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CLS closes £13.5M UK office sale; Patrizia pays €10.5M for Dutch logistics asset


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CLS closes £13.5M UK office sale; Patrizia pays €10.5M for Dutch logistics asset

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.


* CLS Holdings PLC wrapped up the £13.5 million sale of the Buspace Studios property at 10 Conlan St. in London. Warrior Property Group bought the 32,537-square-foot office asset at a net initial yield of 4.5%.

* London & Associated Properties PLC closed the purchase of a £6.2 million, 137,500-square-foot industrial portfolio at Manor Park in Runcorn. The portfolio encompasses nine industrial units occupied by eight tenants and producing total income of £600,000 per year.

* Asset manager M7 Real Estate bought five adjacent warehouse units in Workington, Cumbria, for about £6.3 million from Stobart Group, marking a net initial yield of 10%. The units, spanning 476,000 square feet, were acquired on behalf of the M7 Real Estate Investment Partners VI fund and are leased to supply chain transport and logistics provider Eddie Stobart Ltd. on a long-term basis.

The Netherlands and France

* Germany-based Patrizia Immobilien AG purchased a new LEED-certified logistics asset in the Dutch village of Oud Gastel for approximately €10.5 million from MG Real Estate, on behalf of its Patrizia Logistik-Invest Europa II fund. The deal for the 11,225-square-meter property takes Patrizia's total investment in the European logistics sector to €1.8 billion, according to a release.

* Affine bought a six-story, 7,660-square-meter turnkey office building in the Carré de Soie district in Lyon, France, from Icade. The project is slated to be completed in the second quarter of 2020 and forms part of Icade's Karre mixed-use development, which also includes another 10,130-square-meter office building, two residential units and about 2,700 square meters of green spaces.


* Prelios SGR SpA and private investor Ardian have jointly sold two office buildings in central Milan to an overseas institutional investor through the AREEF 1 - SICAF SpA vehicle. The buildings on Via Giorgio Washington 70 and Corso Italia 13 provide total rental space of about 23,500 square meters.

Middle East

* Hospitality group Action Hotels PLC signed a conditional deal to divest its entire stake in a 5,553.5-square-meter plot inside the Innovation Hub in Dubai's Media City to Apex Investments Ltd. for 38.5 million United Arab Emirates dirhams, slightly less than the net asset value of 39.9 million dirhams.

Additional coverage

Unibail-Rodamco-Westfield to sell Paris office building to GIC for €465M

Crédit Agricole funds Henderson Park's €550M Paris hotel buy

Tristan Capital Partners pays €118M for Dutch office portfolio

Report: WPP in talks to buy Financial Times HQ in London for £93M

Report: 32-property UK industrial portfolio up for £150M sale

Joyce Guevarra contributed to this report.

As of Oct. 16, US$1 was equivalent to 3.67 dirhams.