While investment activity is slowing down with only a string of minor transactions closing, financing activity continued unrelented during this summer week.
Logistics property firm CTP secured a €500m 5-year sustainability-linked loan facility at a fixed all-in cost of 3.7% while Supermarket Income REIT said the issue of a £250m (€287.1m) sterling-denominated senior bond met investors’ favour with the orderbook reaching nearly £1bn.
Also, Riverstone secured a £186m loan for a later living scheme in Kensington from London-based fund manager Arini, a newcomer to the private debt market.
Living and logistics assets were behind the majority of loans granted this week, although interestingly, the Netherlands saw two loans in alternative asset classes like the self-storage and life science sectors. Tristan Capital Partners provided a €110m loan to 1Box secured against a portfolio of 29 properties, while L&G provided a €38m five-year loan to Breakthrough Properties – a life science real estate investment company backed by Tishman Speyer and Bellco Capital – to refinance the One Helix newly built research and development building located in the Amsterdam University Medical Cluster.
James Spencer-Jones, head of real estate debt – UK and Europe, asset management, L&G, said: “The Netherlands, and Europe more widely, offers an attractive lending landscape and we are delighted to be upscaling our real estate debt offering across the region.”
In the assets on the market section, Invesco Real Estate is reportedly preparing the sale of Capital 8 in Paris for a price said to be around €1bn. The landlord is looking to divest the 45,000sqm office scheme in an attempt to take advantage of increased liquidity for prime offices in the French capital.
In London, Landsec is understood to be looking to bring in a 50:50 investment partner for the 55 Old Broad Street workplace and has hired Newmark and Knight Frank to market the 360,000sqft asset.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| three portfolios | living | UK | CPP Investments and Kennedy Wilson | Dandara and Miller Homes | 275 units | £100m (€115.5) | The deal involves assets located across three sites in Milton Keynes Derby and Cheltenham. |
| four industrial and logistics assets | logistics | France | Oxford Properties, AustralianSuper | PGIM Real Estate and Alderan | 109,000m2 | €80 | The portfolio, which is 83% let, is located in distribution hubs including Lyon, Marseille, Nancy and Angers. |
| Courtyard by Marriott Munich City Centre | hotel | Munich | Blue Coast Capital | Union Investment | 248rooms | €75 | The hotel at Schwanthalerstrasse 35-37 had been part of the portfolio of the open-ended real estate fund UniImmo: Europa since 2006. |
| Solar Park multilet industrial park | logistics | Solihull, UK | DTZ Investors | Aberdeen Investments | 282,034sqft | £61 (€70) | The purchase price reflects a topped-up net initial yield of 3.5% for the scheme, which was developed in phases between 2000 and 2005. |
| 35% stake in Royal Liver Building | office | Liverpool | Princes | Corestate Capital | 330,000sqft | £57 (€66) | Corestate sold the Liverpool landmark for £30m below the asking price it had sought in 2022. |
| affordable housing project | living | Barcelona | NA | Neinor | 16,672m2 | €45 | Neinor will manage the entire design and construction of the building, which is slated for delivery in 2027. |
| student housing project | living | Barcelona | Ardian and Rockfield | Acciona | 358 rooms | €36 | The site is the former AEG factory. |
| Castlemead | office | Bristol | Midos Group | Administrators | 132,151sqft | £27.5 (€32) | The sale reflects an initial net yield of 11.48%. |
| self storage facility | alternative | London | Shurgard | NA | 5,600m2 | £18 (€21) | The property yield at maturity is expected to be around 8%. |
| Hyatt Place and Hyatt Hous | hotel | Leeds | L&G | NA | 305 rooms | NA | The newly developed hotel, opened in March 2025, comprises of 88 Hyatt House long stay rooms and 217 hotel bedrooms. |
| logistics asset | logistics | Leipzig, Germany | Clarion Partners | Garbe Industrial | 125,000m2 | NA | The site is located at the Technologiepark Mitteldeutschland technology park in Leipzig. |
| student bed portfolio | living | The Netherlands | Ardian and Rockfield | Nido | 1,209beds | NA | The assets are the Muse in Maastricht and More in Leiden. |
| The July | living | Amsterdam, London | Aware Super | APG | 4 assets | NA | The July currently operates three ‘aparthotels’ in Amsterdam and recently opened its first UK location in London near Victoria Station. |
| 179 affordable properties | living | UK | Park Properties Housing Association | Persimmon Homes | 179 homes | NA | The schemes are located in Harborough District, West Northamptonshire, Babergh District, East Suffolk and Dorset Council areas. |
| logistics development | logistics | Bensheim, Germany | HIH Invest and Nrep | NA | 22,861m2 | NA | Construction on the 40,000m2 site in Germany’s Rhine-Neckar region is set to begin in the first quarter of 2026. |
| The Frame building | living | Amsterdam | DWS | Round Hill Capital | 11,000m2 | NA | The tower comprises over 200 residential units. |
| Distributiestraat 5 | logistics | ‘s-Heerenberg, the Netherlands | Realterm | Aberdeen | 23,610m2 | NA | Distributiestraat 5 is fully leased to JCL Logistics Benelux and serves as the logistics company’s head office. |
| eight logistics assets | logistics | France | HIG Capital | NA | eight assets | NA | The fully leased assets are strategically positioned along France’s Logistics Backbone and the Atlantic Arc. |
| 317 apartments | living | Germany | Primus Valor | NA | 16,400m2 | NA | The assets located in Kempten, Kaufbeuren, and Memmingen, are earmarked for a new development fund. |
| Platforms Milestone and BaseStack Living | living | Europe | Macquarie Asset Management | Justin Hamer | 12,000beds | NA | The two platforms will be combined to create a vertically integrated specialist PBSA platform. |
| 50% stake in Hospes Hotels | hotel | Spain, Portugal | Omega Capital | GAW Capital | 10 hotels | NA | The assets are all located in Spain except for one hotel in Porto. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| Capital 8 | office | Paris | Invesco Real Estate | 45,000m2 | €1000 | NA | The landlord is looking to take advantage of increased liquidity for Paris offices. |
| 55 Old Broad Street | office | London | Landsec | 360,000sqft | £600 (€692) | Newmark and Knight Frank | Landsec is understood to be looking to bring in a 50:50 investment partner. |
| Blackpool North Pier | mixed | Blackpool, UK | Unnamed family | NA | NA | Avison Young | The site comprises a ‘diverse range of attractions’ located directly on the pier, including the Joe Longthorne Theatre, an amusement arcade, and a variety of cafes, take aways and bars. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Syndicate of 13 banks including SMBC and ING | CTP | Unsecured | €500 | The 5-year sustainability-linked loan facility comes at a fixed all-in cost of 3.7%. |
| Bond investors | Supermarket Income REIT | Unsecured | £250 (€288) | This is the REIT’s debut £250m sterling-denominated senior unsecured bond with a term of 6 years. |
| Arini | Riverstone | Kensington later living scheme | £186 (€215) | The refinancing package will support a portfolio of 190 apartments. |
| Natwest | WCHG | Manchester social housing | £127.5 (€147) | The loan breaks down to a £87.5m loan and a £40m revolving credit facility. |
| Barclays, Leumi | Pegasus Homes | Rental home portfolio | €114 | Barclays has increased its previous commitment from €33m to €101m and extended the term by three years. |
| Tristan Capital Partners | 1BOX | 29 self-storage assets in the Netherlands | €110 | The facility supports the self-storage platform’s continued growth across Europe. |
| L&G | Breakthrough Properties | One Helix life science asset in Amsterdam | €38 | The five-year loan facility represents a new partnership between L&G and Breakthrough Properties. |
| Maslow | Kier | Logistics City Bracknell | £27.4 (€31) | The 12-month loan replaces capital the company invested during construction. |
| Santander Bank Polska | Panattoni | City Logistics Warsaw Airport IV | €10 | The loan will be used to build the second stage of the project. |
| Bank Pekao | Atlas Estates | Hilton Warsaw City hotel | NA | The facility will support future investment projects aligned with the group’s broader regional growth strategy. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Oryx Real Estate Partners | UK logistics development fund | Investing in the development of German logistics assets | Oryx has raised over £100m (€115.5m) for its debut UK logistics development fund, backed by two cornerstone institutional investors. |
| Public Sector Pension Investment Board | German single family JV with Goldman Sachs | Targeting stabilised newly built and development assets from leading housebuilders | The parties have initially targeted €550m of equity to the joint venture’s investments, providing total investment capacity of €1.2bn. |
| PSP will contribute 90% of the capital, with Goldman Sachs Alternatives contributing the remaining 10% and acting as investment manager. | |||
| Telamon | Telamon Value Add 1 | Investing across a number of segments to reposition asset. | The fund is the group’s first FPCI. |
