Over €1bn of property transactions and €2bn of new loans were announced this past week across Europe as momentum returns to the European property market.
A number of retail portfolios changed hands, including two supermarket packages acquired by Supermarket Income REIT in the UK and in France, as well as a grocery portfolio at various stages of construction sold for over €200m by Lidl to ICG Real Estate.
In Belgium, Wereldhave completed the purchase of Ville2 mall for some €120m, while in the Nordics, the owners of Helsinki’s Mall of Tripla - Ilmarinen Mutual Pension Insurance Company, YIT Suomi Oy, Conficap Oy and Fennia Mutual Insurance Company - refinanced the asset with a massive €358m facility.
Several big sale processes were also initiated this week, including the sale of Capital in Paris by Invesco Real Estate. The 45,000sqm asset could reportedly fetch around €1bn. In the UK, Primary Health Properties is understood to have recruited Rothschild & Co to sell a £700m (€793.9m) hospital portfolio, including assets in the Northwest Healthcare Properties and Ramsay Health Care businesses.
In the new funds and joint venture section, ACS Group and Global Infrastructure Partners teamed up in a 50-50 joint venture dedicated to developing and operating €2bn of data centers worldwide.
Data centres accounted for 31% of global real estate funds raised from Q1–Q3 2025, making it the second-most popular asset type, displacing industrial, according to a new research report published by Colliers.
Luke Dawson, head of global and EMEA capital markets at Colliers, said: “Investors are changing gears. After a challenging period, capital is moving decisively toward stability and opportunity.
“Hands-on, controlled strategies and partnerships are driving value as the market regains its footing.”
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| 16-property real estate portfolio | mixed | UK | Lone Star | St. James’s Place, Property Unit Trust and Life and Pensions Trust | 16 assets | £400 (€454) | The portfolio comprises 16 high-quality assets across the UK, including multi-let industrial (“MLI”), retail, and office properties. |
| supermarket portfolio | retail | UK | Supermarket Income REIT and Blue Owl | Asda | 10 assets | £196 (€222) | The deal follows the launch of the JV in April. |
| portfolio of 24 grocery stores | retail | UK, Ireland, Spain | ICG Real Estate | Lidl | 50,000m2 | €203.5 | The stores are currently at various stages of construction, with ICGRE committing to forward purchase each newly developed store upon its practical completion. |
| supermarket portfolio | retail | France | Supermarket Income REIT | Carrefour | 20 assets | €123 | The sale-and-leaseback transaction was agreed at an “attractive” net initial yield of 6.6%. |
| Ville2 mall | retail | Charleroi, Belgium | Wereldhave | La Société Générale Immobilière De Belgique shareholders | 27,100m2 | €120 | The deal will be financed two-thirds through a capital increase, with the remaining one-third covered by already secured external bank financing. |
| second phase of Centrum Południe | office | Wrocław, Poland | INVESTIKA Real Estate Fund, BUD HOLDINGS | Skanska | 21,500m2 | €62 (SEK680) | The construction of the second phase of Centrum Południe began in 2021 and was completed in 2023. |
| logistics warehouse at East Midlands Airport (EMA) and a hotel at Manchester Airport | mixed | UK | LondonMetric | NA | 450,000sqft and 365 rooms | £51 (€58) | The assets are let on long leases with a weighted-average expired lease term (WAULT) to first break of over 100 years and generate £2.2m of annual rent. |
| Le Monumental Palace Hotel | hotel | Porto, Portugal | H10 Hotels | Paris Inn Group | 76 rooms | €57 | The deal is rumoured to be setting a new record for the sale price per room in Portugal. |
| logistics development | logistics | London | L&G, Verdion | NA | 2.6 acres | £30 (€34) | The 2.6-acre brownfield opportunity will be developed speculatively to create an urban logistics scheme providing 78,987sqft. |
| five assets | retail | Finland | Prisma Properties | Innovestor, Tekova | 20,000m2 | €31 | Four assets are fully leased and one is being acquired in a forward purchase transaction. |
| 10% stake in ICG | corporate | Europe | Amundi | ICG | NA | NA | The move will help Amundi get into private credit. |
| 80% stake in Thameside West | development | London | Arada | Keystone | 47 acres | NA | The new urban destination, with a gross development value of £2.5bn, will deliver at least 5,000 homes. |
| resi portfolio | living | Bottrop, Germany | Rhein Ruhr Invest | Vonovia | 821 units | NA | The transaction includes tenant protection agreements. |
| portfolio | mixed | Helsinki | Keva | Ylva | NA | NA | The assets being sold include the Old Student House, Kaivotalo, Citytalo and the Grand Hansa complex, including the New Student House. |
| 33 Chancery Lane | office | London | Argyll | NA | 23,000sqft | NA | The deal marks the first transaction since Argyll was bought by Crosstree Real Estate Partners. |
| distribution hub | logistics | Wigan, UK | China’s Jingdong Property, Prime Box | Asda | 330,000sqft | NA | The asset was constructed about 25 years ago. |
| resi asset | living | Berlin | Catella Investment Management | OTTO WULFF Projektentwicklung GmbH | 37 units | NA | The apartment building was acquired on behalf of the public real estate AIF Catella European Residential (CER). |
| logistics asset | logistics | Alessandria, Italy | Unnamed institutional investor | Barings | 53,450m2 | NA | The sale was made on behalf of Barings’ second European real estate value-add strategy. |
| Nailloux Outlet Village | retail | Nailloux, France | Patron Capital, Mindston Capital | Klépierre | 25,000m2 | NA | The outlet centre comprises 72 stores. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| pub portfolio | alternative | UK | Stonegate | 1,034pubs | £1000 (€1140) | NA | The proceeds from the sale would be used to reduce the company’s massive pile of debt. |
| Capital8 | office | Paris | Invesco Real Estate | 45,000m2 | €1000 | NA | The asset is being put up for sale after completing a €100m redevelopment programme. |
| hospital portfolio | alternative | UK | Primary Health Properties | NA | £700 (€793) | Rothschild & Co | The process, which is in its early stages, is expected to include hospitals in the Northwest Healthcare Properties and Ramsay Health Care businesses. |
| Grillparzerstrasse 10-18 | office | Munich | OfficeFirst | 41,000m2 | €90 | NA | The asset was built in 1997. |
| Blau Student Housing | living | Barcelona | Unite Students | 265 beds | €70+ | NA | The residence opened in the summer of 2024. |
| 5 Snow Hill | hotel | London | Whitbread | 212 bedrooms | £56.8 (€65) | AREA | The heritage building, formerly a police station, is being redeveloped behind its original Grade II-listed façade. |
| Victoria Square House | office | Birmingham | Ardstone | 152,439sqft | £25 (€28) | NA | The building is let to four tenants and generates a total annual rent of £3.19m. |
| Hotel Plaza | hotel | Rome | Paladino family | 200 rooms | NA | NA | Originally built in the 1830s, the asset opened as the “Albergo di Roma” in 1864. |
| ‘Platinum’ portfolio | alternative | UK | Stonegate | 1,000 assets | NA | NA | The UK’s largest pub group is considering options including a sale, partial sale or refinancing. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| JP Morgan, Crédit Agricole CIB, BNP Paribas, and Société Générale | Argan | Entire portfolio | €500 | Initially for a term of twelve months, the bridge loan may be extended, at the borrower’s discretion, for two successive six-month periods. |
| The Housing Finance Corporation | Vico Homes, Aster Group, whg | Entire portfolio | £350 (€397) | The loans to three housing associations will support the delivery of new affordable homes. |
| Aareal Bank, Danske Bank and OP Corporate Bank | Ilmarinen Mutual Pension Insurance Company, YIT Suomi Oy, Conficap Oy and Fennia Mutual Insurance Company | Mall of Tripla in Helsinki | €358 | The strategic refinancing optimises the capital structure and replaces the original construction loan in 2016. |
| Eldridge Real Estate Credit | Vita Group | Vita Student First Street in Manchester | £146 (€165) | The senior development loan supports Vita Student First Street, an 861-bed PBSA scheme in Manchester’s First Street regeneration area. |
| The Co-operative Bank, Santander | Stonewater | Unsecured | £100 (€113) | The funding package will support the delivery of the firm’s 2030 corporate plan and national development programme. |
| Aareal Bank | PPHE Hotel Group | Park Plaza London Riverbank | £96 (€109) | This refinancing extends the existing 2016 facility with Aareal from its original maturity date of June 2026, with a new maturity date in June 2030. |
| Investec | JRL Group, Housing Growth Partnership | Castle Street BTR scheme in Luton | £85 (€96) | The £145m BTR development will provide the new, energy-efficient homes by December 2027. |
| Lloyds | Metrocentre | Metrocentre shopping centre in Gateshead | £70 (€80) | The refinancing agreement comprises a £50m term loan and a £20m revolving credit facility |
| Pbb | Tewox | Polish retail park portfolio | €78 | The loan is used for the refinancing of 6 retail parks and the acquisition of two brand new retail parks located in several locations in Poland. |
| Maslow Capital | Kinvara Star | Dublin resi building | €56.4 | The apartments have been forward sold to Clúid Housing Association with Maslow Capital supporting the transaction. |
| Puma | Victory Group | Office building on Jermyn Street in St James’s, London | £45 (€51) | The firm plans to undertake a deep retrofit of the building in St James’s, London. |
| Atelier | Sheen Lane | 118 homes in Hammersmith | £37.7 (€43) | The loan is structured at 70% LTGDV over a 15-month term and will support the conversion of a former office building. |
| Intesa Sanpaolo, Gardant Investor | Kryalos Sgr, Hayfin Capital Management | Bicocca Village in Milan | €40 | Intesa SanPaolo is providing €30m while Gardant the remaining €10. |
| Erste Group Bank | LCP | Emka Koszalin shopping centre in Poland | €40 | The loan refinances the shopping centre. |
| BayernLB | DFI Real Estate | logistics asset in Lichtenau | Undisclosed double digit figure | Completion of the 19,600m2 facility, which is currently under construction, is scheduled for the third quarter of 2026. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Global Infrastructure Partners and ACS | Data centre development JV | Building and operating next-generation data centres globally. | The platform will be seeded with ACS’s existing 1.7GW portfolio of data centres under development across Europe, the US and Australia. |
| The investment by GIP values the portfolio at €2bn, consisting of a cash payment of €1bn, plus initial earn-outs of up to €1bn. | |||
| Breakthrough Properties | Breakthrough Properties Growth Portfolio II | Investing in a diversified portfolio of life science real estate across leading innovation clusters in the US and Europe. | The fund has raised $430m at first closing. |
| Swiss Life Asset Managers, Homes England and Capital&Centric | The Impact & Places Partnership | Deliver over 2,250 new homes in underinvested regions throughout England. | The JV will deliver more than £860m of new high-quality homes over the next decade. |
| Swiss Life Asset Managers and Capital&Centric will take a combined 60% stake in the JV. | |||
| Octopus Capital | Affordable Housing Fund | Investing in affordable homes in the UK. | This latest round encompasses £100m and includes £50m from the Scottish National Investment Bank. |
