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British Land inks 13 lease deals in Scotland; Klövern buys, sells Swedish assets


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British Land inks 13 lease deals in Scotland; Klövern buys, sells Swedish assets

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


* Civitas Social Housing PLC closed the acquisition of five specialist-supported living assets for a sum of £8.5 million. The property in the London Borough of Havering was acquired for £3.9 million and comprises 17 tenants. The second asset in the West Midlands was purchased for £1.4 million and is let to 10 tenants. Both properties are subject to a 25-year lease term with Trinity Housing Association.

Separately, the company paid £3.2 million to purchase three properties, also in the West Midlands, comprising 16 tenants. The assets are leased to Falcon Housing Association C.I.C.

The deals were carried out off-market by the company's investment manager Civitas Housing Advisors Ltd., using existing cash resources.

* Primary Health Properties Plc's wholly owned subsidiary agreed to purchase the Stenhousemuir Medical Centre in Stenhousemuir, in Falkirk, Scotland, for roughly £8.7 million. The 2,450-square-meter asset is fully leased to The Scottish Minister.

* British Land Co. Plc signed 13 new lease deals for more than 135,000 square feet of space at its Fort Kinnaird shopping mall in Edinburgh, Scotland. The retail asset will now house JD Sports, Schuh and Schuh Kids, Waterstones, Office, Starbucks, Card Factory, O2, Tui, Currys PC World, Pure Gym, Oak Furniture Land, Wilko and Tapi Carpets. The lease deals range from five to 10 years.


* The EQT Real Estate I fund marked its second acquisition in Germany after buying two office properties spanning approximately 69,300 square meters in Frankfurt. The deal comprises the 45,600-square-meter Atricom building in the Niederrad area and the 23,700-square-meter Le Büro asset in the city's Neu-Isenburg district.

The assets form part of the pan-German portfolio Project Mars, which Eurocastle Investment Ltd. acquired from DWS in 2007, according to a release.


* Klövern AB purchased three assets in Norrköping and a site leasehold in Stockholm, with a total underlying value of 152 million Swedish kronor. The assets span 27,300 square meters and generate 17 million kronor in rent.

Additionally, the company off-loaded three properties and the leasehold of a site in the Stockholm area, which altogether have an underlying value of 238 million kronor. The properties offer 24,200 square meters of lettable space and carry a rental value of 22 million kronor.

The assets are scheduled to change hands Dec. 1.

Additional coverage

Echo Polska agrees to pay €692M for Polish retail portfolio

German fund manager buys Amsterdam hotel for €260M

Grosvenor Europe wraps up £152M asset sale with Hong Kong buyer

Finnish real estate market sees 1st Korean investment

ENBD REIT pays $76M for office building in Dubai Internet City

Anusha Iyer contributed to this report.

As of Oct. 10, US$1 was equivalent to 8.07 Swedish kronor.