trending Market Intelligence /marketintelligence/en/news-insights/trending/zfaocvlnbekbdj9hutfbfq2 content esgSubNav
In This List

Emaar, Aldar sign 30B-dirham JV; Unibail to shed 4 Spanish shopping centers


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Emaar, Aldar sign 30B-dirham JV; Unibail to shed 4 Spanish shopping centers

* Emaar Properties PJSC and Aldar Properties PJSC have entered into a joint venture to develop domestic and international real estate projects worth an aggregate 30 billion United Arab Emirates dirhams. UAE Vice President and Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum confirmed the deal.

* Unibail-Rodamco SE is believed to be divesting four shopping centers in Spain under its disposal program, Property Investor Europe reported, citing Spanish media. The sale will involve Los Arcos mall in Seville, South Bay in Cádiz, Vallsur in Valladolid and El Faro in Badajoz, the report added.

* Prince Alwaleed bin Talal, chairman of the Kingdom Holding Co. conglomerate, is considering to spinoff his company's domestic property and other holdings. The company's domestic holdings are worth about half of its US$13 billion of total assets and also include the one-kilometer-high Jeddah Tower under construction in Saudi Arabia.


* Allied London has chosen Lendlease Corp. Ltd. and McLaren Construction as its development partners on the £1 billion St John's project in Manchester, Construction Enquirer reported. The development encompasses a 52-story tower and others buildings, which will offer 3,000 homes, 600,000 square feet of commercial space and other areas.

* Aviva Investors' Lime Property Fund signed a £113.0 million deal to forward fund a 187,241-square-foot office development in Salford, Greater Manchester. The asset is pre-leased to the Salford City Council and is expected to be completed by 2019-end.

* Additionally, Aviva Investors' retail fund Aviva Investors UK Funds Property Trust will market its 64,606-square-foot 20 Soho Square property in London for sale at a price tag of a little under £120 million. The building houses the Soho headquarters of American software firm Palantir Technologies.

* Sirius Real Estate Ltd. issued 58,333,333 ordinary shares at 60 pence apiece to raise roughly £35 million from an oversubscribed placement. Proceeds will be used to fund purchases.

* Urban&Civic PLC secured planning approval for an extension of its St Neots scheme in Huntingdonshire, plans for which include up to 2,800 homes, two new primary schools, health facilities and 63,000 square meters of new workspace. The company purchased a 33% stake in the project for a sum of £13.3 million in April 2017, according to a release.

* The Halton Housing association obtained a £60 million loan from Lloyds Bank Commercial Banking to fund the construction of 1,000 new homes across the U.K. over the next five years, Property Week reported.

* A partnership between Avignon Capital, Riverside Capital and Colliers Capital is selling the Mercor Portfolio comprising 33 Travis Perkins-let industrial units for £44 million, PW reported. The portfolio has a total lettable floor area of 435,000 square feet across 41 acres and generates £2.5 million in annual rent.

France, Luxembourg and the Netherlands

* ADO Properties SA carried out €250 million worth of property deals subsequent to the year ended Dec. 31, 2017. Additionally, the Luxembourg-based company secured a two-year €175.0 million revolving credit facility with two one-year extension options, according to an annual report.

* French investment bank Natixis awarded a €332 million refinancing facility to property investor Aerium for a portfolio of prime office, retail and business assets in Paris, PIE reported.

* Real I.S. acquired a 27,460-square-meter new logistics warehouse in Wijchen, the Netherlands, on behalf of its AIF Real I.S. Smart fund.

* Private investor Générale Continentale Investissements bought an office building on 7 rue Magdebourg in the Paris central business district in partnership with a family office for an undisclosed amount, PIE reported. The asset contains 2,600 square meters of office space and is planned to be fully refurbished to provide modern workspace, with completion set in the first quarter of 2020, the report added.

Germany and Austria

* Germany's Velero Partners GmbH, and U.S.-based real estate fund manager Proprium Capital Partners LP and Forte Group, picked up three German multifamily portfolios from alternative investment manager Angelo Gordon & Co. LP. The portfolios, purchased for an unknown sum, encompass approximately 5,000 residential units with total rentable space of about 300,000 square meters.

* UBM Development AG and PORR AG signed a deal under which the former will repay €50.0 million, plus interest, of mezzanine capital provided by the latter. UBM will finance the repayment using a €100 million hybrid bond issued in February.


* Moody's Investors Service placed on review for downgrade O1 Properties Ltd.'s B1 corporate family rating, B1-PD probability of default rating, and the B1 senior unsecured instrument ratings. The move followed O1 Group's, the company's parent, sale deal of its entire controlling stake in the unit to advertising operator Laysa Group.

Middle East

* Azizi Developments launched the first of the two buildings in its Azizi Mirage 1 & 2 residential development in Dubai's Studio City, Arabian Business reported. The building site, adjacent to the site of the Dubai Expo 2020, covers a built-up area of 300,000 square feet and will offer 186 apartments and other amenities upon its completion.

The Daily Dose Europe, Real Estate edition, is updated by 6:30 a.m. London time. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.

Anusha Iyer contributed to this report.

As of March 20, US$1 was equivalent to 3.67 United Arab Emirates dirhams.