This Week's Europe Deal Sheet

Fletcher Priest won planning permission for the first phase of a major new development on the site of the Axis Building in Birmingham.

This is the first phase of a larger scheme that will reactivate a neglected site and provide new connections from Birmingham city centre to Arena Central and the new Library of Birmingham. The nine-storey building will provide a modern, flexible 280k SF workspace for 2,200 employees, with shops and cafés at ground level. It replaces an 11-storey, 1970s office block, Axis House.

***

Notting Hill Housing completed the first phase of its residences at Royal Albert Wharf and many residents have already moved in. Notting Hill and Bow Arts Trust teamed up to deliver the mixed-use commercial element of this scheme that will be open for business in April 2017. Planning permission has recently been approved for Phase 2 with construction due to start in summer 2017. 

***

Hines sold six buildings at Brindleyplace in Birmingham to HSBC Alternative Investments. The canal-side, mixed-use scheme comprises 11 prime office buildings totalling over 1M SF, with tenants including Deutsche Bank, GVA, Michael Page and Deloitte. CBRE and Colliers acted as advisors to Hines.

***

The White Co. is upsizing its space at Land Securities’ Bluewater. The new store is due to open by spring 2017. Missguided is also moving to Bluewater with its first store outside of London with the launch of a 16k SF statement store on the lower Rose Gallery this spring. CBRE and Time Retail Partners acted for Bluewater. Space RPC represented The White Co.

***

Inspired Asset Management purchased an office building, Sim Chem House, in Cheadle Hulme, Greater Manchester, for £5M. The six-storey 1960s building sits on a 1.27-acre site and consent has been obtained for a 184-unit residential scheme comprising high specification studio, one- and two-bedroom apartments. Prices start at £129k for a one-bedroom apartment.

***

The Sloane Stanley Estate signed boutique jewellery brand Brilliant Inc. to 320 King’s Road. The company produces simulated diamonds. The new store will feature a bridal room and private shopping salon for bespoke clients. In 2016 the Sloane Stanley Estate signed Face Gym’s flagship facial studio, French boulangerie Orée and healthy food concept The Food Yard on Fulham Road. Miles Commercial and Shackleton represented Sloane Stanley. Symes Retail Property Ltd. represented Brilliant.

***

Fashion brand & Other Stories, part of the H&M Group, will open a new store in St. Martin’s Courtyard in spring 2017. The store at 132-133 Long Acre will span three levels offering premium womenswear, shoes, bags, accessories and beauty products.

***

New Look Men will launch a new store at Frenchgate Shopping Centre, Doncaster. The 3,500 SF unit is due to open in March and will complement the existing 16k SF ladieswear store. Time Retail and Rawstron Johnson acted for Frenchgate, which is managed by Lambert Smith Hampton’s Belfast office.

***

Vixcroft completed a raft of new deals at The Sovereign Shopping Centre, Weston-super-Mare. Vixcroft was advised by Fawcett Mead and GVA on all the deals.

• JD Sports signed a 10-year lease and upsized its unit.  
• Yours took a new five-year lease, advised by Savills.  
• Socialites also signed a new five-year lease. Latham High acted for Socialites.
• Card Factory, Bon Marche and Blue Inc. all completed re-gears extending their commitment to the scheme until 2021. Card Factory and Blue Inc. were unrepresented. Capa acted for Bon Marche.  

***

Hogan Lovells backtracked on its plans to move its London HQ. The firm drafted Cushman & Wakefield last year to find it 350k SF of new office space. However, it has now confirmed it will remain in its premises until at least 2026.

***

COREM IM completed its second UK purchase since launch, acquiring a multi-let retail block on Broad Street, Reading, for about £20M. COREM was represented by Knight Frank while Jackson Criss acted for the landlord, Standard Life Pooled Property Pension Fund.

***

Capital & Regional sold Buttermarket Centre, Ipswich, to the National Grid Pension Fund for £54.7M, at a yield of 5.9%. The 235k SF centre is 89% let and is anchored by a 12-screen Empire cinema and family entertainment centre. TK Maxx and New Look recently relocated and upsized in the property, which is also occupied by a 20k SF Pure Gym and nine new restaurants — including Coast to Coast, Byron, Wagamama, Prezzo and Cosy Club.

***

LondonMetric Property acquired a regional distribution warehouse in Wakefield for £9.5M and a last mile distribution warehouse in Dartford for £6.3M. The 120k SF regional warehouse in Wakefield is let for a further 6.2 years to One Stop Stores, a 100% owned subsidiary of Tesco. The 49k SF Dartford warehouse is let to Antalis, a major European paper and packaging distributor, on a new 10-year lease. JLL acted for LondonMetric, and DTRE acted for the vendor on the Wakefield sale. Strutt & Parker advised on Dartford.

***

CBRE hired market-leading investment agents Richard Garside and James Hiatt from BNP Paribas Real Estate. Garside, who is head of city investment at BNP Paribas Real Estate, joined as an executive director. Hiatt was a director but is a senior director in CBRE’s city investment team.

GERMANY

M&G Real Estate invested €205M in the acquisition of two office buildings and a shopping centre in Germany.

• The Luisenforum Shopping Centre, Wiesbaden — a 370k SF shopping centre and office complex. It was acquired for more than €140M and is on the prime pedestrianised pitch and with a good diversification of occupiers.
• Ridlerstraße 55, Munich – a recently modernised 129k SF office acquired for €40M. It is in the well-established Westend district and let to nine tenants.
• Mainzer Landstrsaße 61, Frankfurt – a 67k SF office acquired for €20.75M. The asset is in Frankfurt’s banking district with tenants including the State Bank of India, corporate lawyers Rittershaus and financial services company FIB Management.

***

Internos Spezialfondsgesellschaft mbH acquired an additional care home for its Care Invest I special fund. Haus Kohlscheid, in Herzogenrath, North Rhine-Westphalia, was sold by a private investor. The purchase price was not disclosed.

***

Europa Capital sold the Innside Hotel in Dusseldorf-Seestern, Germany, to Quadoro for €14.4M, representing a yield of 6.25%. The 126-key hotel is six storeys. The Dusseldorf-based agent Anteon, together with Clifford Chance, advised the seller.

***

Barings Real Estate Advisers sold the Charlotte 13 office and retail building in Berlin to Real I.S. The property, a six-storey building dating from 1931, provides around 89k SF of offices, 12k SF of retail accommodation and almost 16k SF of storage. JLL Berlin brokered the transaction. The vendor's legal advisor was GT Greenberg Traurig, whilst GÖRG Partnerschaft von RAen MBB acted for the purchaser.

SPAIN

Grosvenor acquired its first residential property in Spain with JV partner Amcorp Properties. The 9k SF site is in Jorge Juan Street, Salamanca district, a sought-after residential and commercial area with a high presence of retailers and food and beverage outlets.

***

Triuva acquired the Adidas flagship store on Calle Gran Vía in central Madrid’s main shopping district. The terms of the off-market purchase from Iberfin Capital, owned by de Andres Puyol Family, were not disclosed. The building provides about 73k SF, with Adidas occupying the ground floors, whilst the upper floors are let to the NH Collection Hotel and are being refurbished. Hogan Lovells and Arcadis advised Triuva on the acquisition.

FRANCE

UBS Asset Management's Real Estate & Private Markets business acquired the Horizon Défense office asset in Suresnes, Paris, from Deutsche Asset Management. The multi-let complex comprises 172k SF of prime office space arranged over five floors and offers a range of amenities, including a restaurant, a cafeteria, a business centre and a gym. The building is 55% let, with discussions with potential occupiers for the remaining space underway.

SWEDEN

Union Investment acquired the 10-story Uarda 7 office building in the north of Stockholm, which offers 187k SF and is in the fast-growing office submarket of Arenastaden. The vendor of the property is Swedish developer Fabege. The purchase price was €121M. 

***

Aberdeen sold its office property, Tobaksmonopolet 2, Södermalm, in Stockholm, to CBRE Global Investors. The building is 188k SF and is let to internationally recognized occupiers, including H&M, Weekday, Swedish Match and NEPA.

CZECH REPUBLIC

Peakside Capital acquired Argo Alpha, an office property comprising 135k SF, in Prague. The Class-A office building is home to a number of strong tenants, including companies active in the pharmaceutical, transportation and electronics sectors. Peakside was advised by law firm BNT, financial and tax company ASB, and technical advisors Sentient. The vendor received legal advice from Dentons, and CBRE provided real estate advice.

***

Savills appointed Ben Maudling to head up its Czech Republic and Slovakia operations.  

HUNGARY 

Futureal Group took over the development of the Sasad Resort project from GTC in the exclusive Buda hillside area of the Hungarian capital. Cordia will develop 850 homes in Budapest after buying the plots next to the three completed phases of the project. Cordia will now invest approximately €140M in continuing the development, including the purchase of the plots. Besides the homes, plans also include a 86k SF private leisure park and an office building. The project will be completed in six phases by 2021.

POLAND

CBRE Global Investors sold two offices in Warsaw. Trinity Office Park II is a nine-storey, 281k SF office in the Mokotow district of Warsaw. Prosta Office Centre is a 229k SF office in the centre of Warsaw. It was built in 2006 and comprises 11 floors. CBRE Global Investors was advised by Clifford Chance and Cushman & Wakefield.