.

*Empiric Student Property Plcsaid it secured an£80 million 12-year fixed rate term loan facility from Cornerstone Real EstateAdvisers Europe LLP against a portfolio of 20 operating assets. The facilitywill be used to refinance £37.2 million of debt while the remaining amount willbe utilized for further acquisitions. An additional £40 million facility isalso available upon request before or until Dec. 7, according to the newsrelease.

*Cheshire West and Chester Borough Council is looking into options, includingforward-selling or funding, for the 400,000-square-foot Northgate developmentin Chester, CoStar U.K. reported.The retail-led scheme has a gross development value of nearly £300 million, andincludes a hotel, offices, multi-story car park, and other retail and leisureelements.

*The Arora Group has snapped up the occupational lease and business of TheHilton, London Stansted Airport, CoStar U.K. reported.The group will operate the 239-room hotel. No financial details were disclosed.

*The Crown Estate is set to move its headquarters to its £400 million St James'sMarket development in early 2017, according to a CoStar U.K. report.The firm will occupy around 31,000 square feet of space at the development,which it owns in a 50/50 joint venture with Oxford Properties. The CarlyleGroup will occupy 60,000 square feet of space at the asset, which is more than40% let, the news outlet said.

* Asurvey showed that U.K. home construction growth was at a three-year low inMarch, Reuters reported.

Germany

*BNP Paribas REIM Germany has acquired a historic building in Düsseldorf'sbanking district on behalf of a Middle Eastern investor from an unnamed seller,PIE reported.The purchase price was reported to be "in the high two-digit millions,"for the 19,000-square-meter asset that was built in 1912.

*Hines has acquired the 8,500-square-meter mixed-use Kronprinzbau 2 asset inStuttgart for a fund in which it is co-investing with ÄrzteversorgungWestfalen-Lippe, according to a newsrelease. The company purchased the Kronprinzbau 1 property in 2014 fromCredit Suisse.

*First quarter commercial property investment volume in Germany fell by nearly15% compared to the same period in 2015, owing to short supply and lack oflarge portfolio deals, PIE reported,citing realtors Colliers International and BNP Paribas Real Estate.

Southern Europe

* Inrelation to its plan to convertinto a SOCIMI, Hispania ActivosInmobiliarios SA plans to seek shareholder approval for the paymentof €40 million in dividends or 48 cents a share, PIE reported,citing a filing from the Spanish developer.

* Asubsidiary of the Hines Pan-European Core Fund bought a high-street retailasset in Florence, Italy, for €78 million. According to a news release, thedeal for the fully leased 5,500-square-meter building is Hines' second in thecountry year-to-date.

Belgium

Netherlands-basedNSI NV is divesting20 industrial assets and 18,905 square meters in land parcels for a gross €48.1million, as part of its strategy to focus on office-market opportunities athome. In a news release,the company said that the properties to be sold to Urban Industrial make upmost of its entire industrial portfolio. The industrial assets were transferredto the buyer on April 1, while the land sale is expected to be completed in the2016 second quarter.

Norway

Localinsurer KLP agreed to buy the Zander Kaaes gate 7 building complex for 760million Norwegian kroner from Oslo-based developer and investor ROM, PIE reported.The deal is expected to close on Oct. 4.

Middle East

SaudiArabia's Housing Ministry is planning to establish a development company and amortgage-guarantee fund to help boost its residential market. Minister Majed AlHogail toldBloomberg News in an interview that the new measures are also expected to help "improvethe productivity" of local developers.

The Daily Dose Europe, RealEstate edition, is updated as of 6:30 am London time. Some links require asubscription. Articles and links are correct as of publication time.