Industry News

Convenience real estate investor Mitiska REIM has formed a joint venture partnership with Belgian self-storage firm Storo, with plans to roll the concept out to more European markets in due course. Under the JV agreement, Mitiska REIM has acquired a stake in Storo’s selfstorage sites on behalf of its flagship MEREP 3 (Mitiska European Real Estate Partners 3) fund. Financial details were not disclosed. The company has two operational sites in Belgium with a third due to open this summer...

UBS agreed to buy Credit Suisse for €3.013 billion after a frantic weekend of negotiations brokered by Swiss regulators to safeguard the country’s banking system and attempt to prevent a crisis spreading across global markets. The historic deal follows five days in which the Swiss establishment raced to end a deepening crisis at Credit Suisse that threatened to topple the country’s second-largest lender. An emergency SFr50bn (€50 billion) credit line provided by the Swiss National Bank on Wednesday failed to...

BNP Paribas Real Estate Investment Management (REIM) France announced the off-plan acquisition of a residential building located 26-34 avenue Pierre Curie in Saint-Cyr-L’Ecole (78), on behalf of Danish investor PFA Pension . The asset is a residential building with a total surface area of 2,800 squared metres that will be developed by Pitch Immo and delivered during Q4 2024. It will be composed of 47 flats divided on 3 floors with a balanced offer from studios to 5-room apartments to...

PGIM Real Estate, investing on behalf of its UK affordable housing strategy, has bought a portfolio of 918 single-family homes from Goldman Sachs Asset Management. The €190 billion real estate investment manager’s UK Affordable Housing strategy has invested an undisclosed sum to buy the assets located in Manchester and Liverpool across fifteen schemes. UK Affordable Housing, launched in December 2020, has so far invested £300 million across 27 different housing schemes, according to PGIM Real Estate. Source: realassets.ipe.com on the...

United Benefits Holding is entering the Polish real estate market: By acquiring the 16,000 sqm Silver Forum office building in Wroclaw, the full-service provider for real estate services is positioning itself along the entire value chain. The company plans to optimize the property with a focus on ESG standards and mobility, thus leveraging the property’s value-add potential. The core vision: a modern office complex at the gates of the historic city centre. United Benefits plans to redesign the facade and...

Japanese investor Obayashi Properties UK has acquired a 11,825 square metres office block in the City of London from KGAL Investment Management. The subsidiary of Japanese construction company Obayashi Corporation has bought 60 Gracechurch Street for an undisclosed amount. The building was sold by a closed-ended fund managed by KGAL which acquired the fully-let asset in 2011. KGAL said the fund’s term was due to end in 2025 and 98.5% of its investors approved the sale. KGAL had worked with...

US-based global real estate investment management firm Heitman has announced the acquisition of Bo Coliving, a Norwegian student housing platform with over 1,400 beds across 52 properties in 13 cities, on behalf of an affiliate of the firm. As a part of the transaction, Heitman acquired the majority of the shares in the platform, which specializes in owning and operating properties optimalized for coliving and tailored for students. Johan Rasting will stay on as CEO together with the current management...

Schroder European Real Estate Investment Trust Plc has acquired, via a sale and leaseback, a freehold industrial warehouse in Alkmaar, the Netherlands, for approximately €11 million, reflecting a net initial yield of 5.6%. The 9,115 squared metres property is fully let to W.A. Schuurman Beheer B.V., an electrical engineering and renewable energy specialist that has been in operation for over 100 years and serves as its headquarters and as its key distribution hub. The 20 year triple net lease, with...

Catella Wohnen Europa has acquired 67 affordable apartments, extending over almost 6,000 sqm, in eight energy-efficient wood-hybrid buildings in Pankow, Berlin’s most populous district located in the northeast of the city. The Falkenquartier development properties were purchased from property developer Falkowski Group and are due to be completed by Q4 2024. The properties are being built on a 6,850 squared metres plot using an innovative ‘zero-waste’ timber hybrid construction method where an exact quantity of raw material is sourced from...