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Deutsche Wohnen posts H1 profit; Gecina wraps up €1B equity raise

* Deutsche Wohnen SE's first-half consolidated group profit came in at €672.0 million, up from €647.2 million in the year-ago period.

Funds from operations I, or FFO I, for the review period rose 11% year over year to reach €220.8 million, from €198.7 million in the first half of 2016.

* Gecina closed its approximately €1.00 billion capital increase through a rights issue with preferential subscription rights by issuing 9,062,091 new shares priced at €110.5 apiece. Total subscription orders in the issue reached approximately €2.7 billion, reflecting a subscription rate of approximately 267%.

The new shares will be settled, delivered and will commence trading on Euronext Paris' segment A on Aug. 11.


* LondonMetric Property Plc acquired a portfolio of 14 urban and regional logistic warehouses in the U.K. from Cabot Properties for £116.6 million. The deal for the 1.3 million-square-foot portfolio reflects a day-one yield on cost of 6.1% and a 6.6% reversionary yield.

* The Government Property Unit has narrowed down three developments in Bristol for an approximately 200,000-square-foot office requirement, with BNP Paribas Real Estate serving as its adviser, CoStar News U.K. reported.

The shortlisted developments are Commercial Estates Group's 200,000-square-foot Aspire office scheme; AXA Investment Managers – Real Assets and Bell Hammer's 240,000-square-foot Assembly Bristol mixed-use development and Salmon Harvester Properties and NFUM's 4 Glasswharf site.

* Derwent London Plc declared a per-share dividend of 17.33 pence for the half year ended June 30, up 25% from 13.86 pence paid out at the end of the previous first half.

* The Royal Institute of Chartered Surveyors cited political uncertainty, among other factors, as the reason for the falling prices in Britain's residential property market, The (U.K.) Guardian reported. Prices are estimated to remain unchanged for "at least the next year," the newspaper noted. Record low supply and tax changes are also impacting the housing market, according to the official surveyors' body.

Hungary and Romania

* German investment manager KGAL acquired the 9,432-square-meter Kálvin Square and the 12,683-square-meter CityZen office buildings, both in Budapest, for its special alternative investment fund, Property Investor Europe reported.

* CA Immobilien Anlagen AG leased 9,300 square meters of office space in the Orhideea Towers development in Bucharest for a minimum term of five years. The company is investing €75 million in the 37,000-square-meter project, which is scheduled to be completed in the first half of 2018.


* UBS Asset Management's Real Estate & Private Markets unit paid €57 million to purchase the retail gallery portion of Las Rosas Shopping Centre in Madrid's San Blas district from Hispania Retail Properties, PropertyEU reported. The 29,400-square-meter asset offer 91 retail units.

* Hotel investment in Spain surged 228% to more than €2 billion during the first six months, while the industry also recorded a 12% year-over-year rise in the number of visitors during the period, PIE reported, citing CBRE. The performance is attributed to a recovering economy and attractive property prices, the report noted.


* In spite of the Chinese regulatory curbs on outbound investments, HNA Group acquired an 82.5% stake in the €15.1 million Frankfurt-Hahn Airport from the state of Rhineland-Palatinate, a deal that forms part of the group's US$40 billion shopping spree in almost three years, London's Financial Times reported.


* BNP Paribas Real Estate Investment Management's German unit, on behalf of an institutional investor, sold the 10,000-square-meter Rue Guimard 1A core office property in Brussels to an undisclosed British investment firm, PIE reported. The property was acquired for a Luxembourg vehicle, the report added.

Other Real Estate news

* The London and Berlin hotel sectors reported year-over-year growth in July, according to STR's preliminary data.

Despite recent terror attacks in the U.K., demand in London rose 2.5% from July 2016. The average daily rate, or ADR, for hotels in the city reached £165.42, up 6.6% year over year, while revenue per available room, or RevPAR, increased 5.6% to £144.76.

Meanwhile, in Berlin, demand increased 2.1% year over year in July, while ADR was up 14.1% at €93.01 and RevPAR came in at €76.68, a 14.0% rise from a year earlier.

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Gecina CEO stamps authority, puts FdP saga to bed with delivery of Eurosic deal: Méka Brunel has taken less than seven months to undo the damage of Gecina's failed bid for Foncière de Paris and aided the company's full recovery from the global financial crisis in the process.

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.

Anusha Iyer contributed to this report.