Industry News

Union Investment has acquired an office development at 40-42 Rue de la Folie Regnault in Paris 11 as a forward funding (French VEFA). The property will be partially demolished and fully restructured according to the latest market standard. Completion is scheduled for mid-2023. The seller is Paris-based property developer Groupe Terrot. The property is acquired on behalf of the institutional open-ended property fund UniInstitutional European Real Estate. The parties have agreed not to disclose the purchase price. It is the...

ECE expands its activities in the development of logistics properties to the international market and realizes a logistics project in Poland for the first time. ECE's first international logistics centre is being built in Kąty Wrocławskie, around 25 kilometres from Wrocław and located directly on the A4 freeway in the direction of Dresden. It will offer a logistics area of around 80,000 square metres and will be tailor-made to meet the requirements of future users. Construction is scheduled to start...

SFO Capital Partners, a global real estate investor and investment manager, and GARBE Industrial Real Estate, one of the leading European specialists for the development and management of logistic real estate, have completed the acquisition of a greenfield development land located in Greater Milan, to be developed into a 83,000 square metres leasable warehouse area with the highest technical and environmental standards. This acquisition is located in the heart of Lombardy, one of Europe’s most prominent logistics hubs. Following its...

PATRIZIA, a leading partner for global real assets, has on behalf of its institutional clients sold its office development on the MK 7 site in Munich's Werksviertel district. The pension fund of Wacker Chemie VVaG acquired the prestigious new building in order to relocate the HQ of the German chemical company, Wacker Chemie AG, to the Werksviertel. Both parties have agreed not to disclose the purchase price. The building offers more than 18,000 square metres of lettable and flexible office...

Cromwell Property Group has completed the acquisition of a multi-let light industrial logistics property in Brondby, Copenhagen, for €15.7 million. Sognevej is a freehold light industrial complex of five buildings on a 41,649m² site with a total lettable area of 22,842 square metres, comprising predominantly warehouse and some office space. Located in Priorparken, an established business park in Copenhagen, the asset complements CEREIT’s existing portfolio in the region as it’s adjacent to the Priorparken 700 and 800 assets. With a...

Nuveen Real Estate has agreed to forward fund the development of Eos, a new 121,230 square feet (11,260 square metres), high quality industrial/hi-tech scheme in Braintree, Essex. Financial details were kept confidential. The development forms part of Horizon 120, an exemplary business park for the region capable of providing in excess of 750,000 square feet of hi-tech, industrial, office and logistics space, set in 100 acres of extensively landscaped grounds overlooking the Essex countryside. Marshgate Group, the developer for Horizon...

Mitiska REIM, the leading specialist investor in European convenience real estate, has today announced the opening of a new retail park development in the Polish city of Wagrowiec, in joint venture with local partner Karuzela Holding. The new retail park has a gross leasable area (GLA) of 8,400 square metres spanning 13 retail units and is food anchored by a Lidl supermarket. Other tenants include a mix of popular brands for daily shopping needs such as Action, Sinsay, Kik, Tedi...

Redevco Iberian Ventures, a joint venture between Redevco and U.S. private equity group Ares Management, has acquired the El Corte Inglés department store in the heart of Barcelona to transform it into a highly sustainable, mixed-use prime location. The JV project represents an estimated total investment of just over €200 million. The c.18,000 square metres El Corte Inglés building is currently operated as a sports fashion department store over nine floors and is located on the main Porta d’Angel shopping...

BNP Paribas Real Estate Investment Management (BNP Paribas REIM) Germany recently acquired a mixed-use property in Leipzig for its European Impact Property Fund (EIPF). The asset features 196 furnished student apartments, a university facility and smaller office units and it totals around 11,000 square metres of rental area. The apartments are located at Zschochersche Straße 69, Eduardstr. 8 and 10 and Industriestraße 59. They are let to SMARTments student, which is operated by the non-profit FDS Foundation. Their objective is...