Castellana Properties’ €240 mln acquisition of Valencia’s largest shopping centre, Bonaire, has been postponed due to the flash floods that affected the region last week.
The buyer, a Spanish REIT, said that the transaction has been delayed until further notice to assess potential damages to the asset, adding that the exclusivity agreement with vendor URW is still in place. The company also expressed its deepest condolences to the families of the victims of the floods, which killed over 200 people.
The largest transaction completed last week was the purchase by Dogus Group of an interest in the $2.2 bn Galataport Instanbul mixed-use project. The asset was sold by Turkish private equity group BLG Capital which is said to be looking to re-invest the proceeds in Italy with the launch of an hospitality fund.
Also last week, operator Whitbread sold two Premier Inn hotels in the UK to CBRE IM for €67 mln while Emaar Properties acquired the Grand Hotel Imperiale in Forte dei Marmi, Italy, for around €40 mln.
In the recently completed loans section, Aareal provided a €330 mln loan to Henderson Park for two assets in Edinburgh and one in Dublin. The largest funding - €400 mln - was secured last week by the eQ Community Properties fund for community and healthcare properties in the Helsinki metropolitan area and in Tampere.
