The data sheet returns after a summer break, with a round-up of key news during July highlighting a return of retail deals and a string of big-ticket financing transactions.
While living assets continue to dominate July’s deal list, the market also saw a return of retail portfolio trades led by Hammerson’s acquisition of a 42% stake in Value Retail for as much as £1.5 bn. Another example is Sagax buying a 43% stake in a French portfolio of assets fully leased to Metro for €138 mln.
Investors also saw value in debt, with Natwest spending £2.4 bn to acquire a portfolio of prime residential mortgages in the UK. In the living segment, investors focused on student housing and care home assets as they continue to search for higher returns.
Interestingly, financing transactions in July were nearly as numerous as equity deals, with our research tracking as many as 20 deals. Nearly half of these were above €100 mln, which seems to mark a return of big-ticket financing transactions. One example of this is Cheyne Capital lending a whopping £525 mln to Fattal Hotel Group for four London hotels or Italian asset manager Dea Capital securing a €240 mln green loan from ING Bank secured by a 400,000 m2 logistics portfolio.
The funds section shows investors favoured value-add investment vehicles with a development angle as well as debt financing strategies. Players including HIG Capital, Patron, BF, Moorfield and Lone Star all launched a value-add risk return investment fund over the month of July.
Next week we will provide a round-up of the most significant transactions during August.
