The income from residential and hospitality is the attraction behind many of this week’s big deals and loans.
Savills Investment Management checked into a 1,340-bed student housing portfolio, paying developer Vita Group £300 mln for Cannon Park in Warwick, Edinburgh’s Iona Street and Bruce Street in Belfast.
M&G Real Estate shook hands on five separate residential-for-rent deals for two of its living funds. In the UK it is partnering with three housing associations to acquire 370 affordable homes for the M&G Shared Ownership Fund.
Elsewhere in Europe the M&G European Living Property Fund picked up a Berlin central residential block with 67 apartments for rent in an off-market deal, plus a development of 333 student rooms near Lisbon’s engineering university.
And Blackstone-owned Bourne Leisure committed £100 mln to buy and refurbish over 400 beds in two UK Marriott country club hotels which will be rebranded as Warner Leisure Hotels.
Meanwhile, UK-based boutique fund manager Moorfield launched MREIT, a private REIT targeting opportunities in residential for rent across the UK. MREIT raised its first £100 mln and is tilting at £500 mln of investment capacity.
Two lenders, bank Aareal and non-bank lender ICG have advanced about €450 mln in separate deals secured on residential developments and standing assets, in London and Madrid.
Assets for sale include a portfolio of Waitrose supermarkets which CBRE is selling, seeking approximately £150 mln.
A very large potential sale could reportedly come from British Airways’ pension fund. Some £1 bn of UK property is said to be for sale, packaged as the Endeavour and the Phoenix portfolios.
We also track this week’s other loans, deals and Ardian’s new European fund.
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