Industry News

M&G Real Estate has bought the RIO office building in France’s capital from Ardian for €271m. The RIO building, located in the Monceau Business Area of Paris, offers 8,676sqft of lettable area across eight floors. M&G Real Estate said the asset was acquired by its €5.2bn European Property Fund. David Jackson, manager of the M&G Real Estate European Property Fund, said: “This landmark asset further strengthens our portfolio of French office assets and reinforces our goal to acquire larger lot...

Octopus Investments funds have bought Cheyne Capital’s majority stake in UK housebuilder Elivia Homes for an undisclosed amount. Cheyne Capital first invested in Elivia Homes, formerly Vanderbilt Homes, in 2014. Cheyne Capital said the Octopus plans to continue Elivia’s growth, with the aim of transforming it into a £250m (€293.6m) turnover business, delivering over 600 design-led and sustainable homes per year. Rob Turner of Cheyne Capital Real Estate, said: “A key tenet of Cheyne’s real estate strategy has been to...

BNP Paribas Real Estate Investment Management (REIM) Belgium has acquired the Opera III residential building in Brussels, Belgium. Financial details were not disclosed. The deal was conducted on behalf of open-ended pan European fund Afer Pierre SC (managed by BNP Paribas REIM) and Afer Pierre Holding Belgium. BNP Paribas purchased the asset's owner, Konkel Properties. The 3,848 m2 property comprises 33 large apartments spread across eight floors that are almost fully occupied and let to both Belgian and international clients...

HIH Invest Real Estate (“HIH Invest”) just acquired a property of 7,050 square metres from the Lange Family Office (LP MG GmbH) on behalf of its second logistics real estate fund. The acquisition took the form of an asset deal on behalf of “Deutschland+ Core Logistik Invest,” an open-ended special AIF managed by HIH Invest. The property on Hamburgring 30 in the city of Mönchengladbach in western Germany represents an ESG compliant newly constructed building that is fully let to...

Barings has sold two logistics assets near in Italy to real estate manager Kryalos SGR for an undisclosed amount. Barings said the fully-let warehouses, located in Cavenago and Cambiago, were sold through an Italian real estate fund managed by Savills IM. Barings acquired both warehouses in 2019, as part of a core strategy on behalf of a separate account for Asian clients. Marco Corti, managing director and Italian country head at Barings Real Estate, said: “Having executed our business plan...

Invesco’s global real estate investment business has acquired a major residential development in the capital city of the Czech Republic. Invesco Real Estate has bought the Hagibor residential development in Prague in a forward funding deal on behalf of its European Living Fund. The development will consist of 168 apartments in three buildings with a total area of 14,600sqm, including 420sqm of lettable commercial space. The deal is Invesco’s sixth acquisition for its European Living Fund, which launched end of...

Hines has raised an initial €900m for its latest value-add European real estate fund. The manager said the Hines European Value Fund 3 (HEVF 3), which seeks to raise €1.5bn, was backed by a group of 15 investors, predominantly existing investors in the series. Hines said it expects to make further closings through the year, and into early 2023 as required. The manager said it expects the European investor group in this first closing to be joined by new and...

PGIM Real Estate said today it has formed an investment partnership with Cairn Group’s newly formed division to take advantage of a recovery in the UK hotel sector. PGIM Real Estate, investing on behalf of a value-add strategy, has teamed up with Madison Cairn with a plan to acquire, develop and reposition hotels. The manager said the venture, which has already secured a strong pipeline of activity, has made its first investment in Brighton. Charles Crowe, managing director and head...

BNP Paribas Real Estate (BNPPRE) today announced that Andrew Screen has been appointed as Head of Residential Capital Markets. Screen joins BNPPRE from Cortland where he headed up investment in Europe for almost four years. Prior to this, he has held senior roles at ReSI Capital Management, CBRE and GVA. Highly regarded for his deal making successes as well as an expert Build to Rent commentator, regular speaker, chair and moderator at conferences across Europe, he will lead the team...