This Week's Europe Deal Sheet
Social housing organisation Peabody will build 1,500 new homes in Thamesmead, at the South East London site famously used as a backdrop for Stanley Kubrick’s film adaptation of A Clockwork Orange in the 1960s.
The new homes will be spread over four sites, including Southmere Village, Binsey Walk, Coralline Walk and Sedgemere Road. The development is expected to kick-start regeneration in the area, which will really take off when the Abbey Wood Crossrail station is constructed in December 2017.
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Cycas Hospitality and Slough Urban Renewal will build two new Marriott International hotels—Moxy and Residence Inn—on the former Central Library site in Slough. The development will include a 144-room affordable boutique Moxy Hotel and a 92-room extended-stay Residence Inn, operated under a single lease, in the same building.
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Grade II-listed Grey Street Hotel, Newcastle upon Tyne, is undergoing a £1.2M, 32-week phased development programme that will refurbish all 49 bedrooms, and add a coffee shop on the ground floor as well as a new conference area and a spa.
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Italian footwear designer Giuseppe Zanotti opened his largest flagship store in the former Donna Karan space on Conduit Street near Oxford Circus. Giuseppe Zanotti Design sprawls over all three floors of a historic Georgian building for its first London store to house all of the brand’s glamorous fare featuring womenwear, menswear, children’s clothing, jewelry, bags and ready-to-wear. There’s even a dedicated bridal section in the 2,300 SF space.
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Segro completed a 52k SF Audi car dealership for the Sytner Group at Imperial Way, Reading. The unit, pre-let on a 25-year lease term, provides a state-of-the-art facility. Imperial Way is a seven-acre site at the heart of the Thames Valley, less than a mile from Junction 11 of the M4. The estate is now fully let, with Sytner Group joining DPD, which has been operating from its 37k SF cross-dock parcel delivery centre since 2014.
The Netherlands
M7 Real Estate sold several non-core assets in the Netherlands for €27.6M. The assets comprise 696k SF and were acquired by M7 between June 2014 and June 2016. The largest disposal was Waldorpstraat, a 183k SF office building in The Hague, followed by Parlevinkerweg 1, a 33k SF office complex in Venlo, a small municipality in the southeast of the Netherlands, which has been sold to a local developer.
Italy
Dorchester Collection is nearly ready to reopen its Hotel Eden in Rome in April 2017. The hotel is undergoing an extensive restoration scheme. The updates include 98 guest rooms and suites, a new spa, updated dining concepts and panoramic views across the Eternal City.
Spain
UBS Asset Management's Global Real Estate business acquired two properties in Spain, which bring its assets under management across the Iberia business to circa €700M. In Madrid, it acquired a modern office building, comprising 142k SF of lettable space across five floors, for €36.5M on behalf of a separate account client. The property, Jose Echegaray 6A-Las Rozas, is in Las Rozas Business Park. In Barcelona, GRE acquired an office asset comprising 120k SF of gross lettable area across nine floors for €52.5M.
France
Korea Post acquired the corporate headquarters of Natixis, the French financial institution, for €176M. The asset is an eight-storey building on Boulevard Montmartre in central Paris.
Germany
DB Schenker and Goodman Group opened a new 183k SF logistics centre in Cologne. The new distribution centre replaces an old logistics facility and features 172k SF of storage space and 14k SF for offices and social areas.
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AXA Investment Managers – Real Assets acquired Taunushaus, an office building in Munich’s Milbershofen business district. This is the first acquisition on behalf of the Hadrian fund, an Italian regulated fund. The Taunushaus office asset comprises 120k SF spread across six storeys with flexible layout options that allow for customised individual unit sizes.
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Morgan Stanley Real Estate Investing snapped up a German residential portfolio from Luxembourg-based BGP Holdings for €1.1B. BGP Holdings owns 16,000 residential units in Berlin, Kiel, Rendsburg and Cologne.
Czech Republic
Warimpex Finanz und Beteiligungs AG sold the four-star Angelo by Vienna House hotel in Prague to a private Czech investor, CIMEX Group. The hotel is close to the city centre in the district of Smíchov. It has 168 rooms and suites, one restaurant, a jazz bar and five seminar rooms.
