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Half of €1.6B German hospital portfolio sold; Mövenpick Hotels changes hands

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Half of €1.6B German hospital portfolio sold; Mövenpick Hotels changes hands

S&P Global Market Intelligence offers our top picks of European real estate news stories and more published throughout the week.

Near and beyond the finish line

* France's Primonial Group now owns a 50% stake in Medical Properties Trust Inc.'s 71-hospital portfolio in Germany following a transaction that yielded the seller €1.14 billion in proceeds. The deal, agreed to in June, values the assets at about €1.63 billion.

* French hotelier AccorHotels closed the CHF560 million acquisition of all of Mövenpick Hotels & Resorts' share capital and the Mövenpick brand from Mövenpick Holding and Kingdom Holding.

* Paris-based Covivio, previously known as Foncière des Régions, moved closer to its planned acquisition of Italian office landlord Beni Stabili SpA SIIQ as shareholders of both companies approved the deal during their respective special meetings.

* Two South Korean companies are said to be in separate negotiations for deals involving London office properties.

Bloomberg News reported, citing two sources with knowledge of the matter, that Singaporean developer Wing Tai Holdings Ltd. is in talks with Samsung Life Insurance Co. Ltd. for the 30 Gresham St. building, which the South Korean investment manager is understood to be marketing for £425 million. The 400,000-square-foot property houses two banks — Germany's Commerzbank AG and the U.K.'s Investec PLC.

South Korea's Hana Financial Group Inc. could pay Aermont Capital LLP about £185 million for the One Poultry property that is being redeveloped into a WeWork Cos. coworking space, Bloomberg News reported separately, citing people with knowledge of the plan.

Private equity push

* Private equity firm Partners Group reached its €2 billion capital-raising target for its private real estate secondaries program focusing on high-quality property portfolios and single real estate assets. The program had 15 investment commitments as at the start of August.

* Lone Star, another private equity firm, is set to roll certain development sites it acquired in Ireland into a new homebuilding company that it intends to float on the stock exchanges of Dublin and London for potential proceeds of over €300 million, The Irish Times reported.

Stockbroker Davy has been engaged to work with JP Morgan on the IPO, which will be led by Patrick Durkan, managing director of Durkan Residential.

Expanding horizons

* Vonovia SE bought out shares held by Starwood Capital Group in Swedish residential property company Victoria Park AB (publ). The German landlord now controls 81.4% of total shares in Victoria Park and 81.1% of total voting rights.

* Nexity secured a €2.3 billion corporate credit facility due July 2023, comprising €1.8 billion in guarantee commitments and a €500 million cash credit line. Funds drawn under the facility will be used to meet general financing needs, while the guarantee commitments will be funneled toward the French real estate company's development programs and urban planning activities.

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