Thursday property deal roundup
GLOBAL - Invesco Real Estate, Hermes Real Estate Investment Manager, BT Pension Scheme, LaSalle Investment Management, Partners Group, AXA Real Estate Investment Managers, Morgan Stanley, Union Investment Real Estate, Europolis
Invesco Real Estate has acquired a landmark London office building from Hermes Real Estate Investment Managers - acting on behalf of the BT Pension Scheme - and clients of LaSalle Investment Management.
One Finsbury Circus, occupied by Stephenson Harwood and located in the City, was acquired for £141.5m (€163m) for Invesco's pan-European real estate fund.
Andy Rofe, managing director at Invesco Real Estate, said: "We are delighted to have exchanged contracts on this property, which is a strong core investment for our growing pan-European fund."
Chris Taylor, chief executive at Hermes Real Estate Investment Managers, said: "The sale of One Finsbury Circus as a fully priced asset is complementary to the BTPS investment strategy, where we are keen to anticipate the city office market cycle rather than react to it."
Julian Agnew, fund manager at LaSalle Investment management Fund Manager, said: "This is one of the last sales arising from a portfolio rebalancing exercise on behalf of a new client, who, with a combination of sales proceeds and up to £300m of new investment, is seeking to create new asset management opportunities in Greater London and industrial property."
Partners Group has acquired junior debt secured on a portfolio of 36 office, retail and industrial properties located throughout Germany on behalf of its clients.
The largest property in the portfolio is a high-quality office property in Nuremberg, leased to a leading international technology company.
Eliza Bailey, senior vice-president and head private real estate, said: "The investment generates an attractive cash yield and is consistent with our strategy of fully analysing the underlying real estate even in situations hindered by complicated legal structures."
AXA Real Estate Investment Managers has entered into a €55m sale-and-leaseback deal with food retailer Eroski on 28 petrol stations in Spain.
The petrol stations are subject to a 20-year triple-net lease with Eroski and have been acquired for AXA Real Estate's Alternative Property Income Venture.
Daniel Bowden, fund manager at AXA Real Estate, said: "The acquisition of these 28 petrol stations from Eroski is a clear example of AXA Real Estate's strength in specialist and alternative real estate classes and our expertise in unlocking off-market opportunities through our pan-European network of local offices."
Morgan Stanley has acquired a 50% interest in the King of Prussia shopping mall in the US from Lend Lease for $545m (€384m).
It is the largest enclosed retail shopping mall on the East Coast and has been purchased for the Morgan Stanley Prime Property fund.
Union Investment Real Estate has sold its stakes in two Czech Republic shopping malls and an office building in South Korea.
The Czech Olympia shopping centres in Teplice and Mladá Boleslav were sold for a total of €96m to an unnamed Czech investor.
Both assets were held in the portfolio of a fund of which CA Immo subsidiary Europolis has a 51% stake and Union Investment Real Estate a 49% stake via its UniImmo: Europa open-ended real estate fund.
Frank Billand, member of the management board at Union Investment Real Estate, said: "This successful sale is a first step in the strategy we announced at the start of the year, of focusing our portfolio in terms of both type of use and region."
Union Investment also sold the 18-storey SMT Building in Seoul for €64.6m to local investor TRUS Y7 REIT, 70% higher than its original purchase price.
Karl-Joseph Hermanns-Engel, member of the management board at Union Investment Real Estate, said: "We have again taken advantage of strong investment demand for core properties and locked in excellent gains for the fund."