Industry News

Asset manager Cheyne Capital has provided a €73 million loan to HIG Capital to fund the acquisition of three buildings in Spain’s capital city. Cheyne Capital said the senior loan will be used by HIG to fund the acquisition of two offices and one hotel building in central Madrid which will undergo a renovation to be transformed into a residential scheme. The 20,000 square metres portfolio in Arturo Soria is expected to be converted into a residential scheme of around...

ACCESS Pool, which manages £35 billion (€40.4 billion) of UK local government pension scheme (LGPS) assets, has appointed CBRE Investment Management to manage domestic and global real estate mandates. ACCESS said it was the first step in launching a pooled real estate investment proposition for its 11 partner LGPS funds. The mandates include a domestic core real estate mandate, which is expected to be worth up to £1.25 billion, and a £550 million global mandate. Source: realassets.ipe.com on the 6th...

Branded business park specialist Sirius Real Estate has notarised the disposal of an industrial park in Maintal, in Germany’s southwest Hesse region, for €40.1 million, representing a net initial yield of 5.7%. The disposal was achieved at approximately 6% above the last reported book value. The Maintal industrial park offered Sirius little potential for further value creation, however its strategic location made it attractive to the purchaser, a trend we have witnessed in past disposals of mature assets. Furthermore, through...

Deka Immobilien has acquired the Premier Inn Hotel in Dublin, which was completed in October 2023, for the portfolio of the Deka-ImmobilienMetropolen fund. This represents the fund's first investment in the hotel sector, thereby augmenting its asset diversity. The property was sold by Carey Issuer DAC, a Bain Capital company. The prime property is situated at the renowned historic "The Liberties" site, a rising hotspot in Dublin. It is a component of the "Newmarket Yards" mixed-use development. Upon its completion...

Global real estate investor, operator and developer Brookfield and industrial real estate operator Copley Point Capital have invested in three distribution facilities for around £54 million (€62 million) close to Heathrow airport. Brookfield has made the investment via its Brookfield Real Estate Solutions division, which sponsors customised funds for client capital partners. It was done via a JV with local partner, Copley Point Capital. The three grade-A units total 220,000 square feet used for air cargo by courier tenants DHL...

A real estate joint venture between Hines and Peterson Group has secured an €80 million loan from Cheyne Capital to refinance an existing facility and support fit-out works at a mixed-use property in Ireland’s capital. The loan will help support works at Central Plaza in Central Dublin, known for originally being the home of the Central Bank of Ireland. Central Plaza, spread across five buildings, includes 100,000 square feet of office space and a 65,000 square feet food & beverage...

PGIM Real Estate and Cornwall Council Pension Fund have acquired a site and provided forward funding for the development of a single-family rental housing scheme in Cornwall. The acquisition is on behalf of a co-investment between Cornwall Council Pension Fund and PGIM Real Estate UK’s Affordable Housing strategy. PGIM Real Estate is the $210 billion real estate investment firm of PGIM. The 67-unit single-family housing scheme, located in Tuckingmill, Camborne, is being developed with strong ESG credentials, with homes being...

M3 Projectontwikkeling (M3) and BPD Woningfonds (BPD) have signed a cooperation agreement on the Living in GOLD project in Gouda. This project is an initiative of M3 and comprises c. 250 homes. Due to the turbulent market development (rising mortgage rates, rising construction prices and changing government policy), an adjustment of the project was inevitable. In 2022, the choice was made for more mid-market rental and fewer owner-occupied apartments. Because of the knowledge and experience present at this party, BPD...

CapMan Hotels II fund and Lapland Hotels expand Finnish Lapland Hotels Oulu CapMan Hotels II fund has signed an agreement to acquire the asset “KOY Oulun Kuvernööri” in Oulu city centre, Finland, with the intention of redeveloping the building, currently used as an office, into part of Lapland Hotels Oulu. As a result of the conversion the hotel capacity will be increased by 95 rooms in order to meet the strong market demand. KOY Oulun Kuvernööri is a five storied...