Industry News

M7 Real Estate (“M7”), the pan-European investor and asset manager specialising in multi-tenanted properties, announces the sale of Formal Industrial Estate (“Formal IE”), Tewkesbury, Gloucestershire, to a private client of Real Estate Investment Management. The sale has been completed on behalf of a separate account mandate with a US private equity investor. M7 acquired Formal IE, which comprises a total of c.285,700 square feet of distribution and multi-let light industrial space, on behalf of its client as part of a...

Union Investment has secured a logistics and production facility in Kassel via a forward funding deal. The acquisition of the industrial building marks Union Investment’s entry into the light industrial asset class. The new headquarters of component manufacturer Hexagon Purus will be constructed in the Langes Feld commercial zone and is scheduled for completion by mid-2023. The purchase is being made for special fund UII Garbe Logistics Real Estate. The vendor is Hamburg-based developer property team AG. The parties agreed...

ECE Real Estate Partners have successfully sold Haid-Center Linz to institutional investors in a 130 million EUR transaction. The Haid-Center with 80 stores on a sales area of around 35,000 square metres was acquired for the “ECE European Prime Shopping Centre Fund I” in 2012 and has since been comprehensively developed and upgraded through modernization and optimization of the tenant mix. The transaction is accompanied by Aareal Bank with a “green loan” financing. ECE will continue to be responsible for...

Tristan Capital Partners’ Curzon Capital Partners IV Fund has completed the sale of a 7,000 square metres office asset located in Milan, Italy to a fund managed by Investire SGR. The asset formed part of an 82,774 square metres, mixed-use portfolio of five assets located predominantly in Milan and Rome. The sale marks the final asset sale and brings the total sales volume of this portfolio to EUR 73.5 million. Real Consultant was the operating partner for the mixed-use portfolio...

Ares Management, the US firm, has struck an agreement with French start-up, Colonies, to acquire and refurbish affordable co-living apartments in major urban centres across Western Europe. Ares is making the investment though its Alternative Credit Fund, backing Colonies which in 2020 caught attention when it raised USD34 million in a funding round and saw LBO France commit to invest EUR150 million in real estate projects covering around 100 houses over a period of three years. In this new agreement...

Hines, the global real estate firm, announces the lease, in joint venture with a major institutional investor, of 6,500 square metres of office space to Wacano, a subsidiary of the Chamber of Commerce and Industry of Paris Île-de-France, and IT services provider, Septeo, at Workstation. Hines is the asset manager of the Workstation building. The workstation building is located on the banks of the River Seine, close to Paris La Défense, in Courbevoie. The property spans c.41,000 square metres with...

Catella Real Estate AG (CREAG), Munich, is acquiring the 12,668 square metresfully let Planetenbaan 20-99 residential property in Maarssen, the Netherlands, for the special fund "Catella Dutch Residential II". The seller is Edelwonen B.V. Member of the Bouwhuis Group, a residential property investor and manager specialising in multifamily homes. The 12,668 square metres Planetenbaan residential complex consists of three buildings with 8 to 12 floors. The property was originally built as an office complex in 1990 and was lavishly converted...

Azora, the Madrid-based European real estate investment manager, has completed the acquisition of the Pestana Blue Alvor, a five-star hotel in Portugal’s Algarve region, on behalf of the Azora European Hotel & Lodging, F.C.R. (“Azora EH&L” or the “Fund”), from Pestana Hotel Group, the largest multinational hospitality group of Portuguese origin. Constructed in 2019 by the Pestana Hotel Group, the 120,000 square metres 5 star resort comprises nearly 500 rooms alongside six restaurants and bars, six indoor and outdoor swimming...

Moorfield Group, the UK-focused real estate fund manager (“Moorfield”), announces that it has sold, on behalf of its Moorfield Real Estate Fund III (“MREF III”) and Moorfield Real Estate Fund IV (“MREF IV”), two purpose built student accommodation (“PBSA”) schemes, totaling 789 beds, to a joint venture established between Ares Management (“Ares”) funds and Generation Partners LLP (the “JV”). Hox Park, located in Egham, Surrey, provides state-of-the-art accommodation to students of Royal Holloway, University of London, which was recently ranked...