Advisor JLL has launched the sale of the Wells & More building at London’s 45 Mortimer St in the latest office disposal process this week.

The advisor is seeking offers in excess £180m (€204m) for the freehold interest, reflecting a low capital value of just £1,552psf and an attractive net initial yield of 4.79%.

Also, Lifestyle International is said to be looking to sell 1 St James’s Square and Oxford Properties is reportedly considering the disposal of 32 Rue Blanche in Paris, which it refinanced last year.  

On the credit side, Just Group completed a £136m refinancing of Oval Real Estate’s Kensington portfolio, spanning a total of 705,000sqft. The three-year loan is secured against a portfolio of seven multi-let Grade A office assets in London, Reading, Birmingham and Bristol which have been comprehensively refurbished and repositioned by Oval over the past five years.

Having faced the steepest value write-downs during the downturn, the office sector is starting to show signs of improvement, with overall appreciation for the sector picking up between Q2 and Q3, according to the Altus Group’s Q3 2025 Pan-European dataset analysis report. 

Office values in particular have increased in the UK, Germany, France, and the Netherlands during the latest quarter with the cashflow aspect of appreciation rising to 0.7% in Q3. 

UK offices continued on an upward trajectory, with values rising by 1.2% versus the European average of 0.5%, as favourable yields reflected a positive investment sentiment boosted by strong rental gains.

Phil Tily, SVP at Altus Group, said: “For a fifth consecutive quarter, we appear to be witnessing a measured yet sustained improvement in values across all sectors in Europe.”

“While no single sector is leading the rebound, the broad-based nature of the gains gives us confidence that the CRE recovery is taking hold.”

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
SocialCo community portfolio mixed Norway, Sweden, Denmark and Finland PPI SBB and APG Invest 740 assets €3000 (SEK32000) The deal makes PPI the largest listed European social infrastructure platform.
Kaiserlei development project living Offenbach, Germany ABG Adler 122,000m2 €500 The project involves over 1,100 rental apartments, a dormitory for over 350 students, 4,200m2 of office space, a daycare centre, and a supermarket.
five logistic and light industrial properties logistics Slovakia NA Stoneweg Europe Stapled Trust (SERT) NA €71.4 The disposal will reduce SERT’s exposure to Central Europe to 10.4%, down 3%.
Domkaskaden office Hamburg Family office Hines 8,020m2 €60 The Domkaskaden, constructed in 2009, is fully let.
2 Dublin Landings office Dublin MEAG Receivers Deloitte 9,341m2 €50 The asset is fully let to WeWork. It was sold for €106m in 2018.
Tesco supermarket and 10 Sainsbury’s convenience stores retail UK and Northern Ireland Supermarket Income REIT Sainsbury’s NA £41 (€47) The acquisition of these trading stores represents the group’s first investment in the convenience grocery sector.
Centro Direzionale towers mixed Naples Bridge Towers University Brixia Art 55,000m2 €45 The deal was financed by BCP/Banca Popolare di Torre del Greco.
3 and 5 Custom House Plaza office Dublin Ardvest Aberdeen 60,606sqft €24 The property is generating €2.66m in annual rental income.
David Lloyd Harlow leisure Harlow, UK David Lloyd Clubs Client of Aberdeen NA £20 (€23) The facility is set to open in late 2025.
Swuite Dublin residential complex living Dublin Commerz Real Institutional Smart Living Fund Iveragh Group 123 rooms €22 Following its acquisition from Iveragh, which built the property in 2018, the complex will be operated by student apartment specialist Mezzino.
logistics portfolio logistics Italy Hines Kryalos 135,000m2 NA The portfolio consists of five buildings, all fully leased and located in Orbassano (Turin), San Pietro Mosezzo (Novara) and Oleggio (Novara).
La Cittadella shopping centre retail Casale Monferrato, Italy BEL Real Estate Group Unnamed institutional investor 17,000m2 NA The asset is 95% leased.
21 rue de Bruxelles office Paris La Française Real Estate NA 1,000m2 NA The building is fully leased to a major co-living operator in Europe as its headquarters.
Bessemer Road logistics Manchester Realterm NA 36,392sqft NA Realterm will undertake a refurbishment program focused on enhancing the office space, increasing power capacity and improving ESG credentials.
logistics asset logistics Aarhus, Denmark Stoneweg NA 16,200m2 NA The property, constructed in 2022, is fully let on a long-term lease.
Orsett Hall Hotel hotel Essex, UK Barons Eden NA 57 bedrooms NA The deal marks the hospitality group’s second acquisition since Alchemy Partners’ investment earlier this year.
resi complex living Stockholm Barings Innovation Properties 12,500m2 NA Barings has acquired an existing industrial asset which will be demolished and transformed into a 262-unit residential complex.
three student housing projects living Spain Amro and Invesco Real Estate NA 800 beds NA The assets in Malaga, Valencia and another Spanish city have a gross asset value of €150m.
logistics asset logistics Bocholt, Germany Savills Investment Management Aconlog 26,500m2 NA The property is fully let on a long-term lease to logistics service provider WM Group.
resi complex living Zug, Switzerland Empira Group NA 31,000m2 NA Over 15% of the living space in the quarter, scheduled for completion by 2029, is planned as affordable housing.
La Marina shopping centre retail Benidorm, Spain Inmobic Resolute Asset Management 35,342m2 NA The mall opened its doors in 2000.

 

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
32 Rue Blanche office Paris Oxford Properties 238,000sqft €360 NA The asset was refinanced a year earlier.
1 St James’s Square office London Lifestyle International 11,150m2 £300 (€340) NA The owner bought the asset in 2020 for £250m.
Wells & More building on Mortimer St office London GPE 123,200sqft £180 (€204) JLL The sale reflects an attractive net initial yield of 4.79%
PBSA asset living Canterbury, UK Giles Lane Investment 10,26 beds £160 (€181) NA The asset is positioned at the University of Kent’s main Canterbury campus and is an integral part of the university’s accommodation offering.
41 Upper Grosvenor Street living London North Wind NA £100 (€114) Knight Frank and International Realty Currently comprising eight residential apartments, the scheme has entered final pre-construction phase, with final minor approvals expected imminently.
social-housing portfolio living Dublin and Cork TPG Angelo Gordon 276 houses €80 CBRE The apartments are all let on long-term leases to the local authorities in their respective areas.
Premier Inn at Clery’s Quarter hotel Dublin Whitbread Group plc 229rooms €67 JLL The hotel is due for completion in the final quarter of 2026.
student housing block living Bristol DWS NA £53 (€60) NA The asset is leased to the University of Bristol.
Holiday Inn Manchester Airport hotel Manchester Columbia Threadneedle 199 beds £12.5 (€14) Knight Frank The asset is selling for £62000 per key.
Vantage London office London Resolution Property 117,263sqft NA NA The property has received approval to be converted to flats.
Peterborough Hilton development Peterborough, UK Administrators of Fletton Quays Hotel Limited 160 beds NA CBRE The hotel on Fletton Quays is about 80% complete but major works are still pending.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Bond investors Tritax Big Box REIT Unsecured £300 (€340) Issue of the seven-year notes, which carry a 4.75% fixed coupon, will help manage the REIT’s debt maturity profile.
Just Group Oval Real Estate Kensington office portfolio £136 (€154) The Kensington portfolio comprises offices in London, Reading, Bristol and Birmingham.
ING and Deutsche Hypo – NORD/LB Real Estate Finance Hines two assets in Madrid: Stay Cuatro Vientos €96 The two refinancing loans have a five-year maturity.
Eldridge Real Estate Credit Curzon De Vere Ipswich logistics park £57 (€65) The scheme includes an earlier £16m facility that supported construction and a more recent £41.2m loan that is funding the next stage.
Aukera Real Estate Cero Invest Crystal Building in Capelle aan den IJssel €15 The whole loan is the first on behal of the new Aukera Real Estate Debt Fund I.

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
PIMCO PIMCO European Data Center Opportunity Opportunistic strategy to invest in data centres in Europe Fresno County Employees Retirement Association (FCERA) has approved a €25m commitment to the vehicle.
      PIMCO is seeking to raise $1bn for the opportunistic fund, which targets net internal rates of return in the range of 18% to 20%.
Valpre and Katch UK PBSA JV Acquiring PBSA projects across the UK. The partnership has acquired The Roc Club, a 244-bed PBSA scheme in London’s Elephant and Castle.
      It is looking to build a £500m portfolio.
DL Invest Group and Boosteroid European data centre JV Developing a network of data centres across Europe The first joint venture projects have already been identified and are in the design and preparation phase.
HIH Invest and Black Horse Properties Deiker Höfe closed-end development fund Investing and developing the €300m Duesseldorf mixed-use development. The project comprises 357 apartments and 15,000m2 of office space, which is leased to tenants including Capgemini.