Industry News

Sirius Real Estate, an owner and operator of branded business and industrial parks in Germany and the UK, has completed the disposal of BizSpace Camberwell in London for £16 mln (€19 mln). The sale price represents a net initial yield of approximately 2.0% and a 94% premium to the value at the time of the company’s acquisition of BizSpace in November 2021. The purchase of BizSpace enabled Sirius to enter the UK market for the first time through the platform...

Hines has set an ‘in-operation’ net-zero carbon target of 2040 for its $90.3bn (€86.1bn) real estate portfolio. The global real estate firm will seek to achieve this by investing in sustainable technology throughout the 1,530 properties it owns and manages, without resorting to purchasing carbon offsets. Hines said it would adhere to science-based targets by electrifying fossil fuel-based systems within its buildings, implementing “circular systems principles” to reduce energy waste and increase system efficiency, and by pursuing onsite and offsite...

Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), and Packaged Living, the specialist UK Build-to-Rent developer, announce they have completed a deal to acquire and develop 195 homes in the West Midlands town of Telford, Shropshire. It is the first investment made since the two firms announced a partnership (‘The Partnership’) in November 2021, which will create a single-family rental platform of suburban properties across the UK, increasing the supply of affordable homes whilst also supporting the...

Italy's Coima has sold an office asset in Milan's central business district, in Corso Europa 16, hitherto held in the Coima Argo Fund I. Situated near Piazza San Babila and Corso Vittorio Emanuele, the historic premises is home to a slate of prestigious clients from the world of finance, culture and luxury retail, according to Coima. Known as Palazzo Litta Cusini Modignani, the property was built in the 15th century as a residence for nobility. Its four floors above ground...

Generali Real Estate has completed the acquisition of DC De Burght, a prime logistics asset in Waddinxveen in the Netherlands, on behalf of the pan-European Generali Real Estate Logistics Fund (GRELF) managed by Generali Real Estate. The seller of the asset is Wayland Real Estate; financial details were not disclosed. DC De Burght is located in the Vredenburgh Business Park in Waddinxveen, a logistics hotspot in the middle of the Randstad conurbation. Pierre-David Baylac, head of logistics region at Generali...

German investment manager Values Real Estate has acquired an office property in Kiel for its Values public sector fund. The office, comprising 15,900 m2 of rental space, is fully leased on a long-term basis to the state of Schleswig-Holstein for its property management division. The rental agreement includes 175 parking spaces, while Kiel's main train station is only 900 metres away. The seller of the property, which is located in the old town of the Schleswig-Holstein state capital, is Investa...

Intermediate Capital Group’s real estate arm has acquired a 473,232sqft online fulfilment centre in the UK. ICG Real Estate said it has bought the Boots distribution warehouse in Burton-on-Trent in a sale and leaseback transaction. ICG’s SLB Fund is pleased to close the acquisition of Boots’ main online fulfilment centre, adding another mission-critical asset to the portfolio, said Chad Brown, managing director at ICG Real Estate. Brown said rental growth forecasts in the sector continue to be strong, with the...

Catella Residential Investment Management’s (CRIM) open-ended pan-European fund has bought a Dutch office tower to redevelop for residential use. The Catella European Residential III Fund (CER III) has acquired the Ceylonpoort office tower in Haarlem, near Amsterdam, for €65m. The former office of publisher VNU was acquired from developer Wedda. The redevelopment of the tower, which is scheduled for completion in mid-2024, will accommodate 162 apartments, 536sqm commercial space, and a three-level parking garage for residents. Paul van Stiphout, fund...

HIH Invest Real Estate (“HIH Invest”) just acquired a residential development in Wuppertal on behalf of the “Deutschland Wohnen Invest” institutional fund from its developer, TEAMRHEINRUHR Projektentwicklung GmbH. The property, which will deliver 5,025 square metres of dwelling floor area, is located on Münzstrasse in the Barmen district. The development will create 60 residential units inside a five-storey building that will meet the “KfW Efficiency House 40 EE” standard. It is supplemented by a listed live-in signal box upgraded to...