Inmobiliaria Colonial is investing in Stoneshield Capital’s Deeplabs science & innovation platform known as Deeplabs, which owns three campuses in Madrid and Barcelona worth a total of €400m.

Colonial, a Spanish REIT landlord with a portfolio largely consisting of core office properties, is spending €200m to recapitalise Stoneshield’s 138,000sqm Spanish portfolio of purpose-built workspaces and facilities as well as to fund Deeplabs’ ambitious expansion programme which will be managed on a 50-50 basis with Stoneshield.

Though initially funded by Colonial as anchor investor, the new JV also plans to conduct a primary capital raise of €350m to finance “an identified short-term pipeline” of science & Innovation facilities in Paris, Lisbon, Cambridge and Amsterdam. In the medium-term, the partners plan to grow the Deeplabs portfolio to some €2.4bn of properties across Europe, fueled by third-party capital.

In particular, Deeplabs will be looking to take advantage of strong fundamentals for highly specialised office and lab facilities on the back of i) Europe approving unprecedented spending in R&D and security budgets, ii) companies shifting towards near shoring their manufacturing and R&D activities, iii) lack of private players with expertise to attend science & innovation tenants which have complex needs.

“Europe’s security budget is set to rise from €400bn to €1.2trn by 2026,” commented Juan Pepa, Managing Partner and Co-founder of Stoneshield Capital. “This unprecedented growth will unleash massive demand for space from companies looking to innovate, test, manufacture, and operate.”

Felipe Morenés, also managing partner and co-founder of Stoneshield Capital, added: “The need for strategic real estate is essential if Europe is to make progress in key sectors such as security, health, and technology. Our goal is to support governments and companies by providing highly specialised properties—critical infrastructure for innovation and operational success.”

For Colonial, the new venture is part of plans to focus on “high-growth sectors with rising demand”. “We have long been developing urban transformation assets to drive growth and profitability,” said Pere Viñolas, CEO of Colonial. “Today’s announcement is a natural extension of that strategy as we continue to position our core office portfolio alongside our growing mixed-use portfolio. There is a significant shortage of suitable assets in the European Science & Innovation sector, at a time when demand is rapidly and sustainably rising. With current supply unable to meet this demand, and a lack of real estate expertise to deliver high-quality lab spaces, we see a strong opportunity to build a pan-European platform that meets the needs of long-term, high-quality tenants.”

Also this week, two major European hotel platforms changed hands. Marriott International reached an agreement to acquire the lifestyle brand citizenM from the Dutch pension fund APG, Singapore’s GIC and citizenM’s founder and chairman Rattan Chadha, in a deal worth $355m (€315.5m). Similarly, Tristan Capital Partners emerged as the buyer of the easyHotel European budget hotel chain from owners ICAMAP and Ivanhoé Cambridge as well as founder Stelios Haji-Ioannou.

 

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
EasyHotel platform hotel Europe Tristan’s EPISO 6 ICAMAP, Ivanhoé Cambridge, Stelios Haji-Ioannou and family 4,900 rooms €400 Today easyHotel operates 50 hotels comprising 17 franchised hotels and 32 owned and leased hotels.
CitizenM hotel Europe, US, Asia Marriott APG, GIC, Rattan Chadha 36 hotels $355 (€312) The citizenM global portfolio currently consists of 36 open hotels, comprising 8,544 rooms.
resi portfolio living Gävle and Uppsala, Sweden K-Fast Kilen AB K-Fast 839 apartments €206 (SEK2265) The portfolio currently produces an annual rental value of SEK 125m.
Deeplabs platform of three Spanish assets life science Spain Colonial Stoneshield Capital 138,000m2 €200 Plans are to expand across Europe to reach a portfolio of €2.4bn.
Kaktus Towers project of 495 apartments living Copenhagen Quantum Catella 26,000 m2 €200 The transaction is expected to be completed during the second quarter of 2025.
Comet fund which owns via delle Vergini asset office Rome The Palace Company Kryalos sgr, Bain Capital NA €160 Plans are to transform the asset into a five-star 131-room hotel.
second phase of a residential development living Stockholm EQT Real Estate II fund ByggVesta 800 rental homes €150 The buildings, scheduled for delivery in 2026 and 2027.
JW Marriott Venice Resort&Spa hotel Venice KSL Capital Partners Aeral Bank NA €140 The asset last traded 18 years ago for €85m.
Minervahaven PBSA asset living Amsterdam Ardian and Rockfield Rinkelberg Capital 26,060m2 €120 Student Experience has managed the building since 2020 and will continue to operate the property.
W Edinburgh hotel Edinburgh Schroders Nuveen Real Estate 244 beds £100 (€117) W Edinburgh, Marriott International’s first luxury property in the city and the first W Hotel in Scotland, opened November 2023.
resi portfolio living Rijswijk, Voorburg, Zoetermeer in the Netherlands Urban Interest DWS 497 apartments €95 The sale was made on behalf of a joint venture between three institutional real estate funds.
senior living scheme living Erftstadt, Germany M&G’s European Living Fund Schönes Leben Group 17,826 m2 €82 The scheme will be leased on a 25-year term to Schönes Leben Group.
resi portfolio living Taastrup, Denmark Nectar Invest A/B Kingosparken 25,000 m2 €44 (DKK328) The portfolio encompasses a total of 513 homes.
two office blocks in Northwood office Dublin Camgill Conway Cosgrave Property Group 157,860sqft €30 The assets are fully let.
portfolio of 3 assets mixed Sundsvall, Sweden Diös Peritas Fastigheter 7,852 m2 €22 (SEK 245) The assets are 97% occupied.
W Edinburgh hotel Edinburg Schroders Capital Nuveen Real Estate 244 beds NA W Edinburgh, Marriott International’s first luxury property in the market and the first W Hotel in Scotland, opened November 2023.
residential asset living Frankfurt Ardian and Reneo Deutsche Invest Immobilien AG 4,000 m2 NA The asset with 60 apartments is part of a new joint venture by the new owners to invest in German resi real estate.
42 High Street living Birmingham BlueCastle Capital Marks & Spencer NA NA The former M&S store will be transformed into a build-to-rent asset.
City Link House living London Cheyne Capital Wittington Investments NA NA The asset will be redeveloped into a £210m coliving facility with 485 units and 84 affordable homes.
three social infrastructure assets healthcare Stockholm Revelop Hemsö 8,000 m2 NA The portfolio is 95% occupied.
Aleja Jana Pawła II 115 retail Bydgoszcz, Poland Newgate Investment Redkom Development 16,000 m2 NA This marks NGI’s first forward funding transaction in the Polish market.
Palazzo L at via Mozzoni office Milan Corum Gemini Center spa 15,000 m2 NA The asset was completed in 2010 and is fully let.
Enderby Logistics Hub logistics Leicester Royal London Asset Management Property, Canmoor Drummond Estate and Inverock 82 acres NA The buyers plan to develop a 1.2m sqft logistics hub on the site.
seven Stack data centres alternative Europe Apollo Blue Owl Digital Infrastructure Advisors 7 assets NA The assets are in Stockholm, Oslo, Copenhagen, Milan and Geneva.
Akeleje Hus living Copenhagen NA Heimstaden Bostad 189 units NA The asset was no longer strategic for the owner.
Hotel Kaiserhof Wuppertal hotel Wuppertal, Germany Aspire Group NA 172 rooms NA The asset will be rebranded and operated as Spark by Hilton Wuppertal City Centre.
resi asset living Sweden Hines Magnolia Bostad 310 apartments NA The forward funding agreement for this built-to-rent facility is Hines’ first Swedish resi investment.
Sava Business Center office Belgrade NA CA Immo 19,600 m2 NA The asset generates gross rental income of €4m.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
build-to-rent scheme living Brighton, UK Legal & General 209 flats £86 (€101) NA York & Elder comprises 209 flats ranging from studios to three-bedroom homes.
Limelight student scheme living Liverpool Blacklight Capital Partners 535 beds £61 (€72) Savills Sale of the 162,654sqft PBSA asset reflects a net initial yield of 5.75%.
10 Lime Street office London Scor 54,611sqft £30 (€35) CBRE The office element of the scheme is vacant while the retail space is let to five tenants.
Blocks A&D, Ashtown Gate office Dublin NA 93,700sqft €20 Savills Although the properties are offered for sale in one lot, there is potential to buy each block individually.
4-5 Lochside Avenue in Edinburgh Park office Edinburgh Knight Property Group 42,519sqft £11 (€13) NA Sale of the multi-let office reflects a net initial yield of 9.1%.
four purpose-built nursing home properties living Cork, Galway, Charleville; Ireland Cohalan Downing 184 bedrooms NA NA The tender date is set for May 22.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Blackstone Real Estate Debt Strategies Valor and QuadReal VIQR 1 London Urban Logistics Portfolio £260 (€305) The portfolio of 14 logistics and light industrial assets encompasses 1 million sqft.
Eldridge Real Estate Credit Vita Group 591-unit PBSA scheme in Glasgow £100 (€118) The loan will finance the development, due for completion in 2027.
Barclays Supermarket Income REIT Unsecured £90 (€106) The interest only facility with a three-year maturity will be used to refinance the company’s existing secured debt facilities with Wells Fargo and Bayerische Landesbank of £30m and £55.4m respectively.
Canada Life Golden Tree, Farran Lakeside Retail Park in Essex £86 (€101) The asset was acquired by the two partners at end-March.
NatWest Picton Property Income NA £50 (€59) The existing funding line, which was due to mature on 26 May, has been refinanced with an initial term of three years and the option of two one-year extensions.
BNP Paribas Panattoni Panattoni Park Sosnowiec IV €40 The development loan will finance the construction of the Polish logistics park.
Maslow Capital Prima, Real Living and Cantay Estates 189-bed PBSA scheme in Oxford £29 (€34) Torsion Construction has been appointed as the main contractor for the scheme.
Aberdeen Investments NA Dublin office €33 The loan marks the first European investment for the Commercial Real Estate Lending Team at Aberdeen Investments.
Leftfield Tungsten Properties Leftfield Park Basingstoke £26 (€31) Tungsten Properties has achieved planning permission to build two industrial warehouses of 9,341 m2 and 2,162 m2.
Investec Westbook Partners Merchant Trade Portfolio £16.7 (€20) The loan finances the acquisition of three multi-let industrial assets located in Liverpool, Kettering and Sunderland.
The Co-operative Bank Urban Splash Plymouth commercial scheme £16 (€19) The five-year refinancing deal covers approximately 174,000sqft of commercial space at the Royal William Yard estate scheme.

 

Funds on the market   
Firm Fund Strategy Details
Zetland Capital third European credit fund Financing CRE assets across the UK and Europe. The fund has already raised €400m in equity commitments and is expected to raise €650m at closing in July.