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Kildare Partners collects US$1.95B for RE fund; JV buys €160M Finnish portfolio

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Kildare Partners collects US$1.95B for RE fund; JV buys €160M Finnish portfolio

* London-based Kildare Partners raised US$1.95 billion in capital for its second Europe-focused property fund, just shy of its US$2 billion target. Fundraising for the Kildare European Partners II fund commenced in April 2016.

* A joint venture between Swedish national pension fund AP1, Finnish pensions insurer Keskinäinen Työeläkevakuutusyhtiö Elo and Trevian Asset Management purchased a €160 million Finnish portfolio. The 100,000-square-meter portfolio acquired by Agore Kiinteistöt is made of 10 assets in Helsinki, Tampere and Oulu.

UK

* Pluto Finance raised £500 million from institutional investors for a U.K. lending fund focused on residential development. The new fund will provide senior debt, bridging loans and stretched senior finance to U.K. housing developers.

* Conygar Investment Co. Plc withdrew its planning application for a 124,000-square-foot retail park, cinema and hotel at Haverfordwest in west Wales. The company said in a release that it intends to submit a new planning application "in the near future."

* Tottenham Hotspur Football Club appointed CBRE Hotels to seek a hotel operator for a hotel that is being constructed within the club's new stadium in London, Property Week reported. The 23-story, 180-room hotel is scheduled to open in 2020.

* AM Alpha closed its purchase of the Zenith office building in Manchester's central business district for an undisclosed amount, Property Magazine International reported. TH Real Estate sold the property, which it purchased for £24.4 million in 2011.

* The average monthly rent paid in May for renting a home in Greater London fell 3% year over year to £1,502 pounds, tracking a 0.3% decline in rents across the U.K., the first annual fall recorded since December 2009, Bloomberg News reported, citing HomeLet.

The lower house rental prices in London seen in May come on the back of a supply overhang and high prices driving London residents to favor more affordable accommodation options.

* Meanwhile, London's prime housing market is no longer attracting the high level of continental European buyers it used to see since Britain's decision to leave the EU, London's Financial Times reported.

Districts such as Chelsea and Kensington saw fewer investments from European investors, as they made up only 8% of total buyers of prime central London assets during the first quarter, down from the 28% logged in the second quarter of 2016, prior to the EU referendum, the report noted, citing Hamptons International.

France

* European REIT Ltd. is reviewing a proposal to shift its investment objective and strategy as it looks to close the sale of the final property from its portfolio in Nice. The asset from the La Gaude portfolio will be sold for approximately €5.8 million, or 0.74 euro cents per share.

Quidnet Capital Partners LLP forwarded the proposal, which includes a strategy to target and manage high-yielding commercial assets in order to increase investment returns.

Czech Republic

* On behalf of its LaVA mandate, LaSalle Investment Management acquired the River Garden I office complex in Prague from IAD Investments for €57 million, its first buy in the Czech Republic, PW reported. The 8-story office building offers a total leasable area of 206,667 square feet, and comprises grade A office, retail and storage space.

Other Real Estate news

* BR Properties SA plans to raise about 1 billion Brazilian reais through an offering of new shares, with the company's majority owner GP Investments Ltd. to subscribe to roughly 70% of the "follow-on offering." Proceeds from the offering will be channeled toward reducing debt and financing acquisitions.

* Asian Growth Properties Ltd. will postpone the release of a composite document for its share exchange offer with shareholder Nan Luen International Ltd. for the fourth time, following three earlier delays. The document will be released no later than June 16, the company said in a release.

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Data Dispatch: US real estate ETFs log $203M of net outflows in May: Total assets under management held by U.S. real estate exchange-traded funds came to $51.51 billion as of the end of May.

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.

Celestyn Wong contributed to this report.