LONDON, UK: NewRiver REIT announced the acquisition of community pub company Bravo Inns Limited for £17.9 million, representing an EBITDA multiple of 6.8x. The transaction is expected to generate annualised outlet EBITDA of £2.6 million, equating to a yield on cost of 14%, which excludes £0.3 million of synergies expected to be realised through the…
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PPHE acquires site in London to develop a hotel
LONDON: PPHE Hotel Group has acquired the freehold interest in a site located in London SE1 with a view to developing the site into a hotel, subject to planning permission being obtained. The site was acquired from a third party seller at a total investment of £12 million (excluding taxes and associated costs) funded from…
St. Modwen sells Swansea student accommodation for £38mn
LONDON, UK: St. Modwen has completed the sale of its interests in a purpose-built student accommodation building at Swansea University Bay Campus for a total consideration of £38 million. The 411-bedroom accommodation was sold to University Partnerships Programme (UPP Group Limited), a leading provider of on-campus residential and academic accommodation infrastructure. Following completion of the…
Grainger to forward fund 132-home PRS development for £55.5 million
LONDON: Grainger plc has agreed to forward fund a 132-home private rented sector (PRS) development in the Hallsville Quarter development at Canning Town, London for c.£55.5 million. The scheme, which also includes c.11,000 sqft commercial space, will be developed by Linkcity, with Bouygues UK the building contractor. This is the fifth PRS scheme Linkcity and…
Brooks Macdonald to acquire Cornelian Asset Managers for £39 million
LONDON, UK: Brooks Macdonald Group has entered into a binding agreement to acquire 100% of the issued share capital of Cornelian Asset Managers Group Limited, the Edinburgh based independent wealth and asset manager from its shareholders, including senior management. The total net consideration is expected to be up to £39 million, with initial consideration being…
Abacus Property to acquire 99 Walker Street for $311.3mn
SYDNEY, AUSTRALIA: Abacus Property Group has exchanged contracts for the acquisition of 99 Walker Street, North Sydney NSW, with settlement anticipated, subject only to FIRB approval, by calendar year end. Total consideration for the acquisition is $311.3 million, excluding transaction costs and reflects circa $16,100 per square metre of net lettable area (NLA). The property…
Mark Allan to be next CEO of Land Securities Group
LONDON: Land Securities Group announced that Mark Allan is to be appointed as its next Chief Executive Officer (CEO). Mark Allan is currently Chief Executive Officer of St Modwen Properties Plc, a role he has held since 1 November 2016. He joined St Modwen Properties Plc from The Unite Group plc, where he was CEO…
Arabtec wins AED 366 million project in Egypt by Emaar Misr
DUBAI, UAE: Arabtec Holding PJSC, a leading contractor for social and economic infrastructure, announced that its wholly-owned subsidiary Arabtec Construction has been awarded an AED 366 million (EGP 1,608 million) contract in Greek Village by Emaar Misr for the construction of 42 townhouses, 18 residential buildings and seven bungalows, together with supporting infrastructure and landscaping….
Etalon group launches new phase at Galactica
LONDON: Etalon Group Plc has launched sales for a new phase at Galactica, the largest development project in the central part of St Petersburg. Etalon is one of Russia’s largest and longest-established development and construction companies The new stage will consist of two residential buildings with heightened comfort, each with its own underground parking. The…
Entra acquires development property in Bergen
OSLO: Entra ASA has acquired the property Møllendalsveien 6-8, located in Entra’s existing property cluster and nearby Media City Bergen , for a property value of NOK 400 million. Møllendalsveien 6-8 is a 14,500 sqm office property with an annual rent of NOK 26,4 mill. The average lease contract duration is approximately 1.2 year. Entra…
Safestay acquires Hotel Auberge in Berlin for €1.2 million
LONDON, UK: Safestay Plc, the owner and operator of an international brand of contemporary hostels, has acquired the Hotel Auberge in central Berlin for €1.2 million. Currently operating as a 32 bedroom hotel, the Hotel Auberge is ideally suited to being converted into a modern 150 bed Safestay Hostel. Commenting on the acquisition, Larry Lipman,…
Desane completes $9.5mn purchase of Brisbane industrial asset
SYDNEY: Desane Properties Pty Ltd, a controlled entity of Desane Group Holdings Limited, has today completed the purchase of the 21,750m2 industrial property asset located in the Brisbane suburb of Wacol. The property was acquired for $9.5 million from the City of Brisbane Investment Corporation and is leased to the Brisbane City Council on a…