Industry News

German investment manager Union Investment has sold an office and commercial building in Dortmund to family foundation Andreas Deilmann Familienstiftung on behalf of special real estate fund UII GermanM. Financial details were not disclosed. Acquired in 1999, the property at Westenhellweg 95–101/Kampstraße 84–100 was one of the first to be added to the portfolio of UII GermanM. Source: Property EU on the 2nd of May 2023 https://propertyeu.info/Nieuws/Union-Investment-sells-Dortmund-asset-to-family-foundation/576243d5-e711-4a99-b801-d7d661c162ef

French SCPI Iroko Zen has acquired a warehouse in Leon, Northern Spain, from abrdn European logistics income (ASLI) for €18.5 million. ASLI said that the price achieved was 3% above the asset's 31 December 2022 book value. The 32,645 metres squarred warehouse in Leon is located in the Villadangos industrial area. ASLI acquired the asset in 2018 for €15.3 million with the sale reflecting a crystalised 20% gross profit. It is currently leased to Decathlon with a weighted average unexpired...

Global investment manager GLP and Italian asset manager Kryalos Sgr have acquired land in Filago, province of Bergamo, from Domo Media, for the development of a 50,000 metres squarred logistics property. The acquisition was conducted through the Achilles Fund, a development fund fully subscribed by GLP and managed by Kryalos Sgr. The location is strategic to easily reach the strategically important areas of northeastern Italy, also thanks to the proximity of the A4 highway. Previously, in March 2023, the Fund...

The turnkey contract was secured in May 2021 by Catella AM Iberia on behalf of the Sarasin Sustainable Properties - European Cities Fund, fund managed by Catella Real Estate AG. The building, already operational, is located in Ensanche de Vallecas (Madrid) and is managed by Catella AM Iberia, which has a portfolio in Spain of more than 2,300 properties in Madrid, Barcelona, Valencia, Seville, Pamplona and Vitoria. The residential development, located at Avenida de la Gran Vía del Sureste 10-12...

Stoneweg Hospitality, the hotel investment arm of global real estate company Stoneweg, has acquired two hotels in Spain from Globalia Business Corporation, the Spanish tourism group, for €83 million. The investments have been made through a variety of Stoneweg’s discretionary funds. La Niña is a 226-room, four-star hotel located in Costa Adeje, Tenerife, 200 metres from Playa Fañabé and Playa de la Pinta. Palace de Muro is a 184-room, five-star hotel in Muro, Mallorca, and is situated directly on Playa...

ARE Austrian Real Estate has acquired the InnoPlaza office property in Vienna from BNP Paribas REIM Germany acting on behalf of its NEIF II fund The value of the deal was not disclosed by the two parties but is said to be around the €70 million mark. Built in 2019, the LEED Platinum certified office complex is located on Lehrbachgasse, in the Wienerberg business district, and offers 18,200 metres squarred of Class A office space. Currently leased to several large...

Round Hill Capital, specialising in senior living real estate in Germany, announce the acquisition of Pflege-Residenz-Beuren, a senior living facility in Beuren, a spa town located around 30 kilometres south-east of Stuttgart. The transaction was undertaken by Round Hill Capital on behalf of a client investment strategy that aims to assemble a significant portfolio of senior living facilities in Germany, exploring opportunities created by lack of quality senior housing supply and an ageing demographic. The total investment cost for the...

Belgian convenience real estate specialist Mitiska REIM is investing €20 million to convert a former Nestlé distribution centre in Portugal into a retail park. Located on a 50,000 metres squared industrial site, the Salinas Park development in Alverca do Ribatejo will be completed by the end of the year. The development consists of 22,800 metres squared, and will comprise of a 12,000 metres squared retail park and a 10,800 metres squared warehouse complex for local Small and medium-sized enterprises (SMEs)...

CBRE Investment Management (“CBRE IM”) has appointed Yann L’Hostillier as Residential Transaction Manager in France. Based in Paris, he will be responsible for residential acquisitions. CBRE IM has strong conviction in the residential sector and seeks investments that align with the key demographic trends across Europe’s larger urban areas where there is an opportunity to create positive social outcomes as well as solid performance. Yann’s appointment underscores the firm’s aim to grow its residential platform as he will be focusing...