Conviction investors on retail buy up shopping centres, as old guard Unibail-Rodamco-Westfield and Klépierre continue to sell.
URW completed the disposal of the 87,000 m2 mall in Almere, 20 minutes from Amsterdam, and put a 54,500 m2 Barcelona asset on the block.
A second Barcelona mall - Finestrelles - sold to French retail developer/operator Frey.
New Norwegian shopping centre specialist Aurora bought into three more schemes, sold by Steen & Strom which is majority owned by Klépierre and APG.
In the office market, another high-profile sale was pulled. But Brookfield acquired a big slice of prime Dublin office real estate, completing the take private of one of Ireland’s dwindling band of Reits, Hibernia. The Canadian investor also completed the sale of the rest of its London Wall development in the City, to a Hong Kong investor at a yield close to 4%.
Segro announced a fourth private placement with US investors, providing more evidence of the rising cost of borrowing. The debt is fixed and long term (average maturity of 18.9 years), with a weighted average coupon of 4.08%.
We also track more new assets up for sale and seven funds raising capital.
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